Sam Bankman-Fried found guilty
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 3 November 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Friday, November 3rd. I'm Julie Morgan. |
| 0:11.0 | A jury returns a guilty verdict for Sam Bankman freed. |
| 0:15.0 | Apple is down even though Q4 sells top estimates and Amazon is closing its clothing stores. |
| 0:23.2 | Sam Bankman freed the disgrace founder of the cryptocurrency exchange FTX has been found |
| 0:29.1 | guilty on all seven criminal fraud counts. |
| 0:32.2 | A jury found him guilty late Thursday evening, |
| 0:35.0 | and now the former FTX CEO faces a maximum sentence |
| 0:39.0 | of 115 years in prison. |
| 0:41.3 | The jury deliberated for less than five hours on Thursday. The judge |
| 0:45.6 | set a sentencing date for March 28th of 2024. U.S. Attorney Damien Williams |
| 0:51.5 | who led the investigation said at a press conference outside the courthouse on Thursday, that Sam Bankman Freed perpetrated one of the biggest financial frauds in American history, a multi-billion dollar scheme designed to make him the king of |
| 1:05.5 | crypto. |
| 1:06.5 | Since his arrest last December, the former billionaire has maintained his innocence, having |
| 1:11.6 | pleaded not guilty to seven counts of federal fraud and conspiracy, tied to the downfall of FTX and its sister trading firm, Alameda Research. |
| 1:21.0 | Mark Cohen, Bankman Freed's lawyer, said in a statement to |
| 1:24.7 | see NBC that they respect the jury's decision but they're disappointed with the |
| 1:29.5 | result. He said his client maintains his innocence and will continue to vigorously fight the charges against him. |
| 1:36.6 | Earlier this month, three of Bankman Freed's business associates told the jury that he posted or had influenced others to post misleading messages on social media to falsely represent the health of FTX in an effort to bring an end to a deposit run. All three cooperating witnesses pleaded guilty |
| 1:55.8 | and testified for prosecutors. Apple is down 3.1% pre-market, even as it reported fourth quarter results on Thursday that topped expectations. |
| 2:07.2 | For the period ending September 30th, Apple earned $1.46 per share, as revenue fell 1% year over year to $89.5 billion. |
| 2:17.6 | Revenue attributed to the iPhone came in at $43.8 billion, up 3% year over year and in line with expectations. |
... |
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