A man was sentenced to nearly 16 years in prison for orchestrating a fraud related to Alibaba’s 2014 initial public offering (IPO). Frank Harold Rosenthal claimed to have a connection at Goldman Sachs and convinced investors that he could secure pre-IPO shares in Alibaba, Bloomberg...
The Securities and Exchange Commission (SEC) has announced charges against the former co-CEOs of Bitwise Industries, a private technology services startup based in Fresno, California. The charges against Jake Soberal and Irma Olguin Jr. stem from allegations of misleading investors about the company’s finances, the SEC said in...
The criminal case against FTX founder Sam Bankman-Fried reached its climax last week. The civil cases involving his former company, however, are ongoing. Bankman-Fried’s conviction in what has been called one of the largest frauds in U.S. history could add momentum to a class-action lawsuit...
The Federal Trade Commission (FTC) and “chargeback mitigation” company Chargebacks911 have reached a settlement to prevent the company from engaging in deceptive practices. The settlement also prohibits the company and its owners from working with certain high-risk clients to stop consumers trying to dispute credit card charges through the...
That’s all she wrote. Sam Bankman-Fried on Thursday evening (Nov. 2) was found guilty on all counts. And it wasn’t twelve angry men that did him in — rather, it was over a million angry creditors missing their billions in funds and a jury of...
The Federal Trade Commission (FTC) reportedly unveiled details of a lawsuit against Amazon Thursday (Nov. 2), accusing the eCommerce giant of employing strategies to enhance its profits. The FTC alleges that Amazon used a secret algorithm, internally known as “Project Nessie,” to raise prices for specific products, resulting...
Genesis has altered its bankruptcy plans, and that doesn’t sit well with the federal government. The crypto lender said in a filing last week that it wants to liquidate its assets instead of reorganizing. And that could delay the bankruptcy process, U.S Trustee William Harrington said...
House of cards, web of lies, and now “pyramid of deceit.” Those are all terms used to describe Sam Bankman-Fried’s multibillion-dollar FTX crypto empire, the latest descriptor coming Wednesday (Nov. 1) during the federal prosecution’s closing arguments in Bankman-Fried’s fraud trial. The 31-year-old disgraced crypto...
Prosecutors and defense attorneys presented contrasting narratives of Sam Bankman-Fried’s alleged involvement in fraud and money-laundering offenses Wednesday (Nov. 1). They did so while presenting their closing arguments in the trial in which Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX, faces seven criminal...
