Daily Archives: November 30, 2022, 10:16 pm

Broke and down to one credit card: Former FTX CEO Sam Bankman-Fried claims he committed no fraud

Striking a contrite tone, former FTX CEO Sam Bankman-Fried said he “didn’t do a good job” at upholding his responsibilities to regulators, customers, and investors in a hotly anticipated conversation with CNBC’s Andrew Ross Sorkin at the Dealbook Summit. Bankman-Fried’s FTX imploded in mid-November after Coindesk reported irregularities in the company’s balance sheets. The company filed for Chapter 11 bankruptcy…

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Welcome to the SEC’s Hotel California | Russ Ryan

And what about the remaining in-house cases that were forced to reboot after the Supreme Court’s Lucia decision? Most are at least six years old by now. Nearly all were fully relitigated and briefed on appeal to the SEC commissioners well over a year ago—some of them two or three years ago. But the last time the commissioners decided any of them was…

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Further FTX Flailing – Bloomberg

Perhaps no one in the history of finance has been more predisposed to gamble on redemption than Sam Bankman-Fried, but his lawyers disagreed. The New York Times reports: “As the crisis unfolded, a group of FTX lawyers and executives moved to strip authority from Mr. Bankman-Fried and urged the company’s top leaders to prepare for bankruptcy. For days, Mr. Bankman-Fried ignored…

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SEC Obtains Final Judgment Against Former Owner of California Film Distribution Company Charged with Defrauding Publicly Traded Fund

On November 25, 2022, the United States District Court for the Southern District of New York entered a final consent judgment against William Sadleir, the former Beverly Hills owner of a defunct film distribution company accused of defrauding a publicly traded fund out of at least $13.8 million. The SEC’s complaint, filed on May 22, 2020, alleged that BlackRock Multi-Sector…

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Prosecutors Seeking Arrest Warrant for Terraform Labs’ Daniel Shin: Yonhap

South Korean newswire service Yonhap is reporting that prosecutors are seeking an arrest warrant for Daniel Shin, co-founder of Terraform Labs. Yonhap says prosecutors are charging Shin with taking illegal profits as he sold $105 million of LUNA at a market high without informing investors. He’s also being charged with violating the Electronic Financial Transaction Act for using customer data…

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