Daily Archives: December 13, 2022, 11:41 pm

Prosecutors give a stark warning to other crypto platforms in the wake of the SBF indictment and call it ‘one of the biggest financial frauds in American history’

Williams was joined by a host of U.S. officials in outlining the charges against Bankman-Fried, including Gurbir Grewal, director of the SEC Enforcement Division. The SEC brought a separate set of civil charges against Bankman-Fried on Tuesday, and Grewal warned other unregulated and rogue cryptocurrency trading platforms to register with the SEC soon, or risk falling afoul of federal prosecutors.…

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US attorney says ‘we are not done’ charging individuals for FTX collapse | TechCrunch

Multiple U.S. government agencies held a press conference Tuesday afternoon regarding the indictment of FTX’s former CEO, Sam Bankman-Fried. When asked whether the entities will bring charges against other individuals allegedly involved in the FTX collapse, Damian Williams, the U.S. attorney for the Southern District of New York, said during the event, “I can only say this: Clearly, we are…

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Damian Williams, Prosecutor in the FTX Case, Tackles Major Financial Crimes – The New York Times

Damian Williams, the federal prosecutor overseeing the case of Samuel Bankman-Fried, has been in office only 14 months but he has already handled a series of white-collar prosecutions. When a reporter asked at a news conference on Tuesday where the new case ranked in a district that had prosecuted people like Bernard Madoff, the infamous Ponzi schemer, Mr. Williams said…

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FTX’s Sam Bankman-Fried Denied Bail by Judge in the Bahamas – The New York Times

At the end of a hearing that lasted more than three hours, the judge denied bail to Mr. Bankman-Fried, who will remain in the custody of the Bahamian authorities. The chief magistrate, Joyann Ferguson-Pratt, said Mr. Bankman-Fried’s access to financial resources made his risk of fleeing “so great” that he had to remain behind bars. Source: FTX’s Sam Bankman-Fried Denied…

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Supreme Court Agrees to Take Up Question of ’33 Act Standing in Slack Direct Listing Case | The D&O Diary

On December 13, 2022, the U.S. Supreme Court granted the petition of Slack Technologies to have the court take up the question of the plaintiff’s standing to pursue ’33 Act liability claims against the company. The standing question arises because the plaintiff bought his Slack shares in connection with the June 2019 transaction in which Slack went public through a…

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SEC Charges Danske Bank with Fraud for Misleading Investors about Its Anti-Money Laundering Compliance Failures in Estonia

The Securities and Exchange Commission today announced fraud charges against Danske Bank, a multinational financial services corporation headquartered in Denmark, for misleading investors about its anti-money laundering (AML) compliance program in its Estonian branch and failing to disclose the risks posed by the program’s significant deficiencies. Danske Bank agreed to pay $413 million to settle the SEC’s charges. According to…

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Sam Bankman-Fried Charged by US With Fraud Over FTX Collapse – Bloomberg

FTX founder Sam Bankman-Fried was charged with eight criminal counts, including conspiracy and wire fraud, for allegedly misusing billions of dollars in customers’ funds before the spectacular collapse of his cryptocurrency empire. An indictment detailing the charges was unsealed by a federal court judge in Manhattan Tuesday morning following weeks of speculation the 30-year-old would end up in handcuffs after…

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FTX’s inner circle – including Sam Bankman-Fried – had chat group called ‘Wirefraud’

Members of the inner circle of power at collapsed cryptocurrency exchange FTX formed a chat group called “Wirefraud” and were using it to send secret information about operations in the lead up to the company’s spectacular failure. On the eve of the first big hearing in the US Congress this week that will investigate FTX’s collapse, The Australian Financial Review…

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Bahamas Told Bankman-Fried to Mint New Crypto as FTX Collapsed, Lawyers Say – Bloomberg

Bahamas government officials worked closely with Sam Bankman-Fried and tried to help him regain access to key computer systems of bankrupt FTX Trading, lawyers for FTX said in a court filing before the failed crypto magnate was arrested on Monday. Before Bankman-Fried was blocked from FTX systems, the Bahamas asked him to mint new digital coins worth hundreds of millions…

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