The civil trial accusing the NRA and its ex-CEO, Wayne LaPierre, of lavish misspending, including private flights and luxury perks, has concluded, with the case now heading to the jury. The New York Attorney General's Office argued that the NRA and its executives attempted to deny and deflect the accusations, while the defense claimed the case was politically motivated. The trial shed light on the NRA's leadership, culture, and finances, with the jury expected to begin deliberations after receiving instructions from the judge.
Crypto exchange FTX has filed a lawsuit against the parents of its founder, Sam Bankman-Fried, accusing them of using the company to enrich themselves at the expense of FTX's customers. The lawsuit alleges that Bankman-Fried ran FTX as a "family business" and misappropriated billions in customer funds for the benefit of a small circle of insiders, including his parents. Bankman-Fried has pleaded not guilty to charges of defrauding FTX customers, and other former FTX executives have pleaded guilty to criminal charges. FTX, which filed for bankruptcy in 2022, has recovered over $7 billion in assets to repay customers and is pursuing additional recoveries through lawsuits against insiders and other defendants.
Baker Mayfield and his wife have filed a court petition in Texas to investigate whether $12 million invested with an investment firm where Mayfield's father and brother work was misused. The petition requests financial records from 2018-2023 to determine the whereabouts of the funds. The court filing claims that the Mayfields have been unable to account for the money and are seeking information about its current location and status. It is unclear at this time if the court petition will lead to a lawsuit. Mayfield is expected to be the starting quarterback for the Tampa Bay Buccaneers in the upcoming season.
The Securities and Exchange Commission (SEC) has charged Richard Heart and his entities, Hex, PulseChain, and PulseX, with conducting unregistered offerings of crypto asset securities that raised over $1 billion from investors. Heart is also accused of misappropriating at least $12 million of the funds for personal luxury purchases. The SEC alleges that Heart marketed Hex as a high-yield investment and conducted unregistered offerings of Hex tokens. He later orchestrated two additional unregistered offerings for PulseChain and PulseX. The SEC seeks injunctive relief, disgorgement of ill-gotten gains, penalties, and other equitable relief.
FTX Trading has filed a lawsuit against founder Sam Bankman-Fried and other former executives, seeking to recover over $1 billion that they allegedly misappropriated before FTX went bankrupt. The complaint accuses the defendants of using the funds for personal expenses, luxury condominiums, political contributions, and speculative investments. FTX claims that these transfers can be undone under the U.S. bankruptcy code or Delaware law. Bankman-Fried, who has been charged with fraud, has pleaded not guilty, while the other defendants have pleaded guilty and agreed to cooperate with prosecutors.
FTX has recovered $7 billion in liquid assets so far, but there is still almost $2 billion to go to cover the misappropriation of customer assets, according to the FTX Debtors’ second interim report. The report alleges that former FTX leadership intentionally commingled and misused customer deposits, making it challenging to trace substantial assets to any particular source of funding. Misappropriated funds were used for political and charitable donations, as well as the company’s investments and acquisitions, such as luxury real estate.
FTX.com owed its customers $8.7 billion due to commingling and misusing their deposits, according to a report filed by the FTX team. The company has recovered $7 billion in liquid assets so far, and additional recoveries are anticipated. The report accuses senior executives of hiding the trouble as early as August 2022 and misusing customer money. FTX is currently in bankruptcy proceedings in Delaware, and its founder and former CEO Sam Bankman-Fried is facing criminal charges.
Taylor Hazelwood is suing Netflix for over $1 million after a photo of him posing with a hatchet appeared in a true-crime documentary about convicted murderer Caleb “Kai” McGillvary. Hazelwood claims he was unaware of the documentary until a friend contacted him. He has accused Netflix of defamation and misappropriation of his likeness in a Texas state court. The photo was taken more than three and a half years ago and was posted on Instagram. Hazelwood's attorney says he wants to hold Netflix accountable for the harm caused to his client's reputation.
