Real estate developer Penny Bradley was convicted by a New York jury of forging signatures on loan documents and stealing money from investors that was supposed to go toward the restoration of an Upper East Side townhouse. Manhattan D.A. Alvin Bragg alleged Bradley used the forged signatures to obtain a $11.5 million loan for a
A jury in Manhattan found Singapore-based Terraform Labs and its founder Do Kwon liable on civil fraud charges on Friday, agreeing with the Securities and Exchange Commission that they misled investors before their stablecoin’s 2022 collapse shocked cryptocurrency markets. The jury delivered the verdict in federal court after a two-week trial after hearing closing arguments earlier in the
NEW YORK (AP) — Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud on hundreds of thousands of customers that unraveled with the collapse of FTX, once one of the world’s most popular platforms for exchanging digital currency. Though he described Bankman-Fried as “extremely smart,” U.S. District Judge
Earlier this year, bankrupt cryptocurrency firm FTX called off plans to resurrect its exchange. And that was a missed opportunity, some of the company’s creditors told The Wall Street Journal in a report published Thursday (March 27). “They are responsible for destroying billions of dollars in value,” said Arush Sehgal, one of those creditors. “They had a thriving business
US News By Richard Pollina Published March 21, 2024, 6:50 a.m. ET A co-founder of a failed cryptocurrency hedge fund who lost $3.5 billion in investor cash grinned as he showed no remorse for losing the funds — as he remains on the run in an unknown location. Kyle Davies, the co-founder of the bankrupted
A top Vietnamese property tycoon went on trial Tuesday accused of cheating thousands of investors in a $355 million bond scam, in the communist nation’s latest criminal case targeting high-flying business leaders. Vietnam has embarked on a sweeping graft crackdown in recent years, with corrupt officials and senior business figures among 4,400 people indicted in
A cyberattack in December compromised the sensitive data of 83,108 customers of Nations Direct Mortgage, the lender disclosed March 14. The Henderson, Nevada-based wholesale company revealed few details of the hack to its customers in notices shared with the Office of the Maine Attorney General. The one-day incident on December 30, 2023 came amid a
Cryptocurrency and other investment scams are now the riskiest type of cons in the U.S., with crypto fraudsters frequently cheating their victims out of thousands of dollars, the Better Business Bureau said. Scammers have found creative ways to cheat investors out of their money, the BBB said in its annual report about the biggest scams of
NEW YORK — Sam Bankman-Fried’s lawyer said Tuesday that a suggested 100-year prison sentence for the FTX founder by an arm of the court is “grotesque” and “barbaric” and at most a term of a few years behind bars is appropriate for cryptocurrency crimes that the California man still disputes. In presentence arguments filed just
Sam Bankman-Fried, 31, is currently awaiting his sentence inside New York’s Metropolitan Detention Center after being convicted of stealing from his FTX customers The former crypto boss has brought in his parents, former FTX colleagues, law professors and Trump’s former lawyer in an effort to avoid a 110-year sentence The former billionaire will first seek a