Legal Experts Split on FTX Founder Bankman-Fried’s Fate as Sentencing Looms

Published on March 21, 2024

As the March 28 sentencing of FTX founder Sam Bankman-Fried draws near, a marked lack of consensus exists as to whether he deserves the lenient 6.5-year prison term his attorneys have asked for, or the much longer sentence, up to or in excess of a hundred years, that prosecutors are seeking. Thanks partly to his commingling of funds with FTX’s Alameda Research hedge fund affiliate, an estimated $9 billion of deposits are still lost. The cryptocurrency markets reeled for many months after a Nov. 6, 2022, tweet from Binance founder Changpeng Zhao led quickly to the exchange’s implosion. Yet even in the face of these facts, not everyone grasps the seriousness of the FTX scandal, and some fear that Mr. Bankman-Fried may receive a light sentence for one of the most devastating financial frauds in recent memory....

Continue reading on website
Other news

Australian Shares Rally After Federal Reserve Stays Course on Rate Cuts

March 21, 2024
The local share market has enjoyed its best day in seven months after the US Federal Reserve stuck with its predictions for rate cuts this year – even as a hot domestic jobs report suggested Australia won’t cut rates anytime soon.The benchmark S&P/ASX200 index on March 21 finished up 86.2 points or 1.12 per cent, to a 13-day high of 7,782.0, while the broader All Ordinaries rose 90.1 points, or 1.

Facing Budget Deficit, Los Angeles Could Eliminate up to 2,000 Vacant Positions

March 21, 2024
Facing a huge budget deficit, Los Angeles city leaders received some advice this week on where to start cutting.The city’s overspending already stands at more than $288 million at just the halfway point of the fiscal year 2023–2024, according to a report from City Administrative Officer Matt Szabo on March 18.To control expenses, Mr. Szabo suggested eliminating up to 2,000 vacant positions “at an