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Judge Sends FTX Founder Sam Bankman-Fried To Jail, Says Crypto Mogul Tampered With Witnesses

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1 year ago

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NEW YORK — Sam Bankman-Fried, the founder of FTX, was placed behind bars after a judge revoked his bail on Friday. The judge reasoned that Bankman-Fried had frequently attempted to sway witnesses against him.

Bankman-Fried bowed his head as Judge Lewis A. Kaplan went into great detail about why he thought the Californian had repeatedly exceeded the terms of his $250 million bail package to the point where Kaplan could no longer guarantee the community’s safety, including the safety of the prosecution’s witnesses, without the 31-year-old being imprisoned.

Bankman-Fried removed his tie and suit jacket once the session was concluded, giving his watch and other personal items to his attorneys. His hands were shackled in front of him, and there was the ringing of handcuffs. U.S. marshals then escorted him out of the courtroom.

It was a dramatic fall for a man who, according to the prosecution, presented himself to Congress as “a saviour of the cryptocurrency industry” and paid celebrities like Larry David, Tom Brady, and Stephen Curry to promote his ventures.

To influence cryptocurrency regulation in Washington, according to the prosecution, Bankman-Fried stole billions of dollars in FTX customer deposits to fund his businesses and speculative venture investments, make charitable contributions, and spend tens of millions of dollars on illegal campaign donations to Democrats and Republicans.

Sam Bankman-Fried, the founder of FTX, was placed behind bars after a judge revoked his bail on Friday.

Kaplan stated that there was reason to believe Bankman-Fried had attempted to “tamper with witnesses at least twice” since his detention in December, most recently by revealing to a reporter the private diaries of a key witness against him and in January when he communicated with the general counsel of FTX using an encrypted message.

The court stated that after considering all the evidence, he concluded that Bankman-Fried had likely attempted to persuade both prospective trial witnesses “and quite likely others whose names we don’t even know” to “back off, to have them hedge their cooperation with the government.”

The judge’s signature on the detention order stated that Kaplan had reason to think Bankman-Fried had tried witness tampering, a criminal offense.

The defense team for Bankman-Fried maintained that their client had no malicious intent and shouldn’t go to prison for attempting to shield his reputation from a steady stream of negative press.

To file an instant appeal, Mark Cohen’s attorney urged the judge to suspend the detention order; Kaplan denied the motion. Defense attorneys submitted a notice of appeal in less than an hour.

Bankman-Fried was detained for the night at the Metropolitan Detention Centre in Brooklyn, which has previously held convicted sex offenders R. Kelly and Ghislaine Maxwell and “pharma bro” pharmaceutical magnate Martin Shkreli.

Sam Bankman-Fried, the founder of FTX, was placed behind bars after a judge revoked his bail on Friday.

Since his December extradition from the Bahamas on charges that he deceived investors in his enterprises and illegally misappropriated millions of dollars worth of bitcoin from users using his FTX exchange, Bankman-Fried had been under house arrest at his parent’s residence in Palo Alto, California.

His bail terms tightly constrained his internet and phone usage.

The judge remarked that despite the severe regulations, he nevertheless managed to get in touch with a prominent FTX attorney in January and express his desire to “reconnect and see if there is a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other.”

When questioned about the contact during a hearing in February, Kaplan said it “suggests to me that maybe he has committed or attempted to commit a federal felony while on release.”

Kaplan stated on Friday that he was dismissing the defense’s assertions that the communication was innocent.

Instead, he claimed, it appears to be a request for the FTX general counsel “to get together with Bankman-Fried” so that their memories “are on the same page.”

Attorneys for Bankman-Fried were taken aback two weeks ago when prosecutors demanded that he be imprisoned because he had broken the law by revealing to The New York Times the private writings of Caroline Ellison, his ex-girlfriend and the former CEO of Alameda Research, a cryptocurrency trading hedge fund that was one of his companies.

He allegedly shared profound ideas about her career and love relationship with Bankman-Fried to damage her image and sway potential jurors who might be called for his October trial.

Sam Bankman-Fried, the founder of FTX, was placed behind bars after a judge revoked his bail on Friday.

The judge stated on Friday that the excerpts of Bankman-Fried’s communications with Ellison were the kinds of things that a person in a relationship “would be very unlikely to share with anybody, lest The New York Times, except to hurt, discredit, and frighten the subject of the material,” according to the judge.

Ellison entered a guilty plea in December to charges that could have resulted in a 110-year prison sentence. She consented to give testimony against Bankman-Fried as part of a settlement that might result in a less severe punishment.

Bankman-Fried’s attorneys contended that since the article portrayed Ellison in a favorable light, he most likely failed in his attempt to defend his reputation. Furthermore, they claimed that the prosecution overstated Bankman-Fried’s involvement in the paper.

They said the prosecution attempted to convict their client by presenting evidence that was “innuendo, speculation, and scant facts.”

Since the prosecution requested detention, Kaplan had imposed a gag order prohibiting trial participants—including Bankman-Fried—from making public statements.

In a letter to the judge, David McCraw, an attorney for the Times, noted the First Amendment repercussions of any general gag order and the public’s interest in Ellison and her bitcoin trading business.

According to McCraw, Ellison admitted to playing a crucial part in a scheme that defrauded investors of billions of dollars and went unnoticed.

“It is not surprising that the public wants to know more about who she is and what she did, and that news organisations would seek to provide the public with timely, pertinent, and fairly reported information about her, as The Times did in its story,” McCraw stated.

SOURCE – (AP)

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Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics. Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Sonic the Hedgehog Dominates Christmas Wish Lists

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2 days ago

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2024-12-21

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Sonic the Hedgehog Merchandise are hot Christmas Items

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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Amazon Strike Called By Teamsters Union 10,000 Walkout

Published

3 days ago

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2024-12-20

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Teamsters members were demonstrating at "hundreds" of other Amazon locations.

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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Amazon Encounters Numerous Strikes As Unions Aim At The Holiday Shopping Surge.

Published

3 days ago

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2024-12-19

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(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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