Business
Fallen Crypto Mogul Sam Bankman-Fried Sentenced To 25 Years In Prison
NEW YORK — Sam Bankman-Fried, a cryptocurrency entrepreneur, was sentenced to 25 years in jail on Thursday for orchestrating a major fraud on hundreds of thousands of consumers that culminated in the collapse of FTX, previously one of the world’s most popular platforms for exchanging digital currency.
U.S. District Judge Lewis A. Kaplan delivered a blistering critique of Bankman-Fried and his offenses before imposing a sentence that was half of what prosecutors wanted and less than a fourth of the 105 years recommended by the court’s Probation officers.
Fallen Crypto Mogul Sam Bankman-Fried Sentenced To 25 Years In Prison
“There is absolutely no doubt that Mr. Bankman-Fried’s name right now is pretty much mud around the world,” Kaplan said of the 32-year-old man who once appeared to be on top of the cryptocurrency world before his businesses collapsed in November 2022, leaving customers, investors, and lenders out of over $11 billion, which the judge ordered him to forfeit.
He was convicted of fraud and conspiracy in November, following a period of success that featured a Super Bowl advertisement and celebrity endorsements from quarterback Tom Brady, basketball player Stephen Curry, and comedian Larry David.
Kaplan issued the punishment in the same Manhattan courtroom where Bankman-Fried testified four months earlier that his objective was to transform the burgeoning bitcoin business with innovative and altruistic ideas, not to steal. The judge ruled that Bankman-Fried had frequently committed perjury by telling lies on the witness stand.
According to Kaplan, the sentence implied that “there is a risk that this man will be in a position to do something very bad in the future.” And it is not a little danger at all.” He said it was “to disable him to the extent that can appropriately be done for a significant period.”
Kaplan also advised the Federal Bureau of Prisons to transfer Bankman-Fried to a medium-security prison near San Francisco because his reputation, association with huge money, autism, and social awkwardness would make him especially susceptible in a high-security facility.
Assistant U.S. Attorney Nicolas Roos had recommended a 40- to 50-year prison sentence, saying it was the only way to assure “the defendant doesn’t do it again.”
“The defendant victimized tens of thousands of persons and businesses across numerous continents over several years. He stole money from clients who trusted him, lied to investors, forged paperwork for lenders, illegally donated millions of dollars to our political system, and paid foreign officials. “Each of these crimes deserves a lengthy sentence,” prosecutors stated in a court filing.
Prosecutors claimed Bankman-Fried misappropriated billions of dollars to fuel his quest for influence and dominance in the new industry and illegally used funds from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, bribes to Chinese officials, and private planes.
Kaplan agreed with prosecutors on Thursday that Bankman-Fried should not be granted leniency only because certain investors and customers may receive compensation for their losses. He described the reasoning as “logically flawed” and “speculative.” He stated that customers lost approximately $8 billion, investors lost $1.7 billion, and lenders were shorted $1.3 billion.
Given the opportunity to speak, Bankman-Fried stood and apologized in a meandering remark: “A lot of people feel terribly let down. And they were quite disappointed. And I apologize for that. I apologize for what happened at every stage.”
He continued, “My productive life is probably finished. It’s been over for a while, since before my arrest.
Fallen Crypto Mogul Sam Bankman-Fried Sentenced To 25 Years In Prison
Bankman-Fried, dressed in his khaki prison uniform and chained at the ankles, appeared to become emotional as he spoke for approximately 20 minutes. He expressed regret for “a lot of mistakes” while shifting part of the blame to others. His customary unkempt and bushy hair had returned after the trimmed look he showed at trial.
The court then condemned his words, claiming he displayed “never a word of remorse for the commission of terrible crimes.”
Defense attorney Marc Mukasey stated that his client was misunderstood.
“Sam was not a ruthless financial serial killer who set out every morning to hurt people,” Mukasey stated in a press release. “Sam Bankman-Fried makes decisions without malice in his heart. He makes decisions using math in his thoughts.”
Bankman-Fried’s attorneys, friends, and family had pleaded for leniency, claiming he was unlikely to re-offend again. They also asserted that FTX’s investors had largely recovered their investment capital, but FTX, its creditors, and bankruptcy lawyers all refuted this.
“Mr. Bankman-Fried continues to live a life of delusion,” wrote John Ray, FTX’s CEO, who has been cleaning up the bankrupt company. “The ‘business’ he left on November 11, 2022 was neither solvent nor safe.”
Mukasey attacked a probation office suggestion of 105 years in jail two weeks earlier, calling such a sentence “grotesque” and “barbaric.”
He encouraged the judge to sentence Bankman-Fried to five to six and a half years in jail, which Mukasey claimed was a reasonable interpretation of federal sentencing guidelines.
Bankman-Fried was worth billions of dollars on paper as the co-founder and CEO of FTX, once the world’s second-largest cryptocurrency exchange.
Fallen Crypto Mogul Sam Bankman-Fried Sentenced To 25 Years In Prison
FTX enabled investors to purchase dozens of virtual currencies, ranging from Bitcoin to more obscure ones like Shiba Inu Coin. Bankman-Fried, flush with billions of dollars in investor funds, purchased the naming rights to a Miami arena and ran a Super Bowl advertisement to promote his business.
However, the decline of cryptocurrency values in 2022 took a toll on FTX, eventually leading to its demise. FTX’s hedge fund affiliate, Alameda Research, has purchased billions of dollars in various cryptocurrency bets that lost significant value in 2022. Bankman-Fried attempted to fill the gaps in Alameda’s balance sheet with FTX client monies.
Three additional members of Bankman-Fried’s close circle pled guilty to related charges and testified throughout his trial.
The most well-known of the three was Caroline Ellison, Bankman-Fried’s former lover. Ellison described Bankman-Fried as a calculated individual who was aware that directing the use of customer monies was likely a criminal act. Gary Wang and Nishad Singh, two additional former Bankman-Fried buddies, testified that they believed they were encouraged to conduct fraud by him.
SOURCE – (AP)
Business
Sonic the Hedgehog Dominates Christmas Wish Lists
Sonic the Hedgehog is dominating Christmas wish lists this year. The lovable blue hedgehog is back in the spotlight, from sonic the hedgehog toys and games to sonic the hedgehog coloring pages and movie hype.
Sonic-themed holiday merchandise is on fire, from quirky sweaters to action figures flying off shelves. Sonic the Hedgehog Christmas outfits for kids are selling out fast, making them a go-to gift option for festive fun.
Retailers have been quick to recognize Sonic’s holiday appeal. Special promotions and exclusive items, like the Sonic holiday t-shirts, are everywhere.
Everyone’s stocking up on Sonic merchandise, from big-box stores to boutique retailers.
Online shopping platforms are seeing a surge in searches for Sonic items. Whether it’s Sonic Christmas-themed tops or Sonic the Hedgehog coloring pages, Sonic the Hedgehog toys or Sonic and the Hedgehog 3, the demand is skyrocketing.
Retailers who tap into this trend are sure to see strong holiday sales.
Sonic has been around since the early 90s, but his popularity never wanes. With the release of Sonic 3, fans are more excited than ever.
Sonic the Hedgehog 4
Meanwhile, Paramount Pictures is preparing “Sonic the Hedgehog 4,” with the newest addition in the family-friendly genre set for a spring 2027 release.
The announcement comes as “Sonic 3” opens in theatres on Friday, estimated to gross $55 million to $60 million from 3,800 North American locations.
The sequel is shaping up to be a good holiday season blockbuster for Paramount, which explains the desire in future “Sonic” adventures. On the international front, the film will be released on Christmas Day in 52 markets.
On Rotten Tomatoes, critics gave “Sonic 3” an outstanding 87% fresh score.
The first two films grossed a total of $725.2 million at the global box office and generated over $180 million in global consumer expenditure through home entertainment rentals and digital purchases.
They also inspired a spinoff Paramount+ series, “Knuckles,” which premiered earlier this year.
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Business
Amazon Strike Called By Teamsters Union 10,000 Walkout
An Amazon strike has hit facilities in the United States in an effort by the Teamsters union to pressure the corporation for a labour agreement during a peak shopping season.
The Teamsters union told the Associated Press that Amazon delivery drivers at seven facilities in the United States walked off the job on Thursday after the firm failed to discuss a labour contract.
According to the union, Amazon employees in Teamsters union jackets were protesting at “hundreds” of additional Amazon facilities, which the union billed as the “largest strike” in US history involving the company.
The corporation, which employs over 800,000 people in its US delivery network, stated that its services will be unaffected.
It was unclear how many people, including members of Germany’s United Services Union, participated in Thursday’s demonstration. The Teamsters union reported that thousands of Amazon employees were implicated in the United States.
Amazon Strike at 10 Locations
Overall, the group claims to represent “nearly 10,000” Amazon strikers, having signed up thousands of people at roughly ten locations across the country, many of whom have joined in recent months.
The organization has claimed recognition from Amazon going on strike, claiming the firm illegally neglected its obligation to bargain collectively over salary and working conditions.
The Teamsters is a long-standing US union with nearly one million members. It is well-known for securing lucrative contracts for its members at companies like delivery behemoth UPS.
Most of the Teamsters’ Amazon campaigns have concerned drivers working for third-party delivery companies that partner with the tech behemoth.
Amazon denies that it is liable as an employer in those circumstances, which is a point of legal contention. In at least one case, labour officials have taken a preliminary stance in favour of the union.
Stalled Contract Negotiations
Amazon employees at a major warehouse on Staten Island in New York have also chosen to join the Teamsters. Their warehouse is the only Amazon facility in the United States where labour officials have formally recognized a union win.
However, the Amazon strike is because contract negotiations have not progressed since the 2022 vote. It was not one of the areas scheduled to go on strike on Thursday.
Amazon, one of the largest employers in the United States, has long received criticism for its working conditions and has been the target of activists seeking to gain traction among its employees.
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Business
Amazon Encounters Numerous Strikes As Unions Aim At The Holiday Shopping Surge.
(VOR News) – Thousands of Amazon employees at various sites across the country were scheduled to go on strike on Thursday in an effort by the Teamsters union to pressure the retail behemoth to acknowledge its unionised workers in the United States.
The walkout is expected to concentrate on seven Amazon locations across the country during the holiday purchasing surge and may be the most significant union action against Amazon in the nation’s history.
The business announced on Thursday morning that there had been no effect on operations. It also stated that it is “continuing to concentrate on fulfilling customers’ holiday orders.”
The International Brotherhood of Teamsters maintains that it represents more than 10,000 Amazon employees and contractors in aviation centres, warehouses, and delivery centres.
Amazon has refused to acknowledge the union for many years.
The retail giant, which employs approximately 1.5 million individuals, excludes contractors and part-timers. A strike has been initiated by delivery couriers and warehouse employees at seven distinct locations in order to exert pressure on the company to negotiate a collective bargaining agreement that would encompass modifications to compensation, amenities, and working conditions.
Picketing was intended for New York, Atlanta, Los Angeles, San Francisco, and Skokie, Illinois.
Also, the Teamsters assert that they are establishing picket lines at “hundreds” of additional warehouses and delivery centres by encouraging non-unionized workers to picket under U.S. labour law, which protects workers’ ability to take collective action to further their interests.
“Amazon workers are exercising their power,” Randy Korgan stated to NPR.
“They now realise there is a pathway to take on a corporate giant like this – and that they hold the power.” Amazon responds by accusing the Teamsters of fabricating information regarding the strikes, asserting that the participants are “entirely” outsiders rather than employees or subcontractors of the corporation.
Amazon spokesperson Kelly Nantel stated that “the reality is that they were unable to secure sufficient support from our employees and partners and have invited external parties to harass and intimidate our team.” For more than a year, the Teamsters have been intentionally misleading the public by claiming to represent “thousands of employees and drivers.” They do not.
The Teamsters did not provide a specific duration for the strike; however, they informed NPR that it would extend beyond one day. Workers would receive $1,000 per week in strike money, as per the union.
Teamsters President Sean O’Brien issued a statement in which he stated, “If your package is delayed during the holidays, you can attribute it to Amazon’s insatiable greed.” We established a firm deadline for Amazon to attend the meeting and treat our members equitably. They disregarded it.
The Teamsters granted until December 15 to convene with its unionised employees and develop a collective bargaining agreement.
Amazon has opposed all unionisation efforts in court, asserting that unions were not advantageous to its employees and emphasising the compensation and benefits that the organisation currently provides.
Amazon has been accused of discriminatory labour practices on numerous occasions, including the termination of labour organisers. Furthermore, it has disputed its official status as a contract employer.
Teamsters organize Amazon delivery couriers and other employees.
In June, Amazon established its first unionised warehouse in Staten Island, New York, two years after making history by voting to join the fledgling Amazon Labour Union, which is also affiliated with the Teamsters.
The union is one of the most influential in the United States and Canada, with 1.3 million members. On Thursday, the German United Services Union declared that Amazon employees in Germany would participate in a strike in conjunction with their American counterparts.
In the past, Amazon has experienced demonstrations in Germany and Spain that were related to the holiday season in order to advocate for improved wages and working conditions.
“The holiday season has arrived.” Delivery is anticipated. Patricia Campos-Medina, the executive director of Cornell University’s Worker Institute, asserts that “this is the moment in which workers have control over the supply chain.”
The Teamsters have reported that Amazon’s profits have increased both during and after the pandemic. The corporation is currently valued at over $2.3 trillion, with net income of $15 billion in the most recent quarter alone. It is the second-largest private employer in the United States, following Walmart.
SOURCE: NPR
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