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SEC charges ex-FTX boss for defrauding investors

Latest Politics updatein nigeria

Sam Bankman-Fried, the CEO of the bankrupt cryptocurrency exchange FTX, is being prosecuted by the United States Securities and Exchange Commission (SEC).

In its complaint against Bankman-Fried, the SEC alleges that the company broke the anti-fraud provisions of both the Securities Act of 1933 and the Securities Exchange Act of 1934. Bankman-Fried is barred from participating in the issuance, acquisition, offer, or sale of any securities for any reason other than his account, as requested by the SEC in its lawsuit seeking injunctions against future violations of securities law.

Bankman-Fried is accused by the SEC of leading a plan to defraud FTX Trading Ltd.’s equity investors (FTX). While raising over $1.8 billion from investors, the former CEO diverted assets from FTX clients to crypto trading firm Alameda Research, according to the regulatory agency.

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According to Gary Gensler, the head of the Securities and Exchange Commission, “We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”

Just one day after his detention by Bahamian officials at the behest of U.S. authorities, the former CEO is now facing additional charges. Minutes after Bankman-Fried was taken into custody in the Bahamas, the Securities and Exchange Commission (SEC) said that it was ready to file charges against the FTX co-founder, which would be distinct from those that led to his recent detention.

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Politics

Don’t Use NLC’s Platform, Funds To Pursue Your 2027 Ambition – Abure Knocks Ajaero

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Lifestyle Nigeria gathered that National Chairman of Labour Party, LP, Comrade Julius Abure, has told the President of the nigeria Labour Congress, Comrade Joe Ajaero not to use the platform, funds and resources of the NLC to pursue his ambition of either becoming the president of the country in 2027 or governor of Imo State.

Abure stated this at Asaba, Delta State on Wednesday while reacting to the shutting down of the Labour Party’s National Headquarters by protesting members of the NLC who demanded for his immediate removal as National Chairman of the party.

He said the “picketing” of the party’s office was politically motivated, describing it as a show of rascality and abuse of office and the laws of the land.

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Why I Withdrew From Ondo Guber Race — Eyitayo Jegede

Latest Politics updatein nigeria

Lifestyle Nigeria gathered that the governorship candidate of the Peoples Democratic Party (PDP) in Ondo state in 2020, Chief Eyitayo Jegede, on Thursday, said he withdrew from the 2024 governorship race to give room for unity and ensure victory for the party in the forthcoming governorship election.

Jegede who noted that disunity has not allowed any candidate from that party to win the governorship race in the state, said he chose to sacrifice his ambition for the development of the party.

This is just as a group within the party, PDP Crusader, hailed the decision of Jegede to step aside in the forthcoming governorship election in the state in order to build a strong and united party that can send the ruling All Progressives Congress (APC) packing in the state.

The Coordinator of the PDP Crusader, Hon Mayokun Akinmoladun, said the group was ready to follow and support Jegede in any decision he took on the party’s primary and the November 16 governorship election.

Akinmoladun said the most important thing to the party is to come together and rescue the state, noting that the party was not being run the way it was supposed to be.

He said the party may go into extinction if care is not taken, and commended Jegede for financing the party since it lost the governorship seat some eight years ago.

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El-Rufai Visits SDP Office Amid Rumour Of Defection (Update)

Latest Politics updatein nigeria

 

Lifestyle Nigeria gathered that Ahead of the 2027 general elections, former Kaduna State Governor, Nasir El- Rufai on Wednesday visited the Abuja National Secretariat of the Social Democratic Party, SDP.

A source said El-Rufai paid a consultation visit to the National Chairman of the party, Alhaji Shehu Musa Gabam.

The former Minister of the Federal Capital Territory, FCT, Abuja, is a chieftain of the All Progressives Congress, APC.

He was nominated for a ministerial position in President Bola Tinubu’s administration but was not confirmed by the Senate.

See Update link below:

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