All posts tagged "Hedgefund"

NEW YORK — Sam Bankman-Fried — the one-time millennial magnate accused of siphoning billions from customers of his bankrupt cryptocurrency exchange — ducked dozens of questions during a grilling by the feds while he was on the witness stand Monday. Facing more than a century in prison if convicted, Bankman-Fried decided last week to take the unusual step of testifying in his own defense. Lawyers typically advise against it because of the risks defendants face on cross-examination. The 31-year-old Palo Alto, California, man was the subject of glowing magazine profiles for planning to give away ......

In a last-minute gamble, alleged crypto conman Sam Bankman-Fried testified at his multi-billion dollar fraud trial on Friday, telling a Manhattan federal court jury he didn’t defraud his customers — many lost their life savings because of “significant oversights.” The embattled entrepreneur faces steep prison time if convicted of charges alleging he siphoned billions from FTX customers. The feds say the now-bankrupt cryptocurrency exchange and its sister hedge fund, Alameda Research, presented as separate entities, but the money was in one pot — exposing unwitting customers to massive risk. “D......

PHILADELPHIA — The Pennsylvania Republican Party appears to be getting its wish next week — former hedge fund manager David McCormick will announce his candidacy for the U.S. Senate on Thursday in Pittsburgh. That lines up McCormick for a challenge against a potent Pennsylvania political brand, U.S. Sen. Bob Casey, a Democrat seeking a fourth six-year term. McCormick, a West Point graduate and former hedge fund CEO who owns a home in Pittsburgh, has been identified by establishment Republicans in the state as their best option against Casey as their party attempts to win back control of the Se......

The finance bro drama “Billions” returns for its seventh and final season on Showtime, with a hedge fund manager eyeing a presidential run. That would be the smooth-presenting Michael Prince (Corey Stoll), who took over after his antsier, rougher-around-the-edges predecessor Bobby Axelrod (Damian Lewis) absconded to parts unknown when the walls — and the law — were closing in. Prince fancies himself a compassionate capitalist, but huge sums of money are at stake and said compassion is more a branding opportunity than an actual ideology. Not that he would ever admit that to himself. Which is wh......

Forbes published its annual billionaires list Tuesday and for the first time in years, hedge fund manager Ken Griffin is not the richest person in Illinois. That’s because Griffin, 54, is now the richest person in Florida after moving his investment firm Citadel from Chicago to Miami last year. Griffin ranks 35th among the world’s 2,640 billionaires with a net worth of $35 billion, according to Forbes. While Griffin’s fortune increased by nearly $8 billion, it has been a tough year for billionaires overall. A falling stock market and rising interest rates left more than half of the world’s wea......

NEW YORK — Disgraced crypto entrepreneur Sam Bankman-Fried pleaded not guilty to a host of new federal charges Thursday. The fallen FTX founder appeared in Manhattan Federal Court after traveling from Palo Alto, California, where he’s under house arrest at his parent’s place on a $250 million bond. Bankman-Fried, 31, pleaded not guilty to charges alleging he bribed Chinese officials $40 million to unfreeze over $1 billion in crypto assets, campaign finance crimes, and multiple securities and commodities fraud charges through his lawyer Mark Cohen. Cohen planned to argue that Bankman-Fried shou......