While still CEO of now-collapsed FTX, Bankman-Fried transferred millions of dollars to his father. Some of those funds have since been used to pay for his mounting legal fees, according to two sources close to the company. By Sarah Emerson and Steven Ehrlich S am Bankman-Fried, founder of fallen cryptocurrency exchange FTX who claimed to have just $100,000 in his bank account last November, is preparing for trial in October backed by a roster of powerful attorneys. But it has remained unclear, until now, how the former billionaire would afford his pricey defense. Forbes has learned that Bankman-Fried has been paying legal fees from a multi-million dollar gift he gave his father with money borrowed from FTX’s sister company. In 2021, while CEO of FTX, Bankman-Fried made a large monetary gift to his father, Stanford Law professor Joseph Bankman, two sources with operational knowledge of both companies told Forbes . It was funded by a loan from the … [Read more...] about Sam Bankman-Fried’s Legal Defense Is Being Funded With Alameda Money He Gifted His Father
Digital banking tanzania
Gas Prices Hit Two-Month High, Though Experts Doubt They Will Rebound To $5—Here’s Where They’re Most Expensive
Share to Twitter Share to Linkedin Topline The national average price for a gallon of gas hit a two-month high Thursday, as gas demand continues to increase heading into the summer while inventories drop, though experts doubt prices will return to their $5 record high recorded last summer. Key Facts The national average for a gallon of gas shot up to $3.46 Thursday, an increase of 5 cents on the week, bringing it to its highest point since the end of January, according to data from GasBuddy . Gas prices have now rebounded more than 40 cents since reaching a low of $3.05 per gallon on December 26. Analysts attribute the rising prices to a combination of high demand and low supplies: Gas demand increased narrowly from 8.81 million barrels per day to 8.82 million barrels over the week ending March 24, while gas reserves dropped from 229.6 million barrels to 226.7 million barrels over the same time, according to Energy Information Agency … [Read more...] about Gas Prices Hit Two-Month High, Though Experts Doubt They Will Rebound To $5—Here’s Where They’re Most Expensive
U.S. Fines Wells Fargo Nearly $100 Million For Sanctions Violations
Share to Twitter Share to Linkedin Topline The Federal Reserve and Treasury Department fined Wells Fargo $97.8 million on Thursday for allowing a foreign bank to make hundreds of millions of dollars in transactions that were prohibited under U.S. sanctions laws, the latest multi-million-dollar penalty from regulators to hit Wells Fargo in recent years. Key Facts Wells Fargo is accused of allowing an unnamed foreign bank to process $532 million worth of prohibited transactions on its Eximbills financial platform from 2010 to 2015, the Federal Reserve Board said in an announcement. The bank kicked the foreign client off its platform in 2015 and reported the issue to the Fed and the Treasury, according to a filing from U.S. regulators. The Treasury says the bank—which agreed to a settlement with the federal government—violated sanctions against Iran, Syria and Sudan. The Federal Reserve fined the bank $67.8 million, and the Treasury … [Read more...] about U.S. Fines Wells Fargo Nearly $100 Million For Sanctions Violations
Checks & Imbalances: Trump Indicted
Share to Twitter Share to Linkedin Today we look at the first U.S. president to be indicted. Trump Indicted By Manhattan Grand Jury—Arraignment Expected Tuesday On Over 30 Charges, Reports Say “A Manhattan grand jury voted Thursday to indict former President Donald Trump over an alleged hush money payment to porn star Stormy Daniels, a source with knowledge of the proceedings told Forbes , with an arraignment reportedly expected Tuesday—marking the first time in American history a former president has been criminally charged,” report Nicholas Reimann and Sara Dorn. Trump’s team has indicated he will surrender to authorities in New York for his arraignment, where he will briefly be under arrest at the district attorney’s office—he will likely be fingerprinted, have his mugshot taken and enter a plea before being released from custody. The investigation into Trump—led by the Manhattan District Attorney’s office—centers on a $130,000 payment … [Read more...] about Checks & Imbalances: Trump Indicted
How Older Veterans Can Protect Themselves From Scam Artists
Share to Twitter Share to Linkedin By Rachel Leland, Next Avenue As aging World War II veteran Johnnie Ray Toland started showing signs of Alzheimer's, his family began searching for an assisted living home to care for him. Staff members at one home introduced the family to Tammi Palasini. Palasini, who would later be sentenced to 20 years behind bars for various crimes, including fraud, convinced the Toland family to give her control of $340,000 of their funds. Aid and Assistance Scam In what is known as an "aid and assistance scam," Palasini falsely promised the Toland family that she would help diversify their father's assets to get beneath the threshold to qualify for VA benefits and earn a return on their investment. It wasn't until after Toland's death three years later that the family learned Palasini was a scam artist who had victimized them and their father. On the same day as Toland's funeral, a postal inspector contacted … [Read more...] about How Older Veterans Can Protect Themselves From Scam Artists
Self-Employment Rises Among Women, Surpassing Pre-Covid Highs
Share to Twitter Share to Linkedin Self-employed women, broadly speaking, felt the full brunt of the Covid downturn at greater numbers than nearly any other group. The rate of self-employed mothers working at least 30 hours a week, for instance, dropped by more than 40% in one month from March to April 2020, according to Federal Reserve data. The rates of self-employed fathers working at least 30 hours a week dropped by 18% in comparison. That number has reversed, according to new data from the Federal Reserve Bank of Dallas . In the years that followed the initial Covid surge, the number of women and mothers that have chosen the self-employment route has steadily increased, rising faster than rates of men and fathers. Women now represent nearly 40% of all self-employed individuals, up from 34% in 2016. By August 2022, the number of self-employed women with children surpassed pre-Covid numbers as it sat 8% higher than rates seen in January 2020. These … [Read more...] about Self-Employment Rises Among Women, Surpassing Pre-Covid Highs
Dansby Swanson stars in his Chicago Cubs debut, a 4-0 opening-day win: ‘I’m really soaking up these moments’
Dansby Swanson needed only one game to understand how “Go, Cubs, Go” hits differently when the tune resonates at Wrigley Field while wearing the home pinstripes. Swanson’s Chicago Cubs debut Thursday encompassed exactly what the organization expected in the all-around shortstop when they signed him to a seven-year, $177 million contract in the offseason. He became the first Cub to have three hits in his team debut since, fittingly, Nico Hoerner on Sept. 9, 2019. The duo teamed up to turn an inning-ending double play in the top of the third inning to help right-hander Marcus Stroman escape the bases-loaded jam. Swanson also drove in a run, the Cubs’ first of the season, to spark a four-run third en route to a 4-0 opening-day win against the Milwaukee Brewers. A day that began with an early wake up and prayer ended with Swanson putting a rough offensive spring performance behind him to lead the Cubs to a complete win in front of contingent of supporters that included his parents and … [Read more...] about Dansby Swanson stars in his Chicago Cubs debut, a 4-0 opening-day win: ‘I’m really soaking up these moments’