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

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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

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Dianne Feinstein: ‘Pioneering’ Senator Dies Aged 90

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Senator Dianne Feinstein of California, who served for more than three decades and was a pioneer for women in American politics, passed away at 90.

Feinstein was the eldest senator in the United States, and she voted on Thursday.

The veteran Democrat was questioned about alleged memory and cognitive issues for months.

After a “minor fall” at home in April, she was admitted to the hospital, the latest in a series of health concerns.

The office of Ms. Feinstein stated in a statement that she died overnight at her residence in Washington, DC.

The statement continued, “Senator Feinstein was a force of nature who had an enormous impact on our country and her home state.” She left an incontestable and extraordinary legacy.

Governor Gavin Newsom of California must now appoint her replacement. He had previously promised to nominate a black woman to serve the remainder of her term, which ends in 2025.

Ms. Feinstein, born in 1933 and grew up in San Francisco, attended Stanford University and was elected to the San Francisco County Board of Supervisors in 1969.

This election marked the beginning of a long career in public service that led her to become the first female mayor of San Francisco and, in 1992, a senator.

She had previously proclaimed her intention to retire at the end of the following year, but she resisted mounting pressure. Several prominent Democrats, including Representatives Adam Schiff and Katie Porter, have previously declared their intentions to run for her Senate seat.

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Senator Dianne Feinstein of California, who served for more than three decades and was a pioneer for women in American politics, passed away at 90.

In a statement issued after her passing, US President Joe Biden said that Ms. Feinstein “made history in so many ways, and generations to come will benefit from her legacy.”

Due to a case of shingles, she was absent from Capitol Hill for nearly three months earlier this year. Upon her return, she assumed fewer responsibilities and used a wheelchair to navigate the US Capitol. She occasionally appeared perplexed in interviews, committee hearings, and floor votes.

Ms. Feinstein was well-known for her ardent support of gun control measures and the 1994 assault weapons prohibition signed into law by President Bill Clinton.

After the murders of her predecessor, George Moscone, and city councilman Harvey Milk, she became mayor of San Francisco in 1978.

She stated that the experience of racing to Mayor Moscone’s office and discovering a bullet wound while searching for his pulse had left an indelible mark on her.

As a senator, Ms. Feinstein was the first woman to chair the influential Senate Intelligence Committee, overseeing a multi-year evaluation of the CIA’s controversial interrogation program of foreign terrorists following the September 11, 2001, terrorist attacks.

The evaluation ultimately resulted in legislation prohibiting “enhanced interrogation techniques” on terrorism suspects, such as waterboarding.

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Senator Dianne Feinstein of California, who served for more than three decades and was a pioneer for women in American politics, passed away at 90.

Ms. Feinstein was the first woman to serve on the Senate Judiciary Committee and the first woman to lead the Senate Rules Committee.

Nancy Pelosi, a Democrat from California, described Dianne Feinstein as a “pioneering woman leader” in a statement.

“Dianne’s extraordinary career will inspire countless women and girls to pursue careers in public service for generations to come,” she said.

On the Senate floor, Republican minority leader Mitch McConnell praised “her dogged advocacy and diligent service”.

In recent years, concerns about her deteriorating health and cognitive abilities have prompted calls for her retirement and brought attention to the aging of America’s legislators.

During a committee vote, individuals around her could be heard in a widely circulated video telling her to “just say yes.”

Despite mounting family tensions, she is succeeded by a daughter, Katherine, who reportedly held power of attorney over her mother’s legal affairs. Richard Blum, her investment banker spouse, passed away last year.

SOURCE – (BBC)

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New York City: State Of Emergency Declared Over Flash Flooding

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In New York City, a state of emergency has been declared as violent storms deliver flash flooding.

Many of the city’s subways, streets, and highways have been inundated, and LaGuardia Airport closed at least one terminal on Friday.

According to New York Governor Kathy Hochul, some areas received up to five inches (12.7cm) of rain overnight, and up to seven more inches (17.8cm) are expected.

“This is a dangerous, life-threatening storm,” she continued.

She announced on X, formerly known as Twitter, that she was proclaiming a state of emergency in New York City, Long Island, and the Hudson Valley due to the region’s extreme rainfall.

She urged individuals to take precautions and to “never attempt to travel on flooded roads.”

As a result of the declaration of a state of emergency, New York City Mayor Eric Adams issued a call for “heightened alertness and extreme caution.”

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In New York City, a state of emergency has been declared as violent storms deliver flash flooding.

“Some of our subways are flooded, and it is extremely difficult to move around the city,” he said at a press conference.

Due to intense rainfall, people were pictured and captured on video wading through knee-deep water in the streets and subways.

The Metropolitan Transportation Authority (MTA) advised individuals who did not need to travel to remain at home.

Terminal A at La Guardia Airport is presently closed due to flooding, according to airport authorities.

Before traveling, passengers were instructed to verify with their airline.

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The New York City Police Department also announced multiple road closures and the deployment of the National Guard.

Elsewhere, traffic stopped along a section of the FDR Drive, a significant thoroughfare on the east side of Manhattan, as the water rose above the tires of automobiles.

In addition, employees attempted to unclog a drain in South Williamsburg, Brooklyn, while cardboard and other debris floated by.

According to municipal officials, there were no storm-related fatalities or serious injuries as of midday (1600 GMT).

The weather service has issued flood warnings and advisories for approximately 18 million people in the New York metropolitan area and other major East Coast cities.

SOURCE – (BBC)

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Disney Plus Announces Crackdown On Password Sharing In Canada In 2023

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NEW YORK — Today, password-sharing crackdowns are becoming increasingly prevalent in the streaming industry. In addition, Disney Plus follows suit.

In an email sent to Canadian users this week, Disney announced restrictions on the “ability to share your account or credentials outside of the household.”

The updated Canadian Subscriber Agreement for Disney Plus stipulates that users may only share a subscription within their domicile if permitted by their account tier and that violations may result in Disney Plus limiting or terminating service. According to the streamer’s help center, “Household” refers to the collection of devices associated with a subscriber’s principal residence and used by the residents.

These password-sharing restrictions are part of multiple revisions to the Disney Plus Subscriber Agreement that will go into effect on November 1 for most Canadian users. According to this week’s email, annual subscribers in Quebec may see the changes a bit later, depending on their billing cycle, while users who alter their plan before November 1 will see the changes take effect immediately.

As previously disclosed in August, Disney Plus will launch its ad-supported tier offerings in Canada and select European markets on November 1. The ad-supported tier of Disney Plus has been available in the U.S. since December 2022.

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Disney Plus Announces Crackdown On Password Sharing In Canada

When contacted by The Associated Press, a Disney Plus spokesperson declined to comment on whether similar domestic restrictions could be anticipated in countries other than Canada.

In a recent earnings call, Walt Disney Co. CEO Bob Iger pledged to make the company’s streaming services profitable, notably through an October price increase on its ad-free Disney+ and Hulu plans in the U.S. and a restriction on password sharing that is expected to last through 2019.

At the time, Iger did not elaborate on the password-sharing crackdown beyond stating that Disney could reap some benefits in 2024, although he added that the work “might not be completed” by then and that Disney could not predict how many password-sharing users would switch to paid subscriptions.

New restrictions on streaming extend far beyond Disney. Netflix, for instance, made headlines when it began clamping down on password sharing. Freeloading viewers are now required to open their accounts in the United States unless a subscriber with a standard or premium plan agrees to pay a $8 monthly surcharge to enable more people from different households to watch.

SOURCE – (AP)

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