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FTX crypto boss Sam Bankman-Fried denied bail in The Bahamas

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Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, has been denied bail by a judge in The Bahamas.

US authorities charged Mr Bankman-Fried with “one of the biggest financial frauds in US history” on Tuesday.

The ex-FTX boss built a “house of cards on a foundation of deception”, Security and Exchange Commission (SEC) Chair Gary Gensler said.

Mr Bankman-Fried has indicated that he will fight extradition to the US.

Bahamas Chief Magistrate JoyAnn Ferguson-Pratt denied the petition for his release on bail, citing a “great” risk of flight, and ordered that he be kept on remand at a correctional facility until 8 February.

He was arrested in the Bahamas on Monday.

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Last month, FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds. According to a court filing, FTX owed its 50 largest creditors almost $3.1bn (£2.5bn).

Among the most serious allegations against Mr Bankman-Fried is that he used billions of dollars of customer funds to prop up his investment trading company, Alameda.

It is unclear how much people who have funds in the exchange will get back at the end of bankruptcy proceedings – though many experts have warned it may be a small fraction of what they deposited.

Mr Bankman-Fried faces eight criminal charges in the US, including wire fraud, money laundering and conspiracy to defraud. He also faces civil charges including misleading investors who put more than $1bn into the company.

Officials have also accused him of violating campaign finance laws.

At a news conference on Tuesday, Damian Williams, the US Attorney for the Southern District of New York, described the fraud Mr Bankman-Fried is accused of as among the largest in US history.

Besides accusing Mr Bankman-Fried of defrauding lenders, investors and customers, Mr Williams alleged he had used “tens of millions” in ill-gotten gains for illegal campaign contributions to Democrats and Republicans alike.

“All this dirty money was used in service of Bankman-Fried’s desire to buy bipartisan influence and impact the direction of public policy in Washington,” Mr Williams said.

In previous media interviews, the crypto tycoon has admitted to mistakes, but denied intent to defraud his customers.

Mr Bankman-Fried also denied allegations he must have been aware that FTX’s affiliated trading company, Alameda Research, was using FTX customer funds.

He was once viewed as a young version of legendary US investor Warren Buffett. As recently as late October, he had a net worth estimated at more than $15bn (£12.1bn).

Meanwhile, the firm’s new chief executive, John Ray, told a US congressional committee that FTX’s collapse appeared to be the result of it being controlled by a small group of “grossly inexperienced, non-sophisticated individuals”.

He said he had seen “an utter lack of record-keeping – no internal controls whatsoever”.

The FTX exchange allowed customers to trade normal money for cryptocurrencies such as Bitcoin.

Cryptocurrencies are not currencies in the traditional sense, but are stored online and act more like investment vehicles or securities – often with a high degree of volatility.

Their anonymity means they have been favoured for criminal activities such as drug dealing and ransomware attacks, but their supporters say there is huge potential for innovation – and independence from governments.

SOURCE: BBC

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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]