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Misappropriation Of Funds

All articles tagged with #misappropriation of funds

"Financial Mismanagement Sparks Investigations and Funding Halts in Rochester Nonprofit Sector"

The Community Resource Collaborative (CRC) in Rochester is under investigation and has had its funding temporarily suspended after the termination of its founder. The nonprofit's attorney has revealed that the new CEO discovered missing funds and sought legal assistance. The total amount missing is reportedly less than the $7 million initially reported, and the organization is awaiting the results of a forensic audit. The attorney highlighted the lack of financial safeguards and emphasized the need for a two-authorization system for accessing funds.

via 13WHAM-TV|

#community-resource-collaborative #investigation #misappropriation-of-funds

cryptocurrency-fraud-trial2 years ago•4 min saved

Sam Bankman-Fried's Testimony and Cross-Examination Unveiled in FTX Trial

Sam Bankman-Fried, founder of the failed FTX cryptocurrency exchange, denied knowing about the misappropriation of billions of dollars in customer money until shortly before the company collapsed during his criminal fraud trial. Bankman-Fried fumbled for answers when questioned about directing employees not to spend customer money on investments and expensive purchases. Both sides rested their case, and closing statements are scheduled for Wednesday. Bankman-Fried has been accused of orchestrating a fraud scheme to steal up to $10 billion from FTX customers and using the funds for personal expenses and to support another crypto trading firm he founded.

via The New York Times|

#criminal-fraud-trial #cryptocurrency-exchange #cryptocurrency-fraud-trial

legalcriminal-justice2 years ago•1 min saved

Sam Bankman-Fried Faces Intense Cross-Examination in FTX Fraud Trial

Sam Bankman-Fried, the former CEO of FTX crypto exchange, is set to testify in his criminal fraud trial after prosecutors rested their case. Bankman-Fried's defense team plans to call two witnesses before he takes the stand. He is accused of misusing customers' and investors' funds, leading to over $8 billion in losses. Prosecutors argue that he directed actions that allowed another firm he owned, Alameda Research, to misappropriate funds and hide losses. Bankman-Fried's former colleagues have testified against him, claiming he instructed them to tap into FTX customer funds and conceal these actions from investors.

via CoinDesk|

#fraud-trial #ftx #legalcriminal-justice

cryptocurrency2 years ago•3 min saved

FTX Files Lawsuit Against Sam Bankman-Fried's Parents Over Alleged Misappropriation of Funds

Cryptocurrency exchange FTX has filed a lawsuit against the parents of its co-founder and former CEO, Sam Bankman-Fried, alleging that they siphoned money from their son's companies for personal gain and directed funds to organizations serving their interests. The complaint accuses Joseph Bankman and Barbara Fried of exploiting their access and influence within FTX, accepting millions of dollars and a property paid for with company funds. FTX is seeking compensatory damages, the return of funds and property, punitive damages, and attorneys' fees. Bankman and Fried's lawyers deny the claims, calling them false and an attempt to intimidate their clients. Bankman-Fried himself is facing federal charges related to the collapse of his crypto empire and is set to go on trial next month.

via Fox Business|

#bankruptcy #cryptocurrency #ftx