Lawsuit Against SBF Gets Thicker

One scoop to get you started: Jamie Dimon, longtime boss of JPMorgan Chase be interviewed under oath People familiar with the matter have spoken out about his bank’s decision to retain the late sex offender Jeffrey Epstein as a client.

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US prosecution against SBF grows thicker

Manhattan federal judge this week Lewis Kaplan Request approved by Sam Bankman-Fried lawyer for Cohen & Gresser So that clients can access a list of “pre-approved websites” while they await their fate under house arrest.

We are honored to be included in the list of a handful of respected competitors. door dash and uber eats. we hope FTX Founders are blessed with an FT Premium, which gives them access to due diligence.

Sam, if you’re reading this, why don’t you join prosecutors’ latest allegation that you bribed Chinese officials with $40 million in cryptocurrency? Email: due.diligence@ft.com .

On Tuesday, US prosecutors accused the SBF of sending bribes. Regain access to your trading account It had been frozen by Chinese law enforcement agencies.The account was linked to a sister company of FTX Alameda Researchthe FT reported on Tuesday.

Bribery offenses add to the FTX Boss’ 12 offense count. already faced After his cryptocurrency exchange collapsed last November. SBF pleaded not guilty to eight charges filed against him in January.

Former FTX boss Sam Bankman-Fried leaves New York courthouse in January © REUTERS

According to the latest indictment, prosecutors allege Bankman-Fried hired lawyers to lobby on its behalf in China and repeatedly attempted to unfreeze accounts linked to Alameda. Prosecutors say they used the personal information of several people not affiliated with FTX or Alameda to transfer funds and evade freeze orders by Chinese authorities.

After months of unsuccessful attempts to unfreeze the accounts, SBF directed multi-million dollar bribes around November 2021, the indictment alleges.

Prosecutors allege that the accounts were unfrozen at or around the time of the payment of approximately $40 million and that they transferred tens of millions of dollars worth of additional cryptocurrency to SBF. Alameda then used the unfrozen account to fund additional trading activity.

An SBF spokeswoman declined to comment.

The bribery accusations aren’t the only new details coming out of this week’s FTX saga.

board member genesisa major lender to Alameda, had early access privileges The launch of the new FTX-backed token was revealed on Tuesday by colleagues Kadhim Shubber and Nikou Asgari.

This meant that investors could invest in certain SBF-issued cryptocurrencies at a discounted price before they were issued to the public, according to people familiar with the matter.

These relationships subsequently backfired for Genesis. Genesis has gone through its own bankruptcy proceedings and is the largest creditor of FTX and Alameda, still owing him $226 million, according to U.S. court records.

Alameda paid off part of the loan last year, so the numbers could have been even worse. Although officials accuse SBF of repaying Alameda creditors with his FTX funds and not telling them the true source of the funds.

as genesis Softbank– backup owner digital currency group negotiate with one’s creditorsits executives may now be wondering if past crypto trading was worth it.

Short-selling suspicion of gaming group ‘Embracer’ erodes interest

for the past four years, Lars Wingeforth He made a little-known deal to transform his gaming company EmbracerThe group’s assets span game studios around the world, comic book publishers in the United States, and popular board games in Silicon Valley. Catanand even intellectual property Lord of the Ring.

Wingefors’ Dinner Table Pitch for Entrepreneurs is a supportive home where you are free to pursue your creative vision without the need for forced cost cutting or centralization. It boasts that of the 108 business owners who joined the group, 106 remain.

But his unconventional approach to consolidating newly acquired businesses has caught the attention of several short sellers, including: shadows fallInvestment company operated by wire card short sale Matt Earlthey believe the company is less than the sum of its parts.

Shares of Embracer fell 13% to SKr43 on Tuesday after the FT’s Anna Gross and Dan McCram. reported some of their concernsThe Swedish gaming group also announced a delay in completing several much-anticipated licensing deals the night before.

In particular, skeptical hedge fund managers point to the difference between Embracer’s operating profit and “adjusted” earnings. Embracer posted a cumulative operating loss of SEK 838 million ($81 million) over the past seven quarters, but after adjustment he turned to an operating profit of SEK 9.9 billion.

Costs that investors are told to ignore are primarily “earn-outs” paid in cash or stock if the acquired business owner remains in position for a period of time or if certain milestones are reached. “is.

Investors claim that the size of the adjustment and the size of the earnout are anomalous and should raise questions about the nature of the beast underneath.

The company said it follows international accounting standards, provides adjusted profit measures “to provide a better understanding of our business” and has a “solid balance sheet.” It added, “The labor costs paid to a small number of selling shareholders on top of market-based salaries should not be viewed as reasonable long-term reimbursements.”

Bankers chase money to the Middle East

The Gulf oil giants have long been courted for their ability to calm global oil markets and invest their excess hydrocarbon earnings abroad.

But there’s another reason bankers are attracted to the marble-paved sidewalks of Dubai’s financial centre.

The IPO and private-dealing frenzy has been fueled, in large part, by bankers. told Simeon Kerr of the FTThis includes reforming financial regulations, promoting privatization, improving political stability, and recovering oil and gas prices.

Energy giant’s $29 billion IPO Saudi Aramco The trend gained momentum in 2019, followed by other Gulf state-owned enterprises. Abu Dhabi’s state oil company spun off various business units and Dubai’s state power company went public last year.

stingray A record 51 issuances across the wider region last year, up 179% from 2021 to raise $22 billion, with a healthy pipeline ahead.

Bankers hope the government-linked IPOs will be followed by other private companies. IPOs of the Month Al Ansari Financial Servicesthe Dubai-based exchange could bode well for other family-owned businesses to enter the market.

But there are also warning signs surrounding elements of frenetic activity in Abu Dhabi, the capital of the United Arab Emirates, where companies associated with the National Security Advisor, Sheikh Tahnoon Bin Zayed Al Nahyanaccelerated growth.

his International holding company and affiliates account for about half of the market capitalization of the entire stock exchange.

Bankers remain baffled by the apparent discrepancy between these groups’ economic fundamentals and their valuations, and analysts are concerned about the transparency of this market, which will become increasingly important for foreign players. .

change jobs

  • Diageo named Debra Crew — recently appointed Chief Operating Officer — as Chief Executive Officer.she exchanges Ivan Menezesretired after 10 years at the helm.

  • robin barhead of the family dynasty behind Scottish soft drinks Irn-Bru, is leaving Board of directors of a group that makes beverages after 58 years.

  • Cellnex Chair Bertrand Boudevin Kang Resigned after Mobile Towers Group targeted by the campaign By a billionaire hedge fund manager Chris Horn. he will be replaced as a director Anne Bouvlot.

  • three goldman sachs partner I am leaving the company Bloomberg reported that dealmaking is slowing.

  • Lion Trust Part-time Director Emma Howard Boyd and Quintin Price Stopped A line about the 12-year tenure of the Chairman on the Board.

  • London-based financial communications company camarco Acquired by Advisory Firm APCO WorldwideFor a price tag of around £20 million, more than 40 Camarco staff have joined the new owners, according to a person familiar with the matter.

smart reading

flight risk Disappearance of China Renaissance Dealmaker Bao Huang put in the global spotlight Henny Sender, the former Chief Financial Correspondent of the FT, writes about the possible flight of China’s wealthy entrepreneurs.

home always wins Stake.com is the latest power player in the gambling world, utilizing celebrity partners such as Drake. pursue the ideal target: “A young male sports enthusiast who is very tolerant of risk,” reports the FT.

Post-mortem analysis Michael Klein, one of Wall Street’s most admired M&A whisperers, has lost the deal of a lifetime at Credit Suisse.bloomberg Examine fallout.

News summary

ECB officials claim CDS market is ‘polluting’ bank stocks and deposit flows (FT)

Huge debt investors hit hard by mattress maker’s bankruptcy ruling (FT)

Alibaba to be split into six parts in sweeping overhaul (FT)

Apple launches ‘buy now, pay later’ service in US (FT)

ECB approves UniCredit share buyback plan ahead of AGM (FT)

BP teams up with Abu Dhabi oil group in Israeli NewMed bid (FT)

German antitrust watchdog investigates Microsoft’s market power (FT)

Activist Investors Tobacco South Korea’s Undervalued Companies (FT)

no hedge — Robert Armstrong analyzes the most important market trends and discusses how Wall Street’s best minds react to them.sign up here

full disclosure — Stay up to date with the biggest international legal news, from courts to law enforcement to legal affairs.sign up here

https://www.ft.com/content/69971bb9-a084-4229-9cf4-9451d0768679 Lawsuit Against SBF Gets Thicker

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