By Luc Cohen and Jody Godoy NEW YORK (Reuters) -Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind’s dramatic downfall. U.S. District Judge Lewis Kaplan handed down the […]
Carnival rides on record cruise demand to lift annual profit forecast
By Granth Vanaik and Doyinsola Oladipo (Reuters) – Carnival Corp raised its annual profit forecast on Wednesday, anticipating a record year of bookings as the company benefits from a rise in people seeking cruise vacations for the first time. Cruise operators are recording all-time high booking rates as more travelers switch to cheaper sea-borne experiences […]
US charges KuCoin crypto exchange with anti-money laundering failures
(Reuters) -Federal prosecutors in Manhattan on Tuesday charged KuCoin, one of the world’s largest cryptocurrency exchanges, with violating U.S. anti-money laundering laws by failing to vet customers, allowing billions of dollars in illicit funds to be transferred since its founding in 2017. Prosecutors said the Seychelles-based exchange sought business from U.S. customers without registering with […]
China Vows to Treat Foreign Firms Equally Amid Industrial Upgrade Push
By Liangping Gao, Ryan Woo and Jing Xu BEIJING (Reuters) -China pledged on Monday to treat foreign companies the same way as domestic peers in a bid to attract more foreign investment, cooperation and expertise, as Asia’s largest economy moves to upgrade and strengthen its industrial chains. “China will fully guarantee national treatment for foreign […]
U.S. Companies’ Stock Purchases Via Buybacks, M&A To Hit 6-year High In 2024, Goldman Says
(Reuters) – U.S. companies’ purchases of domestic equities through more stock buybacks and corporate acquisitions will hit a six-year high of $625 billion this year, about as much as mutual funds and pension houses will offload, Goldman Sachs said. “A surge in share buybacks and continued growth in cash mergers and acquisitions (M&A) will be […]
Apple, Meta, Google to face EU Digital Markets Act probes, sources say
By Foo Yun Chee BRUSSELS (Reuters) – Apple, Meta Platforms and Alphabet’s Google are set to be investigated for potential violations of the European Union’s Digital Markets Act (DMA) that could lead to hefty fines by the end of the year, according to people with direct knowledge of the matter. The European Commission will likely […]
Chipotle shares breach $3,000 on first ever stock-split plan
By Savyata Mishra (Reuters) -Chipotle Mexican Grill’s stock breached the $3,000 mark for the first time on Wednesday and closed 3.5% higher after the burrito chain’s board approved a 50-for-1 stock split, hoping to entice investors wary of its lofty per-share price. Shares of the California-based company have rallied to record levels over the past […]
US judge criticizes SEC for “gross abuse” of power in dispute with blockchain firm
(Reuters) – A U.S. federal judge said the Securities and Exchange Commission (SEC) had engaged in “gross abuse of the power entrusted to it by Congress” in its dispute with blockchain technology firm Digital Licensing, which does business as DEBT Box. The regulator had sued the blockchain company in July last year, accusing it of […]
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Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud
March 28, 2024
By Luc Cohen and Jody Godoy NEW YORK (Reuters) -Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind’s dramatic downfall. U.S. District Judge Lewis Kaplan handed down the […]
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