Margin money scheme

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

By MICHAEL R. SISAK (Associated Press) NEW YORK (AP) — Former President Donald Trump will be arraigned Tuesday after his indictment in New York City, court officials said Friday, his formal surrender and arrest presenting the historic, shocking scene of a former U.S. commander in chief forced to stand before a judge. While Trump and his lawyers prepared for his defense, the prosecutor in his hush money case defended the grand jury investigation that propelled him toward trial, as congressional Republicans painted it all as politically motivated. In a letter obtained by The Associated Press, Manhattan District Attorney Alvin Bragg told three Republican House committee chairs Friday that such claims are “misleading and meritless” and rebuffed congressional probing into the grand jury process — by law, a confidential one. “We urge you to refrain from these inflammatory accusations, withdraw your demand for information, and let the criminal justice process proceed without … [Read more...] about Trump to be arraigned Tuesday to face hush money indictment

Share to Twitter Share to Linkedin Topline Former President Donald Trump’s anticipated arraignment next week on criminal charges will be overseen by the same New York state judge who presided over the Trump Organization and former CFO Allen Weisselberg’s convictions for tax fraud—leading Trump to rail against the judge Friday as the ex-president lashes out against his indictment. Key Facts Trump’s case will be overseen by acting New York State Supreme Court Justice Juan Merchan, who the ex-president claimed on Truth Social Friday “HATES ME.” Merchan, who the New York Times notes previously served as an assistant district attorney in Manhattan—the same office that has now indicted Trump—presided over the Manhattan DA’s previous criminal cases against the Trump Organization and Weisselberg, who were charged with tax fraud related to gifts and other “off-the-books” compensation that executives received without the company paying tax on it. … [Read more...] about Trump’s Criminal Charges To Be Overseen By Same Judge Who Sentenced His Company For Tax Fraud—And He’s Not Happy About It

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

Democratic California Rep. Nancy Pelosi was fact checked on Twitter after falsely claiming that former President Donald Trump will have to prove his innocence. A Manhattan Grand Jury voted Thursday to indict Trump , nearly two weeks after Trump announced on Truth Social that he expected to be arrested. Pelosi weighed in on the breaking news. “The Grand Jury has acted upon the facts and the law. No one is above the law, and everyone has the right to a trial to prove innocence. Hopefully, the former President will peacefully respect the system, which grants him that right.” (RELATED: CNN Analyst Claims Trump Being Indicted On More Than 30 Counts) The Grand Jury has acted upon the facts and the law. No one is above the law, and everyone has the right to a trial to prove innocence. Hopefully, the former President will peacefully respect the system, which grants him that right. — Nancy Pelosi (@SpeakerPelosi) March 31, 2023 A Twitter Community Note below … [Read more...] about Pelosi Gets One Key Point Horribly Wrong On Trump Indictment

Share to Twitter Share to Linkedin Topline Billionaire GOP megadonor and onetime ally to former President Donald Trump Ronald Lauder, met with Florida Gov. Ron DeSantis recently as the likely 2024 GOP presidential candidate pitches himself as the adult in the room to wealthy donors amid increasingly incendiary rhetoric from Trump. Key Facts Lauder met with DeSantis, who is widely expected to announce a run for president in early summer, at his Long Island estate several months ago, Politico reported , citing two unnamed sources familiar with the meeting. The reported meeting comes after Lauder—heir to Estée Lauder who has known Trump for decades and helped fund his 2020 reelection bid—said through a spokesperson in November that he will not donate to Trump’s 2024 campaign, though he did not say whom he would support in 2024 and did not comment to Politico on the recent DeSantis meeting. DeSantis is reportedly targeting wealthy New … [Read more...] about Billionaire Ex-Trump Ally Ronald Lauder Met With Ron DeSantis As He Courts Wealthy Execs On Trump’s Turf, Report Says

Share to Twitter Share to Linkedin Topline Sam Bankman-Fried entered a not guilty plea to new federal charges Thursday, according to reporters present at the Manhattan federal court, sticking true to his style and donning an on-brand, unusually casual getup. Key Facts Bankman-Fried, who pleaded not guilty to eight criminal counts in January related to fraud at his cryptocurrency exchange FTX and trading firm Alameda Research, entered the same plea for five additional charges Thursday, including a fresh bribery count for allegedly paying off a Chinese official $40 million in 2021. Photographs of the former billionaire Thursday show him wearing a blue suit and brown loafers, his typical courtroom outfit, but with his own casual touch, keeping his white dress shirt untucked and letting his polka dot tie flop in the wind while entering the courthouse. Bankman-Fried apparently made a slight wardrobe change while in the courtroom, exiting … [Read more...] about Sam Bankman-Fried Pleads Not Guilty To New Bribery Charge—In An Untucked Dress Shirt (Photos)

Share to Twitter Share to Linkedin The Federal Trade Commission often issues warnings for consumers about scams of all kinds. They are raising the alarm about phony treatments and cures for Alzheimer’s disease and dementia, sending letters to the companies that advertise these fake products. We can understand why people who desperately want a cure for a disease that is currently not curable will look to the internet for promises. Alzheimer’s disease and related dementias create a long, sad, expensive journey for elders and their families. We address these every day at AgingParents.com, working with these families. No one wants to hear from doctors that there is no treatment to fix the disease and that no drug company has a cure. Denial leads folks to find a way to cope with the sad truth. Desperation for relief is an invitation to manufacturers who create false hope for those affected. Memory Supplements You may see the ads on TV or the internet … [Read more...] about Beware Of Fake “Treatments” Or “Cures” For Dementia

Share to Twitter Share to Linkedin President Biden’s fiscal year 2024 budget would revive 2021’s enhanced child tax credit (CTC) with some new twists that seek to make the credit work better for families. But in doing so, the plan would likely deliver extra benefits to some very well-off families. It could also increase complexity – pushing against a key argument for operating benefit programs through the tax system . First, the good stuff. The proposal would extend full refundability permanently, allowing even very low-income families to receive the full benefit of the CTC. Full refundability is critical to reducing child poverty , especially among Black and Hispanic children. Under current law, about 19 million children in low-income families fail to get the maximum credit because their parents don’t earn enough money. As in 2021, younger children would qualify for larger benefits than older children – an idea backed by research . This … [Read more...] about Biden’s Child Tax Proposal Would Help Many But Presents Administrative Challenges

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