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Sam Bankman-Fried must be jailed, prosecutors say

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Prosecutors in the Manhattan federal court are seeking to jail cryptocurrency mogul Sam Bankman-Fried, the former CEO of FTX, ahead of his fraud trial.

They allege that he “crossed a line” by working with a journalist to pressure a key witness, his ex-girlfriend Caroline Ellison, who is set to testify against him.

Prosecutors claim that this amounts to witness tampering, as Bankman-Fried provided the reporter with personal writings from Ellison. They point out that he has had more than 1,000 phone calls with journalists, which they consider an escalation of an ongoing campaign with the press.

Gag order

During a hearing, Judge Lewis Kaplan ruled that Bankman-Fried could temporarily remain free on bond but imposed a gag order. The judge warned him to take the situation seriously.

The gag order will remain in place until Kaplan makes a proper ruling once the official motions from both the prosecution and the defense are filed on August 1 and August 3, respectively.

Bankman-Fried’s defense attorney, Mark Cohen, objected to the request to detain his client, arguing that the sudden request blindsided them and infringes on his right to speak to the press.

He emphasised that Bankman-Fried has had negative stories published about him, and his interactions with the media were an effort to protect his reputation.

The case revolves around allegations of misappropriating billions of FTX customer funds to cover losses from risky bets at the cryptocurrency hedge fund, as well as bankrolling a lavish lifestyle.

Bankman-Fried faces trial on October 2 and has denied any wrongdoing, pleading not guilty to the charges. Ellison, along with two other former FTX executives, has agreed to cooperate with authorities in the case against him.

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Money

Nvidia surpasses Microsoft as the most valuable company in the world

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Nvidia has emerged as the world’s most valuable company, surpassing Microsoft with a market value of over $3.3 trillion.

This shift comes on the heels of Nvidia’s consistent growth in the semiconductor sector and its strategic advancements in artificial intelligence and gaming technologies.

This milestone marks a significant validation of Nvidia’s aggressive expansion and innovation strategies under CEO Jensen Huang, who has steered the company towards dominance in high-performance computing.

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Money

Finance expert empowers his social audience with accessible wealth tips

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The right strategy can change the game for your financial freedom. Meet the advisor making his tips accessible to all.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by James Wrigley, Financial Advisor at First Financial. #wyld money #trending

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It takes a village: coordinated financial teams prove paramount to maximising wealth

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The pursuit of wealth is often faced by significant challenges including debt, lifestyle costs, and burnout – so what methods can help overcome these challenges?

Maximising financial opportunities involves a suite of tasks, from leveraging favourable loan rates, strategic tax planning, and coordinated financial advising.

Mark Wyld from MW Wealth joins to discuss more. #featured

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