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Morning Wire
Guilty Verdict for FTX Founder & Eric Adams’ Fundraiser Raided | Afternoon Update | 11.3.23
Nov 3, 2023
05:51
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Guilty verdict for FTX founder facing fraud and money laundering charges. Executions in Iran, Uber and Lyft settlement, abandoned Target store, increased savings limits on 401K. Britney Spears' memoir success, potential Disney acquisition of Hulu, last Beatles song, mention of Monster Energy as top performing stock.
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Quick takeaways
- Former FTX founder found guilty on multiple charges, emphasizing that no one is beyond the reach of the law.
- Uber and Lyft to pay $380 million to drivers for improperly charging fees, while also providing improved benefits.
Deep dives
Former FTX Founder Found Guilty of Securities Fraud, Money Laundering
Sam Bankman-Freete, the former FTX founder, has been found guilty on seven charges including securities fraud, wire fraud, and money laundering. Prosecutors accused the 31-year-old of using FTX and Alameda Research for personal gain, and he now faces the possibility of decades in prison. The swift conviction serves as a warning to other potential fraudsters, highlighting that no one is untouchable or too powerful to be prosecuted.
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