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Bankman-Fried loses bid to toss criminal charges over FTX’s collapse

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(Reuters) — A federal judge on Tuesday rejected Sam Bankman-Fried’s bid to throw out most of the U.S. government’s criminal case accusing the FTX cryptocurrency exchange founder of orchestrating a multibillion-dollar fraud. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

The decision by U.S. District Judge Lewis Kaplan in Manhattan paves the way for an Oct. 2 trial of Bankman-Fried, a 31-year-old former billionaire.

Prosecutors accused Bankman-Fried of stealing billions of dollars in FTX customer funds to plug losses at his Alameda Research hedge fund.

They also accused Bankman-Fried of misleading investors and lenders, and contributing illegally to U.S. political campaigns in the names of colleagues.

Bankman-Fried has pleaded not guilty and denied stealing funds, while acknowledging that FTX had inadequate risk management.

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Bankman-Fried in May asked Kaplan to dismiss at least 11 of the 13 fraud and conspiracy charges he faced.

Bankman-Fried said some charges relied on a fraud theory — where a defendant could be convicted for depriving someone of economically valuable information and not just tangible property — the U.S. Supreme Court last month deemed invalid.

But the judge agreed with prosecutors that the theory, known as right to control, did not apply to Bankman-Fried.

“The defendant’s assertion that the indictment does not allege any ‘economic loss’ to FTX customers appears to be factually incorrect,” and the alleged misappropriated funds clearly constituted property, Kaplan wrote.

A spokesman for Bankman-Fried declined to comment.

Bankman-Fried also argued that some charges were improperly brought without consent from the Bahamas, where he was arrested in December and extradited to the United States.

An extradition treaty between the United States and the Bahamas, where FTX was based, says a country must consent before defendants can be tried on charges brought after their extradition.

Kaplan this month said a second trial will be held March 11 on the five charges prosecutors brought against Bankman-Fried after his extradition.

Prosecutors said they asked the Bahamas to agree to those charges, which include conspiracy to bribe Chinese officials and commit bank fraud, but did not know when the Caribbean country would grant its consent.

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REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]