Posts Tagged: charges

Sam Bankman-Fried pleads not guilty to latest fraud, bribery charges

FTX founder and former CEO Sam Bankman-Fried (aka SBF) pleaded not guilty to five additional criminal charges this morning, according toCNBC. Prosecutors accuse the disgraced crypto exec of fraud and bribery for conspiring to send at least $ 40 million to Chinese government officials so they would unfreeze more than $ 1 billion in cryptocurrency, which he allegedly used to fund loss-generating trades.

On Tuesday, the U.S. Attorney’s Office for the Southern District of New York (SDNY) unsealed the third round of criminal charges against SBF in a superseding indictment; SBF has now pleaded not guilty to all 13 charges. Additionally, he faces civil charges from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). His attorney, Mark Cohen, claimed he would file a motion that SBF can’t be tried on charges brought after his extradition from the Bahamas in December.

Federal prosecutors allege SBF and his partners tried “numerous” legal and personal methods to unfreeze the funds before moving forward with the bribe. They say SBF directed Alameda Research, FTX’s sister company, to transfer more than $ 40 million to a private wallet. Of course, it’s illegal for US citizens to bribe foreign officials to generate business. The new charges ramp up pressure on the 31-year-old Bankman-Fried, who reportedly “arrived at the courthouse about an hour before the hearing, looking disheveled after an intense media scrum.”

Three former FTX executives, Caroline Ellison, Zixiao “Gary” Wang, and Nishad Singh, have pleaded guilty to fraud and conspiracy charges and have agreed to cooperate with the prosecution. There’s no word yet on the judge’s ruling about whether SBF will be forced to use a feature phone and limit internet access as part of his bail terms. After it was revealed SBF was using a virtual private network (VPN) and possibly tampering with witnesses, District Judge Lewis Kaplan previously said he didn’t want SBF “loose on his garden of electronic devices.”

This article originally appeared on Engadget at https://www.engadget.com/sam-bankman-fried-pleads-not-guilty-to-latest-fraud-bribery-charges-165445328.html?src=rss
Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

Disgraced FTX founder Sam Bankman-Fried pleads not guilty to federal fraud charges

Sam Bankman-Fried, the disgraced founder and former CEO of crypto exchange FTX, has pleaded not guilty to federal wire fraud charges and other crimes. Bankman-Fried appeared before a Manhattan court on Tuesday, nearly two weeks after he was granted bail on a $ 250 million bond, and said he was innocent of charges laid against him by US prosecutors. 

In addition to a civil suit from the Securities and Exchange Commission, SBF faces a criminal indictment from the Justice Department. Prosecutors have accused Bankman-Fried of leading a multiyear scheme to defraud investors and customers of FTX. SBF faces a total of eight criminal charges, including multiple counts of wire fraud. He is also accused of attempting to commit commodities fraud, as well as breaking federal election laws by donating more than is legally allowed and in the names of other people.

Developing… 

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

Elizabeth Holmes sentenced to 11 years in prison on fraud charges

Elizabeth Holmes, the former CEO and founder of Theranos, has been sentenced to just over 11 years in prison for defrauding the investors of her blood testing startup. The sentence comes almost a year after Holmes was found guilty on four counts of fraud following a months-long trial.

In total, Holmes was sentenced to 135 months in prison, as well as three years of supervised release. A surrender date was set for April 27th. She will also be ordered to pay restitution, though Judge Ed Davila said that amount will be determined at a separate hearing. Prosecutors had asked for more than $ 800 million in restitution, accounting for 29 investors, but at the sentencing hearing, Davila said restitution would be based on $ 121 million in losses to 10 investors, according to The New York Times

Ahead of her sentencing, prosecutors had pushed for a 15-year sentence, while Holmes’ attorneys argued she should get no more than 18 months of house arrest. Her probation officer had recommended nine years, The New York Times reported.

Throughout the trial, Holmes’ lawyers tried to portray the Theranos founder as a young and inexperienced entrepreneur who hadn’t intended to deceive investors or the public. During her testimony, Holmes blamed many of Theranos’ problems on others at the company, including her former partner Ramesh “Sunny” Balwani.

She also testified that Balwani was abusive during their romantic relationship, and that he had misled her about what was happening in Theranos’ lab. Balwani, who as COO also oversaw day-to-day operations of the company’s lab, was found guilty on 12 counts of fraud in a separate trial earlier this year. His sentencing is scheduled for December.

Even at her sentencing, Holmes proved she still has influential allies to defend her. Several Silicon Valley investors, including early Theranos backer Tim Draper, wrote letters of support urging the judge for a lighter sentence. New Jersey Senator Cory Booker also wrote in her support, asking the judge for “a fair and just sentence.”

Holmes delivered a brief statement at her sentencing hearing. “I regret my failings with every cell of my body,” she said, according to Law360’s Dorothy Atkins. Holmes was crying throughout her statement, according to multiple reporters in the courtroom.

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

Nikola founder Trevor Milton convicted on three charges of fraud

Trevor Milton, the founder and former executive chairman of Nikola, has been found guilty on three counts of fraud for misleading the electric vehicle company’s investors about its business and technology.

In total, he was found guilty on one count of securities fraud and two counts of wire fraud. He was acquitted on one charge of securities fraud. His sentencing has been scheduled for January 27th. He faces up to 20 years in prison.

Milton was indicted by a federal grand jury on the charges last year, with prosecutors citing numerous alleged lies, including many made on Twitter, in podcast interviews and other media appearances. Prosecutors alleged he had lied about “nearly all aspects of the business” in an effort to boost the stock of the EV maker.

The SEC began investigating the company in 2020, after Hindenburg Research publicly accused Nikola of staging an “elaborate ruse” to mislead the public about the status of its electric semi, Nikola One. While the company had published a video purporting to show the truck “cruising on a road at a high rate of speed,” Hindenburg said the truck had actually been “towed to the top of a hill on a remote stretch of road and simply filmed it rolling down the hill.” The company ultimately paid $ 125 million to settle civil charges with the SEC in 2021.

During the trial, Milton’s defense lawyer argued that the video was merely “special effects” and that “it’s certainly not a crime to use special effects.” But prosecutors raised several other false claims by Milton, who was extremely active on Twitter. According to The Times, prosecutors said Milton also lied about having “binding contracts with trucking companies” that in reality were cancelable reservations for vehicles. Prosecutors also cited Milton's claims about making “green hydrogen” when the company had not yet produced any.

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

Six people face charges for allegedly bribing Amazon staff to help sellers

The US is cracking down on an elaborate scheme to boost some third-party Amazon sellers at the expense of others. A Grand Jury in Washington has indicted six people (via The Verge) for allegedly bribing Amazon staff and contractors to gain an edge in…
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Nigerians face US charges over online fraud worth ‘hundreds of millions’

US law enforcement is cracking down on a pair of alleged online fraudsters that appear to have been wildly successful. The United Arab Emirates has sent the US two Nigerian nationals, Ramon Olorunwa Abbas and Olakean Jacob Ponle, to face charges rela…
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Brazilian judge dismisses hacking charges against journalist Glenn Greenwald

Last month The Intercept's Glenn Greenwald faced criminal charges for breaking cybersecurity laws in Brazil. Now a judge has dismissed the hacking charges, linked to six people who allegedly stole information from the phones of public officials and j…
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SEC brings charges in connection with hack of its financial system

The United States Securities and Exchange Commission announced today that it is bringing charges against a Ukranian hacker for breaking into the agency's corporate filing system to access nonpublic information. The SEC is also charging a number of in…
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Metro by T-Mobile now charges $15 every time you change your phone

MetroPCS was recently rebranded as Metro by T-Mobile while simultaneous unveiling some plans with seriously good value. $ 60 a month is the top tier plan from the rebadged service and includes unlimited data, 15GB of mobile hotspot, Google cloud storage, and Amazon Prime. You really can’t beat that. Looks like Metro is making up their […]

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Swatter behind deadly ‘Call of Duty’ hoax pleads guilty to 51 charges

Tyler Barriss is poised to face a stiff punishment for the game-related swatting call that ultimately killed Wichita resident Andrew Finch, not to mention a host of other crimes. Barriss has pleaded guilty to 51 charges as part of a deal, including…
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MediaTek’s Pump Express 3.0 charges your phone from dead to 70% in just 20 minutes

During Computex 2016, MediaTek announced Pump Express 3.0, the newest iteration to the company’s quick-charging solution. According to MediaTek, your phone will go from 0 to 70 percent in just 20 minutes.

The post MediaTek’s Pump Express 3.0 charges your phone from dead to 70% in just 20 minutes appeared first on Digital Trends.

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Researchers develop nanowire battery that lasts “thousands” of charges

A new nanowire-based lithium-ion battery pioneered by University of California researchers can withstand thousands more charges than most batteries currently on the market.

The post Researchers develop nanowire battery that lasts “thousands” of charges appeared first on Digital Trends.

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Zagg’s new battery pack charges up your iPhone and Apple Watch on the move

Mobile accessory manufacturer Zagg has made the Mobile Charging Station One, a clever two-in-one battery pack that charges both an iPhone and an Apple Watch at the same time, wherever you are.

The post Zagg’s new battery pack charges up your iPhone and Apple Watch on the move appeared first on Digital Trends.

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