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Sam Bankman-Fried appeals fraud conviction, 25-year sentence

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Sam Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX, has initiated an appeal against his federal fraud and conspiracy conviction, as well as the 25-year prison sentence handed down to him.

Bankman-Fried’s legal team filed a notice of appeal on Thursday, marking a formal step in his legal battle following the sentencing in U.S. District Court in Manhattan two weeks ago.

The entrepreneur was also ordered to forfeit $11 billion in connection with what prosecutors labeled as one of the largest financial frauds in history.

The appeal process will proceed before a three-judge panel of the 2nd Circuit U.S. Court of Appeals based in Manhattan.

READ MORE – FTX deep fake goes viral

However, statistics suggest the challenges ahead for Bankman-Fried, as federal criminal defendants historically win reversals in fewer than 10% of appeals.

Should he fail at the 2nd Circuit level, Bankman-Fried’s legal recourse would involve petitioning the U.S. Supreme Court, a path fraught with even greater uncertainty.

Customer funds

Bankman-Fried, aged 32, was convicted on seven counts of fraud and conspiracy related to the misappropriation of approximately $10 billion in customer funds.

Prosecutors asserted that he orchestrated a scheme diverting customer funds for investments, political contributions, personal expenses, and loan repayments.

Upon sentencing, Judge Lewis Kaplan expressed concerns about Bankman-Fried’s potential future actions, remarking, “There is a risk that this man will be in a position to do something very bad in the future.” Kaplan noted Bankman-Fried’s apparent lack of remorse for his actions.

Bankman-Fried has maintained his innocence, attributing FTX’s financial troubles to a purported “liquidity crisis” or “mismanagement.”

Notably, four other senior executives from FTX and Alameda Research had previously pleaded guilty.

Ryan Salame, one of them, is slated for sentencing on May 28.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Intel and AMD Join Forces to Shape the Future of x86 Chips

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In a groundbreaking development, Intel and AMD—two of the biggest names in the tech industry—are teaming up to shape the future of x86 chip technology.

 

The tech giants have established a joint advisory group to influence the design of chips that power a wide range of devices, from personal computers to large-scale servers. This collaboration marks a significant shift in the industry, as Intel and AMD, traditionally fierce rivals, work together to set new standards for chip innovation.

The aim of this partnership is clear: to stay ahead of rapid changes in the tech world and drive the future of computing. Industry experts predict that this joint effort could lead to significant advancements, with the potential to reshape the landscape of processor technology. The implications for everything from computing performance to energy efficiency could be vast.

 

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How the U.S. THAAD missile deployment to Israel will change Middle East security

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Pentagon sends THAAD system and 100 U.S. troops amid growing regional tensions

The United States has announced the deployment of its advanced THAAD missile defense system to Israel, along with 100 U.S. troops to operate it. This move is seen as a significant step in strengthening Israel’s defense capabilities amid rising security concerns in the Middle East.

The Pentagon confirmed that the Terminal High Altitude Area Defense (THAAD) system is fully operational in Israel, enhancing the nation’s ability to intercept and neutralise incoming missile threats.

This deployment comes at a time when regional conflicts and tensions, particularly involving Iran, are intensifying.

How it’s designed

The THAAD system is designed to complement Israel’s existing missile defense systems, such as the Iron Dome, by providing an additional layer of protection against long-range missile threats.

The U.S. has a long-standing defense relationship with Israel, and this latest move signals deeper military cooperation between the two nations.

With this deployment, the U.S. sends a strong message to regional actors, particularly Iran, about its commitment to defending Israel and maintaining security in the Middle East. The strategic implications for neighbouring countries are also noteworthy, as the increased U.S. military presence could impact ongoing diplomatic efforts in the region.

As tensions rise and the deployment of THAAD unfolds, questions remain about the potential challenges and risks this advanced defense system might pose.

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Boeing’s financial turbulence leads to bold cash-raising moves

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Company eyes new credit and shares to survive as strikes and delays weigh the company down

Boeing is taking drastic steps to secure its future, seeking to raise at least $10 billion by selling new shares and securing a fresh credit line.

The iconic manufacturer has been struggling this year with major setbacks, including a 737 MAX mishap in January and a machinist strike that halted production.

In filings made Tuesday, Boeing revealed plans to issue up to $25 billion in shares or debt over the next three years while locking in a $10 billion credit deal.

Sources say the company will aim to raise around $10 billion from its upcoming stock offering.

Boeing called the moves “prudent steps” to ensure access to liquidity as it faces growing financial challenges.

Its stock, which began the year at $250, rose 2% to about $152 after the announcement, as analysts expressed relief over Boeing’s efforts to stabilize its cash flow.

The machinist strike, which started last month, has intensified the company’s cash problems, with Boeing burning through $1 billion per month before the walkout.

Boeing hasn’t posted a profit since 2018, and the coming months will be critical as it battles to recover.

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