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

[watergirl62]

I'll take INDEPENDENT EXAMINERS for 500, Alex.

Peek Inside the DC Townhouse Linked to Disgraced FTX Founder's Doomed Lobbying Efforts

In mid-April, a nonprofit connnected to FTX founder Sam Bankman-Fried purchased a $3,289,000 three-story townhouse in Washington, DC.

www.realtor.com

 

[Countem]

FTX is asking politicians, campaign committees, and super PACs that took upwards of $40M from SBF to return the donations by February 28 or face actions by the bankruptcy court.

FTX seeking return of Sam Bankman-Fried's political donations

Bankrupt cryptocurrency exchange FTX is asking politicians, campaign committees, and super PACs that took money from Sam Bankman-Fried to return the donations.

www.foxbusiness.com

 

[Countem]

Interesting piece (albeit by the Dail Mail) that provides information on the psychiatrist at FTX.

Sam Bankman-Fried's psychiatrist became confidante at FTX

Sam Bankman-Fried hired Dr. George Lerner to serve as FTX's in=house coach for the firm's stressed-out employees, Soon, Lerner started seeing nearly one-third of the company's workforce

www.dailymail.co.uk

 

[Gemmie]

Interesting piece (albeit by the Dail Mail) that provides information on the psychiatrist at FTX.

Sam Bankman-Fried's psychiatrist became confidante at FTX

Sam Bankman-Fried hired Dr. George Lerner to serve as FTX's in=house coach for the firm's stressed-out employees, Soon, Lerner started seeing nearly one-third of the company's workforce

www.dailymail.co.uk

The first sentence is the part that has me wondering (snipped) "brought his psychiatrist on board the failing company".

His psychiatrist. His. So... he had a psychiatrist he was seeing before all this? I wonder for how long and what for.

 

[Gemmie]

So.... what then for those that donated the contributions elsewhere? Would they still owe the money even though they no longer had it (not like it was spent on campaign stuff).

After FTX was revealed to be allegedly defrauding investors and customers, counting it among one’s donors became more toxic than swimming in a pool of nuclear waste. Many lawmakers chose to wipe their hands by donating the contributions elsewhere.

FTX wants its $93m in political donations back

FTX told politicians they have until the end of the month to return campaign contributions associated with the bankrupt crypto exchange and its executives.

www.morningbrew.com

 

[Countem]

U.S. judge rejects bail proposal for FTX founder Bankman-Fried

A federal judge on Tuesday rejected a proposal to modify Sam Bankman-Fried's bail conditions, despite an agreement between the FTX cryptocurrency exchange founder and prosecutors to address potential witness tampering concerns.

www.reuters.com

A federal judge on Tuesday rejected a proposal to modify Sam Bankman-Fried's bail conditions, despite an agreement between the FTX cryptocurrency exchange founder and prosecutors to address potential witness tampering concerns.

 

[Gemmie]

I'll take INDEPENDENT EXAMINERS for 500, Alex.

Peek Inside the DC Townhouse Linked to Disgraced FTX Founder's Doomed Lobbying Efforts

In mid-April, a nonprofit connnected to FTX founder Sam Bankman-Fried purchased a $3,289,000 three-story townhouse in Washington, DC.

www.realtor.com

Speaking of "for 500, Alex" (More like 500K). Here are the names of those that forked out moola:

Larry Kramer for $500K

Andreas Paepcke for $200K

Ex-Stanford Dean Bailed Out Bankman-Fried To Help 'Steadfast Friends,' He Says

Larry Kramer told Forbes he co-signed the bail agreement for the son of his “close friends” Joe Bankman and Barbara Fried to “support them as they face their own crisis.”

www.forbes.com

 

[Gemmie]

A federal judge slapped a new bail restriction on Sam Bankman-Fried Tuesday, after finding out the disgraced FTX founder has been using a virtual private network (VPN) to watch football in recent weeks.

Prosecutors filed a letter to U.S. District Judge Lewis A. Kaplan Monday night, alerting him that they discovered Bankman-Fried used a VPN to access the internet on Jan. 29 and Feb. 12, raising concerns that his use of a private network prevents them from monitoring his behavior online.

Sam Bankman-Fried used a VPN to watch Super Bowl; hit with new bail restriction

A judge ruled Tuesday that disgraced FTX founder Sam Bankman-Fried can no longer use VPNs after the government discovered he used a private network to watch the Super Bowl.

www.foxbusiness.com

 

[meanmaryjean]

A federal judge slapped a new bail restriction on Sam Bankman-Fried Tuesday, after finding out the disgraced FTX founder has been using a virtual private network (VPN) to watch football in recent weeks.

Prosecutors filed a letter to U.S. District Judge Lewis A. Kaplan Monday night, alerting him that they discovered Bankman-Fried used a VPN to access the internet on Jan. 29 and Feb. 12, raising concerns that his use of a private network prevents them from monitoring his behavior online.

Sam Bankman-Fried used a VPN to watch Super Bowl; hit with new bail restriction

A judge ruled Tuesday that disgraced FTX founder Sam Bankman-Fried can no longer use VPNs after the government discovered he used a private network to watch the Super Bowl.

www.foxbusiness.com

You know where they can monitor him more closely? Jail.

 

[Gemmie]

You know where they can monitor him more closely? Jail.

OMG! I was SO thinking that and almost included it in my post. lol But he made bail so....

It just feels like to me he's getting away with so much underhanded stuff while out on bail. He just doesn't seem to care. Send him back to the rat infested jail. Yeah, I'm a hard nose. lol

Should had higher bail IMO. Just they figured $250M would be enough to not be able to cough up. Wrong.

 

[Countem]

Another SBF Lieutenant May Be Close to Flipping

FTX exec Nishad Singh is reportedly close to a deal with prosecutors, which would make him the third member of Bankman-Fried’s circle to cooperate.

nymag.com

According to Bloomberg News, federal prosecutors in Manhattan are closing in on a cooperation deal with Nishad Singh, FTX’s former head of engineering.

 

[Gemmie]

• FTX co-founder Sam Bankman-Fried was hit with four new criminal charges in a superseding indictment in New York federal court.
• The new charging document lays out in greater detail Bankman-Fried’s allegedly fradulent conduct related to his cryptocurrency company and an associated hedge fund.
• The indictment also provides new details of political donations that Bankman-Fried allegedly directed in violation of federal campaign finance laws.

FTX founder Sam Bankman-Fried hit with four new criminal charges

The new indictment against FTX founder Sam Bankman-Fried includes new details alleged fraud at the cryptocurrency company and a related hedge fund.

www.cnbc.com

 

[Gemmie]

Supersceding indictment filed today (2/23/23) against SBF.

https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.80.0.pdf

 

[Gemmie]

From Pg 2 which couldn't be further from the truth. It's like he did the opposite of everything he was trying to say he and FTX was about.

SBF represented himself as the figurehead of a trustworthy and law-abiding segment of the cryptocurrency industry that was focused not only on profits, but also on investor and client protection. Likewise, in public statements, including in testimony before the United States Senate, BANKMAN-FRIED represented that FTX had a focus on "consumer protection," had adopted "principles for ensuring investor protections on digital asset-platforms," including "avoiding or managing conflicts of interest," and that "as a general principle FTX segregates customer assets from its own assets across our platforms."

...

during the 2022 Super Bowl that promoted FTX.US as the "safest and easiest way to buy and sell crypto" and "the most trusted way to buy and sell" digital assets

https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.80.0.pdf

 

[watergirl62]

In court, Singh admitted he was aware that the founder was swindling money and customers were in the dark. “I am unbelievably sorry for my role in all of this,” Singh said at the hearing, adding that he would forfeit all the earnings he made from the scheme.

A third FTX executive has pleaded guilty to fraud

FTX's former engineering director Nishad Singh is a childhood friend of Samuel Bankman-Fried

qz.com

 

[Countem]

Prosecutors’ Case Against FTX’s Sam Bankman-Fried Becomes Clearer

Federal prosecutors have shared more information about their case against FTX founder Sam Bankman-Fried. Between two new indictments and civil suits against another former FTX executive, we now have a much clearer picture about what the Department of Justice thinks it has.

finance.yahoo.com

Within the pages of the indictment are allegations that Bankman-Fried launched or directed the launch of various companies that could secure bank accounts, as FTX couldn’t on its own.

The FTX founder also allegedly directed the creation of North Dimension, a U.S.-based company, purely to act as an intermediary between FTX and U.S. banks. Prosecutors claim Bankman-Fried lied about North Dimension’s true purpose to get through a bank’s due diligence process.

 

[Countem]

Crypto Bank Silvergate Plunges After It Says Examining Viability, Delays Annual Report

(Bloomberg) -- Cryptocurrency-friendly bank Silvergate Capital Corp. is studying whether it’s still viable and reviewing its financial controls, following the collapse of Sam Bankman-Fried’s FTX. The shares plunged as much as 25%.Most Read from BloombergSorry, Twitter. Elon Found His Next Shiny...

finance.yahoo.com

Cryptocurrency-friendly bank Silvergate Capital Corp. is studying whether it’s still viable and reviewing its financial controls[. …] The Justice Department’s fraud section is investigating Silvergate over its dealings with FTX and Bankman-Fried’s cryptocurrency hedge fund Alameda Research[.]

 

[Countem]

FTX lost a staggering $8.8B in customer funds, auditors say

On Thursday, the auditors leading FTX through bankruptcy told creditors they had identified just $2.8 billion in assets towards the $11.6 billion that customers are owed from their accounts.

www.dailymail.co.uk

In a presentation to creditors publicly released on Thursday, the auditors leading FTX through bankruptcy said they had identified just $2.8 billion in assets towards the $11.6 billion that customers are owed from their accounts.

 

[Gemmie]

FTX lost a staggering $8.8B in customer funds, auditors say

On Thursday, the auditors leading FTX through bankruptcy told creditors they had identified just $2.8 billion in assets towards the $11.6 billion that customers are owed from their accounts.

www.dailymail.co.uk

Re: In a presentation to creditors publicly released on Thursday, the auditors leading FTX through bankruptcy said they had identified just $2.8 billion in assets towards the $11.6 billion that customers are owed from their accounts.

It's a start! ~25% is better than nuthin'.

 

[Countem]

Sam Bankman-Fried is now restricted to a flip phone with 'no internet,' but can still watch Netflix on a laptop

Prosecutors outlined the agreement limiting the FTX founder to texts and voice calls after his use of messaging apps while on bail angered a judge.

www.businessinsider.com

• Prosecutors wrote Friday to a judge about the modifications to Bankman-Fried's conditions of release.
• The letter said he can use a flip phone or non-smartphone device with "no internet capabilities."
• The FTX founder and his parents have been required to install security software on their devices.