“Thousands of ordinary people lost their savings,” prosecutors said at the trial of Sam Bankman-Frito this week, urging the judge to enact the harshest punishment possible as the disgraced cryptocurrency exchange founder collapsed ftx He is sentenced next week.
Bankman-Fried was convicted in November of seven counts of fraud and conspiracy related to the collapse of FTX. Before the March 28 sentencing, the judge Luis Kaplan has received presentation memoranda from both parties.
Prosecutors, who are seeking $11 billion in damages and up to 50 years in prison, say Bankman-Fried, “driven by greed and arrogance,” repeatedly gambled other people's money and that his upbringing and privileged upbringing They provided him with the knowledge necessary to know that he was acting. illegally.
Defense attorneys maintain that FTX investors will eventually get their money back and have asked Kaplan for leniency, suggesting a sentence of between five and six years.
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Those who sell medicines in stock are fined $7.2 million
The Securities and Exchange Commission, which civilly charged Kevin Dills and two entities he controlled with the operation of a fraudulent stock scheme, obtained a final ruling in the case this week.
According to the SEC complaint, Dills allegedly paid Jose Padilla to organize sales Pharmaceutical Oncology ONPH stock, a company secretly controlled by Dills.
The shares were sold through two other entities controlled by Dills, Bright Star International and Life Sciences Journeys, the SEC said.
The stock was hyped as Dills allegedly used his controlling influence over Oncology Pharma to get the company to issue press releases and make its stock more attractive to investors.
The lawsuit alleged that Dills, by dividing his ownership of Oncology Pharma between two shell companies, transferring shares to Padilla, and then sharing in the proceeds of Padilla's illegal sales, willfully failed to comply with the registration requirements of the federal securities law.
Dills consented to a final ruling that permanently bars him from trading in penny stocks. The ruling ordered Dills to pay disgorgement of ill-gotten gains worth $6.2 million and fees worth $1 million.
Fraudster Forex Trader Fined $3.4 Million
The Commodity Futures Trading Commission this week issued a consent order imposing a permanent injunction and civil and restitution penalties on Joseph Carvajales with a total value of 3.4 million dollars.
Carvajales, who worked for The W group He is alleged to have made false statements to clients in relation to currency futures and options.
It is further alleged that he misled clients into thinking he had opened individual trading accounts where client funds would be deposited. But in reality, the accounts were never opened and clients' funds were misappropriated.
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Image created using artificial intelligence with Midjourney.
