Daily Archives: November 13, 2023, 9:34 am

Cryptocurrencies were always just a solution in search of a problem – The Washington Post

During jury selection in the ongoing federal fraud trial of the dethroned crypto kingpin Sam Bankman-Fried, one prospective juror worried out loud about his lack of knowledge of cryptocurrencies, despite his son’s efforts to explain them to him. “I still don’t understand how it works,” the would-be juror said. Lewis A. Kaplan, the sharp-tongued U.S. District Court judge overseeing the…

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Fake Goldman Insider Gets 16 Years for Alibaba IPO Share Scam – Bloomberg

An “expert conman” who told investors a Goldman Sachs Group Inc. connection could get them in on Alibaba Group Holding’s 2014 initial public offering was ordered to spend nearly 16 years in prison. Frank Harold Rosenthal was sentenced Thursday to 188 months in prison by US District Judge Fernando L. Aenlle-Rocha in Los Angeles. That was substantially more than the…

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FTX Adds a Complex Chapter to the Financial-Fraud History Books – Bloomberg

He added that the speed at which Bankman-Fried’s rags-to-riches-to-rags tale unfolded makes the case difficult to compare with fraudsters like Madoff, the financier who was sentenced to 150 years in prison in 2009 for stealing $65 billion from thousands of investors. Madoff executed his Ponzi scheme over the course of more than 20 years. Holmes, who was sentenced to prison…

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Sam Bankman-Fried’s Parents Are Still His Most Ardent Supporters – WSJ

Their unwavering support isn’t all that unusual. But Bankman, 68 years old, and Fried, 72, aren’t like most parents. The luster of their careers as beloved Stanford Law professors helped pave the way for the stunning rise of their son’s crypto exchange, FTX. And their direct dealings with that company, and the perks they received from their son before FTX filed…

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SPAC-Related Suit Shows How Geopolitical Risk Can Translate into Securities Litigation | The D&O Diary

One factor that contributed significantly to the total number of securities class action lawsuits filed in 2021 and 2022 was the proliferation of SPAC-related securities suit filings. Although diminished in number this year relative to the two prior years, and while the filing pace has declined as the year has progressed, SPAC-related securities suits continue to be filed in 2023.…

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