Connect with us

News

FTX Crypto Fraudster Bankman-Fried Freed on US$250 Million Bail Bond

Published

on

FTX Crypto Fraudster Bankman-Fried Freed on US$250 Million Bail Bond

FTX crypto fraudster, Sam Bankman-Fried, walked out of a Manhattan courtroom with his parents on Thursday after they agreed to sign a $250 million bond and keep him at their California home while he awaits trial on charges that he defrauded investors and looted customer deposits on his FTX trading platform.

In federal court, Assistant U.S. Attorney Nicolas Roos stated that Bankman-Fried, 30, “perpetrated a fraud of epic proportions.” Roos proposed strict bail conditions, including a $250 million bond — the largest federal pretrial bond ever, according to Roos — and house arrest at his parents’ home in Palo Alto.

According to Roos, one of the main reasons for allowing bail was that Bankman-Fried, who had been imprisoned in the Bahamas, agreed to be extradited to the United States.

Inside the courthouse, reunited with his parents and lawyers, a silent Bankman-Fried shook the hand of a supporter before walking out the door, where photographers and video crews rushed him until he left in a car.

Magistrate Judge Gabriel W. Gorenstein agreed to the bond and house arrest, but he insisted on Bankman-Fried wearing an electronic monitoring bracelet before leaving the courthouse. Roos had suggested that it be attached on Friday in California.

Bankman-Fried entered the courtroom in a suit and tie, shackled at the ankles, to take a seat between his attorneys. He only spoke once during the hearing to respond to the judge. Near the end, Gorenstein asked him if he understood that if he chose to flee, he would face arrest and a $250 million fine.

“I do,” Bankman-Fried replied.

Soon after, the hearing ended, and Bankman-Fried was led out by two U.S. marshals, his hands in his front pants pockets. His next court appearance is scheduled for Jan. 3 before the judge who will preside over the case.

His bail conditions also include prohibiting opening new lines of credit, starting a business, or engaging in financial transactions worth more than $1,000 without the government’s or the court’s approval.

According to Roos, the bond was to be secured by the equity in his parents’ home and the signatures of his parents and two other financially responsible people with significant assets. The bail was described as a “personal recognizance bond,” which meant that the collateral did not have to cover the full amount of the bail.

FTX founder was granted a $250 million bond and placed under house arrest

After his parents signed a $250 million personal recognizance bond, FTX founder Sam Bankman-Fried was released from federal court in Manhattan. While awaiting trial, he will reside at his parents’ home in California. (Dec. 22) (AP video by David R. Martin, Ted Shaffrey, Patrick Orsagos)

Bankman-Fried, arrested last week in the Bahamas, was flown to New York late Wednesday after deciding not to contest his extradition.

While he was in the air, the Manhattan U.S. Attorney’s Office announced that two of Bankman-closest Fried’s business associates had also been charged and had secretly pleaded guilty on Monday.

Carolyn Ellison, the former CEO of Bankman-trading Fried’s firm, Alameda Research, and Gary Wang, the co-founder of FTX, both pleaded guilty to wire fraud, securities fraud, and commodities fraud.

In a video statement, U.S. Attorney Damian Williams stated that both were cooperating with investigators and had agreed to assist in any prosecution. He warned those who assisted the alleged fraud in coming forward.

“Now is the time to get ahead of it if you participated in misconduct at FTX or Alameda,” he said. “We’re moving quickly, and our patients won’t last forever.”

Prosecutors and regulators allege that Bankman-Fried was at the center of several illegal schemes involving using customer and investor funds for personal gain. If convicted on all counts, he could face decades in prison.

Bankman-Fried stated in a series of interviews before his arrest that he never intended to defraud anyone.

Bankman-Fried is accused of illegally obtaining funds from customers to facilitate trades at Alameda, spend lavishly on real estate, and make millions of dollars in campaign contributions to US politicians.

FTX, founded in 2019, rode the crypto investing phenomenon to great heights, quickly becoming one of the world’s largest digital currency exchanges. Seeking customers outside of the tech world, it hired comedian and writer Larry David to appear in a Super Bowl commercial promoting cryptocurrency as the next big thing.

Bankman-crypto Fried’s empire, on the other hand, abruptly collapsed in early November when customers withdrew deposits in large numbers amid reports that some of its financial arrangements were questionable.

The Associated Press

Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

Continue Reading

News

Pregnant Hailey Bieber Shows Off Her Baby Bump In Glam Gothic Attire — See Her Look!

Published

on

bieber
Hailey Bieber | People Image

Hailey Bieber is channeling her darker side.

On Saturday, June 22, the 27-year-old model, presently pregnant with her first child, published an Instagram Story of herself wearing a black lace gown.

Bieber posed in a black lace bodysuit, emphasizing her baby bump. She paired the outfit with black sunglasses and a small black pocketbook and wore her hair in a sloppy bun.

bieber

Hailey Bieber | People Image

Pregnant Hailey Bieber Shows Off Her Baby Bump In Glam Gothic Attire

When spotted on the streets of New York City, the Rhode founder was wearing a black leather jacket over his gothic outfit.

Hailey and Justin Bieber announced their first pregnancy in May with a romantic Instagram post in which Hailey held a bouquet and showed off her expanding baby bump.

Justin’s mother, Pattie Mallette, expressed excitement in an Instagram Reel following their news.

“I’ve been waiting for this day. And now that they’ve announced it, I can finally celebrate with you all, and oh my word, I’m going to be a grandmother,” she added in the video.

bieber

Hailey Bieber | People Image

Pregnant Hailey Bieber Shows Off Her Baby Bump In Glam Gothic Attire

Shortly after, Hailey’s uncle, Billy Baldwin, spoke exclusively with PEOPLE about his growing family. “I really feel like there’s no higher calling than that responsibility,” he said of Hailey and Justin, 30, who are becoming parents.

The couple married in a small courtroom ceremony in September 2018 before exchanging vows in a grander ceremony in South Carolina the following year.

Throughout Hailey’s pregnancy, she has boldly shown her baby bump.

Earlier this month, the pregnant woman took a mirror selfie dressed in baggy black slacks and a slightly cropped striped blouse. She accessorized the look with a black leather shoulder bag, matching sunglasses, and one of Rhode’s viral phone cases.

bieber

Hailey Bieber | Teen Vogue Image

Pregnant Hailey Bieber Shows Off Her Baby Bump In Glam Gothic Attire

Before that, she published photographs from her latest campaign with Yves Saint Laurent, revealing that she had been carrying her child for months when she photographed for the brand.

“Shot this 4 months preggy with a little bean in my belly,” she posted on Instagram Stories, alongside a photo of the ad.

SOURCE – (People )

Continue Reading

News

Canada Day Parade Cancelled in Montreal Due to Bureaucracy and Politics

Published

on

Canada Day Parade Cancelled in Montreal

The organizer of Montreal’s Canada Day parade has cancelled this year’s event, blaming bureaucratic red tape and politics. Nick Cowen the main Organizer of the Montreal Canada Day Parade issued a press release stating that he has had increasing difficulty in obtaining permissions and funds, as well as approval from government officials.

“Despite honoring all conditions set forth, Cowen said in his press release that he had been met with rules that change at the last minute and requests that make putting on the parade virtually impossible, An event that is meant to inspire unity has been thwarted because of division.”

Cowen claimed that in 2023, he was compelled to fill out the same documentation many times and completely restructure the event to satisfy Montreal city regulators. He also stated that he was directed to find 148 volunteers at the last minute, in order to ensure that at least one person stood by the procession cars’ tires.

“Imagine you are in traffic and need four people, one at each tire, to make sure no one runs under the wheel of a normal car,” he stated in an email.

Government Bureaucracy

He added that the federal government “requested that parts of the parade be removed entirely,” including the cake to be presented at the end of the march. “The parade’s budget was also reduced to 2013 levels in another devastating blow to this cherished event,” the author said.

The city of Montreal and the federal heritage agency did not respond to a request for comment on Sunday.

The parade has taken place since the late 1970s, however it was canceled between 2020 and 2022 due of the COVID-19 epidemic.

The news comes as organizers in some communities have rethought their celebrations in recent years due to rising security and insurance costs, as well as funding issues.

Cowen told The Canadian Press that, while COVID-19 contributed to the event’s cancellation, he was also trying to meet mounting costs as federal financing failed to keep up with inflation.

Other Canada Day celebrations will take place in Montreal on July 1, including the customary Old Port celebration with games, face painting, cupcakes, and music.

Canada Day in Montreal

In Montreal, Canada Day is a vibrant celebration that oozes enthusiasm and pride throughout the city. People dress in their finest patriotic garb, and the streets are filled with red and white.

Typically, the day begins with a massive parade through the city center, complete with colorful floats, marching bands, and cultural performers. Local parks are wonderful picnic spots since they host family-friendly activities such as face painting, games, and live music.

Streetside food trucks bordering the avenues serve a variety of Canadian foods, including poutine and maple sugar. Fireworks over the Old Port brighten the sky as the sun sets, creating a fantastic atmosphere.

Concerts and other activities continue throughout the evening, emphasizing local talent and fostering a sense of community. It’s a day of celebration, togetherness, and deep appreciation for Canada’s rich history.

Both locals and foreigners should attend this event because of Montreal’s unique fusion of French and English cultures, which adds a unique flavor to the celebrations.

People Also Reading:

VIDEO!! Air Canada Flight to Paris Catches Fire After Takeoff

VIDEO!! Air Canada Flight to Paris Catches Fire After Takeoff

 

Continue Reading

News

NATO Secretary-General Urges Trudeau to Honour Canada’s Spending Target

Published

on

NATO Secretary General Jens Stoltenberg Canada
NATO Secretary General Jens Stoltenberg: AP Image

Canada needs to meet NATO’s minimum defence spending target, and present a plan on how it will reach it as a way to show authoritarian regimes that Western allies are aligned, NATO alliance’s secretary general has said.

Numbers NATO released this week show Canada is expected to spend 1.37 per cent of its gross domestic product on defence this year, well below the two per cent target.

“Canada’s standing in NATO is strong, but at the same time of course we expect all allies to make good on the promise of investing two per cent,” Jens Stoltenberg, secretary general of NATO, said during an event hosted by the NATO Association of Canada in Ottawa.

Ahead of Stoltenberg’s remarks, Defence Minister Bill Blair promised the goal will eventually be reached, as Russia’s war in Ukraine raises a threat of expanded conflict in Europe.

Last year, members agreed that two per cent should be a minimum, a reflection of worries over Russia’s ongoing invasion of Ukraine.

Stoltenberg acknowledged it’s tough for politicians to prioritize defence over social services, but said a precondition of success in any Western country is preserving peace and investing in security.

Canada faces the same challenges as all the allied countries that have budgets, he said.

“They’re concerned about the fiscal balance. They want to spend money on health, education and on the other things,” he said.

But at the end of the day, if those countries aren’t able to prevent war, their efforts on health, education and climate change “will fail” he said.

NATO Association of Canada

His remarks on spending received enthusiastic applause from the NATO Association of Canada, including from former defence minister Anita Anand, who snuck in the back to listen to his remarks.

A handful of protesters gathered outside a building in the parliamentary precinct where Stoltenberg spoke.

On the sidewalk in front of the building, “Canada lagging behind our NATO allies” was written in chalk, along with “Trudeau and Blair laughing stocks of the world” and “Canadians are not laughing.”

Stoltenberg’s visit came the same day Russia and North Korea signed an agreement that pledges mutual aid if either country faces “aggression.”

Stoltenberg expressed concern that Russia could be providing support to North Korea’s nuclear and missile programs, and over China “propping up Russia’s war economy” by providing electronics that are being used in weapons and combat against Ukraine.

“So the answer is that when they are more and more aligned, all the authoritarian regimes like North Korea, China, Iran and Russia, then it’s even more important that we are aligned as countries believing in freedom and democracy,” he said.

Defence Spending

Defence spending across European allies and Canada was up nearly 18 per cent this year alone, Stoltenberg said during a speech at the White House on Monday — the biggest increase in decades.

Blair has said Canada’s defence spending will climb to at least 1.75 per cent of its GDP by 2029.

Additional spending on a new submarine fleet and integrated air defence and missile systems will probably push the figure past the two per cent mark, Blair said.

“Let me assure you that we’ve been doing a great deal of work within our Defence Department, with the government of Canada, but also with our NATO allies,” Blair said.

Allies were “very encouraged” by a defence policy update Canada released earlier this year, he said.

Defence spending will be among a number of topics Stoltenberg said he would raise with Prime Minister Justin Trudeau, who he had dinner with on Wednesday.

Defence spending delayed

The secretary general embraced Trudeau and Ottawa warmly, calling Canada like “home” and the prime minister “friend.” Stoltenberg also wants Canada to scale up its contribution in the North and maritime operations.

Both Blair and Anand, now treasury board president, acknowledged this week that defence spending is delayed because of a shortage of procurement workers. “We have the ability to accelerate spending. It does require an investment in people to get the job done,” Blair said.

The Liberal government has set aside $1.8 billion over 20 years to increase the number of workers who can purchase new equipment, recruit, train new soldiers and upgrade infrastructure.

NATO leaders are set to meet in Washington, D.C., next month for an annual summit and mark the alliance’s 75th anniversary.

Increasing funding for Ukraine will be an agenda priority, after Stoltenberg came forward with a proposal for all NATO allies to contribute 40 billion euros a year, Blair said.

At the White House on Monday, Stoltenberg said his expectation for next month’s meeting is to have allies agree “to step up financial and military support to Ukraine,” and reduce the burden on the U.S.

Source: The Canadian Press

People Also Reading:

Reform UK Party Leader Nigel Farage Blames NATO for Ukraine Invasion

Air Canada Works With Thailand to Promote Long-Stay Airfares

Continue Reading

Download Our App

vornews app

Advertise Here

Volunteering at Soi Dog

People Reading

Trending