NY - Samuel Bankman-Fried (FTX), Alleged Fraud, Money Laundering, 2019-2022 *Arrest*

[Gemmie]

Sing with me!

Another one bites the dust
And another one gone and another one gone
Another one bites the dust!

Crypto-friendly lender Silvergate collapses
Crypto-focused lender Silvergate said it is winding down operations and will liquidate the bank after being financially pummeled by turmoil in digital assets.

https://www.cnn.com/2023/03/08/business/silvergate-winds-down-crypto/index.html

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ALAN LANE | CHIEF EXECUTIVE OFFICER​

Mr. Lane has been with Silvergate since December 2008. He is the Chief Executive Officer of Silvergate Capital Corporation and Silvergate Bank.

About Silvergate Bank | San Diego

www.silvergate.com

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Silvergate Bank and its CEO Alan Lane have been accused of “aiding and abetting” a “multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF)” and two of his entities, FTX and Alameda Research, in a newly proposed class-action lawsuit.

SBF and FTX fraud ‘aided and abetted’ by Silvergate Bank, alleges lawsuit

Silvergate Capital Corp, Silvergate Bank and CEO Alan Lane are named as defendants in a proposed class-action lawsuit from an FTX user.

cointelegraph.com

 

[Countem]

Sam Bankman-Fried's lawyers say October trial may need to be delayed

In January, Bankman-Fried pleaded not guilty to the original eight counts that he cheated investors and caused billions of dollars in losses, in what prosecutors have called an "epic" fraud.

m.economictimes.com

SBF’s lawyers are signaling that they may request that the trial, currently slated to start October 2 may need to be delayed as the defense attorneys wait for info from the prosecutors, including data downloads from CE’s and GW’s cellphones.

The trial schedule and Bankman-Fried's bail conditions are expected to be discussed at a court hearing on Friday.

 

[Countem]

Judge concerned Sam Bankman-Fried is too 'technologically savvy,' could find a way around tech restrictions

United States District Judge Lewis Kaplan indicated at a hearing Friday he might modify FTX founder Sam Bankman-Fried's bail conditions, but only after attorneys further tighten the restrictions on Bankman-Fried's access to technology.

www.cnn.com

 

[watergirl62]

Judge concerned Sam Bankman-Fried is too 'technologically savvy,' could find a way around tech restrictions

United States District Judge Lewis Kaplan indicated at a hearing Friday he might modify FTX founder Sam Bankman-Fried's bail conditions, but only after attorneys further tighten the restrictions on Bankman-Fried's access to technology.

www.cnn.com

Good call judge. Pretty sure he is circumventing "restrictions" every way he can.

 

[Gemmie]

Good call judge. Pretty sure he is circumventing "restrictions" every way he can.

No kidding. I wish he hadn't met bail, or that circumventing restrictions put him BACK in jail for failing to comply with the terms.

 

[Countem]

FTX transferred $2.2 bln to Bankman-Fried via related entities, new managers say

Bankrupt cryptocurrency exchange FTX made transfers of about $2.2 billion to company founder Sam Bankman-Fried through related entities, the company's new management said.

www.reuters.com

Overall more than $3.2 billion was transferred through payments and loans to company founders and key employees, FTX said in a statement on Wednesday.

 

[Countem]

FTX sues liquidators of its Bahamian affiliate over crypto exchange ownership

Bankrupt crypto exchange FTX has sued the liquidators overseeing the wind-down of its Bahamian affiliate FTX Digital Markets, accusing them of wrongly claiming ownership of the exchange's assets.

www.reuters.com

 

[Countem]

Finance YouTubers who promoted FTX handed a $1billion lawsuit

Attorney for FTX victims, Adam Moskowitz, said those who promoted the platform must be held "accountable".

fortune.com

 

[Countem]

FTX continues to claw back as much as possible.

FTX to Collect $404 Million in Proposed Deal With Modulo

FTX Group will recover about $404 million that its disgraced founder Sam Bankman-Fried allegedly transferred to the investment fund Modulo Capital, according to a proposed bankruptcy settlement made public Wednesday.

www.bloomberg.com

FTX debtors agree to $95M sale of stake in Mysten Labs

In bankruptcy court, FTX debtors proposed a deal in which Mysten Labs and the company would agree to a mutual release of claims in exchange for selling its stake of preferred stock.

cointelegraph.com

 

[Countem]

Great article if you have a NY Times subscription.

In a nutshell, SBF’s brother is being investigated for campaign finance offenses as well as to determine whether he was aware that the money that his pandemic-prevention organization received from SBF and SBF’s organizations was ill-gotten.

The Younger Brother Caught in the Middle of the FTX Investigation (Published 2023)

The collapse of Sam Bankman-Fried’s business empire has led federal prosecutors to scrutinize his brother, Gabe, who ran a pandemic-prevention group.

www.nytimes.com

 

[Gemmie]

Great article if you have a NY Times subscription.

In a nutshell, SBF’s brother is being investigated for campaign finance offenses as well as to determine whether he was aware that the money that his pandemic-prevention organization received from SBF and SBF’s organizations was ill-gotten.

The Younger Brother Caught in the Middle of the FTX Investigation (Published 2023)

The collapse of Sam Bankman-Fried’s business empire has led federal prosecutors to scrutinize his brother, Gabe, who ran a pandemic-prevention group.

www.nytimes.com

LOL @ me. You know how sometimes your eyes will merge 2 words together to make it an entirely different word? At least mine do from time to time. Anyway.... I was reading the article and it and merged the words raised, and lobbying, and I thought it said "The group, Guarding Against Pandemics, robbed more than $22m million in its first full year". I was like WHOAAAA... LOLOL

I guess that was what my mind thought it would see since it's FTX's baby bro, and we know his mom and dad already had their fingers in the pie. Well, maybe more like their fists, you can grab more that way. OK, its obviously coffee time for me. I know better than to come to this site first. lol

 

[Countem]

Subscribe to read | Financial Times

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

www.ft.com

In summary, Genesis executives had early access to issuances of new tokens backed by FTX.

 

[Gemmie]

As they say in pool halls... "Rack 'em up!" SBF just racked up another charge.

Federal prosecutors tacked on a 13th criminal charge against Sam Bankman-Fried, accusing the FTX co-founder of bribing “one or more” Chinese government officials with $40 million worth of cryptocurrency.

In the indictment, prosecutors allege that Bankman-Fried sought to pay off Chinese officials in an effort to unfreeze accounts belonging to his hedge fund, Alameda Research. The accounts, which the Chinese government had frozen, held more than $1 billion worth of digital assets, prosecutors say.

The accounts were released after the payment was transferred in from Alameda’s main trading account to a private cryptocurrency wallet, according to the indictment.

https://www.cnn.com/2023/03/28/business/sbf-bribery-indictment/index.html

 

[Countem]

SBF played 'League of Legends' so much he was gaming during pitch meetings. Now his lawyers say there'll be no more online games for the crypto king.

A new bail agreement proposes that Bankman-Fried can have a laptop with access to YouTube and DoorDash, but not his favorite video game.

www.businessinsider.com

Bankman-Fried's lawyers reached an agreement with New York prosecutors on Monday to ban him from using most electronic devices while awaiting trial, per court documents seen by Insider. His trial is set for October 2.

 

[Countem]

Sam Bankman-Fried’s Legal Defense Is Being Funded With Alameda Money He Gifted His Father

While still CEO of now-collapsed FTX, Bankman-Fried transferred millions of dollars to his father. Some of those funds have since been used to pay for his mounting legal fees, according to two sources close to the company.

www.forbes.com

While still CEO of now-collapsed FTX, Bankman-Fried transferred millions of dollars to his father. Some of those funds have since been used to pay for his mounting legal fees, according to two sources close to the company.​

 

[Countem]

FTX founder pleads not guilty to bribe and other new charges

Sam Bankman-Fried now faces 13 federal charges, including allegations he offered millions in bribes to a Chinese official.

www.cbsnews.com

FTX founder Sam Bankman-Fried pleaded not guilty Thursday to new federal charges alleging that he bribed a Chinese government official and violated campaign finance laws.

 

[Countem]

FTX’s Law Firm Hit With Queries on Work Before Crypto Collapse

FTX’s legal troubles are reaching its law firm, Fenwick & West, which faces federal law enforcement subpoenas and a class-action lawsuit tied to the failed crypto exchange.

news.bloomberglaw.com

• Court docs show Fenwick served with law enforcement subpoenas
• Class action alleges firm helped FTX set up ‘shadowy’ front groups

 

[Countem]

FTX EU Starts Process of Allowing Customers to Withdraw Funds

FTX EU has begun the process of allowing customers to withdraw funds locked up since parent FTX filed for bankruptcy protection last November. This comes as some clients are hoping for a reboot of the failed crypto exchange. FTX creditor Sunil Kavuri shares his reaction.

www.coindesk.com

FTX EU has begun the process of allowing customers to withdraw funds locked up since parent FTX filed for bankruptcy protection last November.

 

[watergirl62]

FTX’s Law Firm Hit With Queries on Work Before Crypto Collapse

FTX’s legal troubles are reaching its law firm, Fenwick & West, which faces federal law enforcement subpoenas and a class-action lawsuit tied to the failed crypto exchange.

news.bloomberglaw.com

Hmmm...this could prove to be quite interesting!

 

[Howl]

Corrupt SBF is hanging out at home with his law-professor parents, who were neck deep or over their heads in SBF's crypto corruption, busy busy busy covering their collective a**es and planning a defense, as charges pile up against SBF.

The scale of corruption is staggering and now it's apparent he was deep into bribing foreign officials and campaign finance violation territory (Thanks for the link @Countem!).

There is basically nothing that SBF did that was legal; he's now a poster boy for crypto corruption, his shenanigans have brought down banks and destroyed people financially This may not be all of it though. One of the "outstanding" aspects of crypto is that it's the perfect vehicle for laundering dirty money.

This guy needs to be in custody until trial or just jam internet/electronics to the household! Any indication that electronic communications are being monitored or phones tapped at the Bankman-Fried household?