Similar Stories to Ftx To Pay $12.7b To Victims Of Sam Bankman-fried’s Massive Scheme on Bing News

Enlarge (credit: NurPhoto / Contributor | NurPhoto) FTX, the bankrupt cryptocurrency exchange formerly helmed by fraudster Sam Bankman-Fried, has agreed to pay $12.7 billion to customers blindsided by Bankman-Fried's deceptions covering up FTX's flagrant misuse of customer funds. In an order yesterday, US District Judge P. Kevin Castel said that FTX must pay $8.7 billion in restitution to victims of Bankman-Fried's fraudulent scheme, as well as disgorge another $4 billion in "gains received in connection with the violations" to further compensate customers who suffered significant losses. According to Ian McGinley, the division of enforcement director for the Commodity Futures Trading Commission (CFTC), "this multi-billion-dollar recovery for victims" is "the largest such recovery in CFTC history." And the CFTC "achieved it with remarkable speed," McGinley boasted.Read 16 remaining paragraphs | Comments

BING NEWS:
  • FTX ordered to pay $12.7B to customers after Sam Bankman-Fried’s massive fraud
    The CFTC settlement requires FTX to pay ... victims for losses suffered during the exchange’s collapse. FTX did not immediately respond to a request for comment. In March, FTX founder Sam ...
    08/8/2024 - 6:29 am | View Link
  • Crypto exchange FTX ordered to pay $12.7 billion to customers, US CFTC says
    The CFTC settlement requires FTX to pay ... victims for losses suffered during the exchange's collapse. FTX did not immediately respond to a request for comment. Its founder Sam Bankman-Fried ...
    08/7/2024 - 1:00 pm | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News