Sam Bankman-Fried, Former FTX CEO, , Arrested in Bahamas.
CBS News reports that the Office of the Attorney General of the Bahamas confirmed Bankman-Fried's arrest on Dec.
12.
His arrest "followed receipt of formal notification from
the United States that it has filed criminal charges
against SBF and is likely to request his extradition.".
According to the U.S. Attorney's Office for the Southern District of New York (SDNY), the arrest
was carried out based on a sealed indictment.
.
Following news of Bankman-Fried's arrest, the
Securities and Exchange Commission (SEC) said it had , "authorized separate charges relating to [Bankman-Fried's] violations of securities laws
to be filed publicly tomorrow in SDNY.".
The SEC alleges that the former CEO used customer funds for "fraudulent" purposes such as real estate transactions and political donations.
CBS News reports that Bankman-Fried has since been taken off the witness list for the House hearing on Dec.
13 regarding FTX's collapse.
He will instead
appear in court in the
Bahamas on that day.
Prior to its collapse, FTX was one of the biggest cryptocurrency exchanges in the world.
.
New CEO John Ray III has been
tasked with salvaging the company.
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here, John Ray III, FTX CEO, via statement
Robinhood Receives SEC Subpoena , for Its Crypto Business.
MarketWatch reports that the subpoena
was revealed in a filing on Feb. 27.
Robinhood received the subpoena from securities regulators in December after FTX and other crypto-trading companies filed for bankruptcy.
Robinhood received the subpoena from securities regulators in December after FTX and other crypto-trading companies filed for bankruptcy.
The SEC wants to investigate Robinhood Crypto LLC's “cryptocurrency listings, custody of cryptocurrencies and platform operations,” among other things.
The SEC wants to investigate Robinhood Crypto LLC's “cryptocurrency listings, custody of cryptocurrencies and platform operations,” among other things.
MarketWatch reports that if it is
determined that any cryptocurrencies
on the trading platform are securities, .
it could stop Robinhood “from continuing to facilitate
trading of those cryptocurrencies (including ceasing
support for such cryptocurrencies on our platform).”.
Robinhood's board recently authorized the
company to repurchase over 50 million shares that
were previously bought by FTX founder
Sam Bankman-Fried and seized by the DOJ.
Robinhood's board recently authorized the
company to repurchase over 50 million shares that
were previously bought by FTX founder
Sam Bankman-Fried and seized by the DOJ.
Robinhood reports that it ended 2022 with $2.91 billion available in credit and $6.3 billion in cash and cash equivalents. .
MarketWatch reports that Robinhood
shares dropped 0.6% on Feb. 27.
Over the past year, the company's
shares have dropped 16.3%
Credit: Wibbitz Top Stories Duration: 01:31Published
FTX Asks for Its Political Donations , to Be Returned.
Insider reports that the bankrupt crypto exchange made the request on Feb. 5.
Any politicians or political action committees who received donations made by FTX founder Sam Bankman-Fried,
FTX executives or other related companies...
... are being asked to
return donations by Feb. 28.
If payments aren't returned by then,
donation recipients may be called to bankruptcy court with added interest.
According to 'The New York Times,' politicians received $90 million from FTX employees.
Bankman-Fried, former CEO of FTX Bahamas headquarters Ryan Salame and FTX's former director of engineering, Nishad Singh, .
respectively donated $40 million, $23 million and $7.9 million to Democratic causes.
Nancy Pelosi and John Fetterman are among the high-profile politicians who received donations.
Nancy Pelosi and John Fetterman are among the high-profile politicians who received donations.
According to CoinDesk, as of mid-January, neither of them had returned the funds.
According to CoinDesk, as of mid-January, neither of them had returned the funds.
Only five out of 196 politicians had reportedly complied with FTX's request at that time
Credit: Wibbitz Top Stories Duration: 01:30Published
Ne-Yo, Akon, Lil Yachty and Austin Mahone were also charged by the Securities and Exchange Commission in the case, which is tied to promotion of crypto tokens created by Justin Sun.
Credit: The Hollywood Reporter Duration: 01:24Published
The Securities and Exchange Commission is cracking down on Crypto companies ... and some big-name celebs -- including Jake Paul, Lindsay Lohan and Soulja Boy --.. TMZ.com
DOJ and SEC Launch Investigations , Into SVB Collapse.
Last week, the California Department of Financial Protection and Innovation shut down Silicon Valley Bank (SVB) and made the FDIC its receiver.
Last week, the California Department of Financial Protection and Innovation shut down Silicon Valley Bank (SVB) and made the FDIC its receiver.
NBC News reports that on March 14,
the U.S. Justice Department opened an investigation into the bank's demise.
According to two sources with knowledge of the matter, part of the DOJ's probe will seek to determine whether bank executives unloaded any stock ahead of the collapse.
The Securities and Exchange Commission (SEC) has launched a separate investigation. .
According to the FDIC, SVB's collapse marked the second-biggest on record after Washington Mutual.
According to the FDIC, SVB's collapse marked the second-biggest on record after Washington Mutual.
NBC News reports that on March 12, the FDIC, Federal Reserve and Treasury Department said SVB deposits would be backed in excess of the federally-insured cap of $250,000.
The fall of SVB prompted Signature Bank customers to withdraw over $10 billion in deposits out of fear on March 10, ultimately leading to the bank's collapse as well.
The fall of SVB prompted Signature Bank customers to withdraw over $10 billion in deposits out of fear on March 10, ultimately leading to the bank's collapse as well.
President Biden attempted to
reassure the public that America's
banking system is safe on March 13.
Thanks to the quick action of my administration over the past few days, Americans can have confidence that
the banking system is safe. , President Joe Biden, via statement.
Your deposits will be there
when you need them, President Joe Biden, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Dell to Lay Off , 6,650 Workers.
CNBC reports that Dell made the announcement on Feb. 6 in an SEC filing. .
About 6,650 employees, 5% of the
company's workforce, will be let go.
Jeff Clarke, co-chief operating
officer at Dell, said the layoffs were necessary
to "stay ahead of downturn impacts.".
Unfortunately, with changes like this, some members of our team will be leaving the company. , Jeff Clarke, co-chief operating officer at Dell,
via memo to employees.
There is no tougher decision, but one we had to make for our long-term health and success, Jeff Clarke, co-chief operating officer at Dell,
via memo to employees.
We will be ready when
the market rebounds, Jeff Clarke, co-chief operating officer at Dell,
via memo to employees.
Layoffs in the tech industry have become
an overwhelming trend as of late. .
Salesforce, Microsoft, Google.
Salesforce, Microsoft, Google.
Salesforce, Microsoft, Google.
Paypal, Amazon, IBM.
Paypal, Amazon, IBM.
Paypal, Amazon, IBM.
Meta and Twitter have laid off
thousands of employees.
Meta and Twitter have laid off
thousands of employees.
According to website Layoffs.fyi,
67,000 job cuts have been announced by
tech companies so far in 2023
Credit: Wibbitz Top Stories Duration: 01:30Published
Sam Bankman-Fried—a.k.a. SBF, the founder and CEO of the now-defunct crypto exchange FTX—earned trust by winning the approval of elite institutions. Then he allegedly siphoned about $10 billion of..
Mark Yusko, CEO, Founder, and Chief Investment Officer of Morgan Creek Capital Management joined Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, to discuss the FTX collapse, whether Sam..
FTX founder Sam Bankman-Fried left the Bahamas on Wednesday on a U.S.-bound flight to face fraud charges as federal prosecutors announced that two of his former associates had pleaded guilty to similar..
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