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‘Crypto King’ Sam Bankman-Fried Found Guilty Of Fraud, Faces Up To 115 Years In Prison

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‘Crypto King’ Sam Bankman-Fried Found Guilty Of Fraud, Faces Up To 115 Years In Prison

The co-founder and former CEO of crypto exchange FTX, Sam Bankman-Fried, was on Thursday, November 2, found guilty on all seven counts related to fraud and money laundering, Aso Naija Reports.

Bankman-Fried, who also owned a trading firm called Alameda Research, was charged with misappropriating billions of dollars of customer funds, among others, about a year ago, few weeks after both companies filed for bankruptcy.

A 12-member jury in Manhattan federal court, USA, convicted the 31-year-old former billionaire on all seven counts he faced after a five-week trial in which prosecutors made the case that he looted $8 billion from the exchange’s users out of sheer greed, according to Reuters.

The jury took about four hours to come to a verdict on six counts relating to fraud and one count relating to money laundering.

Additionally, Bankman-Fried was said to had stole over $8 billion in customer funds.

It would be recalled that trouble began after a faulty Alameda balance sheet was unveiled by CoinDesk in November 2022.

In his trial, Bankman-Fried testified that he didn’t defraud FTX customers or take their funds, but that Alameda “borrowed” money from the exchange.

Prosecutors argued Bankman-Fried made false promises and was responsible for the loss of billions of dollars for thousands of investors on FTX.

Furthermore, They argued he had many opportunities to come clean, but instead doubled down.

The DOJ’s December 2022 indictment stated Bankman-Fried knowingly defrauded FTX customers by misusing their deposits to invest in other companies and pay off lenders and expenses.

However, U.S. District Judge Lewis Kaplan set Bankman-Fried’s sentencing for March 28, 2024. He faces up to 115 years in prison.

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Lagos Announces 24-hour Total Closure Of Third Mainland Bridge

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The Federal Ministry of Work will embark on a total closure of the Third Mainland Bridge for 24 hours on Wednesday, February 28 to 12 noon on Thursday, February 29, to allow the contractor execute a major aspect of the ongoing repair works on the bridge, Aso Naija Reports

 

The closure by the Federal Ministry of Works was announced in a statement by the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi.

The commissioner advised all road users to use alternative routes already provided during this period as the bridge would not be opened to traffic for 24-hours.

READ ALSO:Court Asks Nigerian Government To Submit List Of Witnesses For Treason Charges Against Nnamdi Kanu

Court Asks Nigerian Government To Submit List Of Witnesses For Treason Charges Against Nnamdi Kanu

Osiyemi assured road users that the traffic management officials would be on ground to manage traffic and minimise inconveniences.

Repair works have been ongoing on the bridge since January with partial closures for in and outbound traffics.

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Court Asks Nigerian Government To Submit List Of Witnesses For Treason Charges Against Nnamdi Kanu

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The Nigerian government has been directed by the Federal High Court in Abuja to submit a list of witnesses in order to support the charges of treasonable felony against Nnamdi Kanu, the detained leader of the Indigenous People of Biafra (IPOB), Aso Naija Reports.

This development was revealed by Barrister Aloy Ejimakor, the special counsel representing Nnamdi Kanu, after filing a fresh bail application seeking his client’s release.

According to Ejimakor, the court is prepared to commence the hearing stage of the trial and has instructed the prosecuting team to file all necessary documents, including witness statements on oath.

The court’s ruling on the bail application is scheduled for March 19, 2024, and until then, the judge will decide whether or not to grant bail.

Nnamdi Kanu’s special counsel, Barrister Aloy Ejimakor revealed this on Monday after he filed a fresh bail application to secure the release of his client in court.

He said the court is ready to open the hearing stage of the trial and has ordered the prosecuting team to file all their processes including their witnesses’ statements on oath.

He said, “Her lordship said the ruling had to wait till the 19th of March 2024, by which time she should have made up her mind whether to grant bail or not.

“We’re also looking forward to hearing. She has directed the prosecution to file their witness statement of oath from the witnesses and serve on us timeously so that we can prepare for our cross-examination.

“So we’re looking forward to a robust 19th of March, you know when they will present whatever they have and then we can also challenge the witnesses with our questions to determine the veracity or otherwise of what they have been said.”

According to earlier reports the court had fixed March 19, 2024, to rule on the bail application.

Kanu’s counsel, Aloy Ejimakor argued that the IPOB leader should be granted bail because of his ill health.

But the prosecuting team led by Adegboyega Awomolo (SAN), who replaced David Kaswe, a lawyer with the Federal Ministry of Justice, urged the court to dismiss the bail application.

Awomolo argued that the Department of State Services (DSS) has the medical facilities required to take care of the IPOB leader.

The judge subsequently adjourned ruling on the bail application to March 19, 2024.

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16-year-old Boy Commits Suicide In UK After Being Blackmailed By Nigerian Scammers Over Nude

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A teenager, identified as Dinal De Alwis has committed suicide after he was being threatened by Nigerian scammers who said they would release his nude pictures if he doesn’t send them the sum of £100, Aso Naija gathered.

Dinal De Alwis, aged 16 was a keen footballer and rugby player. He had earned a clean sheet of A* GCSEs and just started sixth form with hopes of studying at Cambridge, when he was contacted on messaging app Snapchat by someone, apparently from Nigeria.

He was sent nude photos of himself and told they would be sent to ‘all his online followers’ unless he paid £100.

Instead, he left his family home and recorded a brief video saying he planned to kill himself.

His father Kaushallya De Alwis mourned his death on Sunday night and told the Daily Mail that he did not want any other family to suffer as they had.

“He messaged my wife and I to say he loved us, and he told his two brothers that he loves them, and said they need to “look after mum and dad,” he was quoted by Daily Mail.

Dinal attended Whitgift School in Croydon, near the family’s detached home in Sutton, south London, where boarding costs may approach £48,000 and notable alumni include former England rugby star Danny Cipriani and illusionist Derren Brown.

Following his GCSE success, he began studying for the International Baccalaureate in sixth form and was the school’s top performer in English and economics.

He had attended an open day at Cambridge, where he intended to study economics.

 

However, following dinner at home in October 2022, just days after a family holiday in Majorca during the fall half-term break, he abruptly requested his mother to ‘just leave me alone’.

Only later did it become clear that he received the two nude images of himself at 1 a.m., maybe as a result of previous interactions with the blackmailer.

South London Coroner’s Court heard that the blackmailer – who is also thought to have had other victims – wrote: ‘So you think blocking me can stop me? What do you want me to do – you want me to send to all of your followers? Why can’t you just pay me? £100?’

Dinal responded that to the scammers that he had assumed the pictures had already been distributed.

He slipped out of the house at 2am and recorded a brief video of himself walking down a suburban street. Little more than an hour later his body was found after he had fallen to his death, which was caught on CCTV

Police and the National Crime Agency admitted to Dinal’s parents that they were unable to trace the blackmailer – but said that he appeared to have been operating from Nigeria.

Mr De Alwis wept as he told the coroner: ‘Dinal was the most caring son. He was bright.

“He got straight A*s in all of his subjects at GCSEs and was top of the school for English and economics.

“We come from Sri Lanka, so we were so proud to hear he was so good at English. He was brave. He played for the football and rugby teams at Whitgift School,  never asked for anything from us, was always happy with what he had.

“His loss is the biggest possible loss. It is so incredibly painful. The fact that he ended his life in this way… the world is so cruel.”

 

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Fatal Stampede at Nigeria Customs Office: APC Mourns Loss of Member and Six Nigerians

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The All Progressives Congress (APC) expresses deep sorrow over the loss of one of its members, Comfort Adebanjo, and six other Nigerians who tragically lost their lives in a stampede at the Nigeria Customs office in Yaba, Lagos, Aso Naija Reports.

This unfortunate incident occurred as they were attempting to purchase seized rice.

Last Friday, the Customs initiated the sale of seized food items, including bags of rice, in an effort to alleviate the economic hardship faced by Nigerians.

READ ALSO: Tinubu Government Says It’s Releasing 42,000 Metric Tonnes Of Food Items To NEMA

 

In an obituary message released on Saturday, February 24, 2024, the Coordinator of FKL Ward E1 in Lagos State, Oluwafemi Fadahunsi, and Secretary Comrade Adebari Adewale, confirmed the passing of Adebanjo as one of the victims in the stampede.

“With heavy hearts and deep regret, we announce the painful demise of one of our esteemed members in FKL WARD E1, Mrs. Adebanjo Comfort Funmilayo, residing at house number 104, Ibidun Street by Akinhanmi Street, Ojuelegba,” the obituary stated.

“She was among the seven individuals who tragically lost their lives while trying to purchase rice at the Yaba customs office.”

“We pray that God grants comfort and strength to her family members and all the residents of WARD E1 as they bear this irreparable loss.”

According to reports, an unidentified man was also trampled to death during the rice-buying process at the Customs office.

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Lagos Resident Matched To Death At Nigerian Customs Office While Trying To Buy ‘Cheap Rice’

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A Lagos State resident whose identity has yet to be known has reportedly died after he was matched at the Nigerian Customs office in Lagos while trying to buy cheap rice, Aso Naija Reports.

The deceased was on the queue with his wife when he fell down and couldn’t get up on time which resulted in people stamping on him.

An X user, Dr. Adunola, @yemoka who said the man died in her hospital, said that the deceased was trampled on after falling at the Customs office trying to get rice.

 

According to her, the deceased was on the queue with his wife when he fell down and couldn’t get up on time which resulted in people stamping on him.

She wrote, “A man just died in my hospital, he was stamped on after falling at the Customs office trying to get rice.

He was on the queue with his wife when he fell down and couldn’t get up on time which resulted in people stamping on him. So sad. Survived by very young children.”

 

Another X user shared another resident of the state who said that he was at the Customs office in the Yaba area of the State to buy rice and there were at least 10,000 people struggling to buy rice but uniformed officers from all forces were given special attention.

 

“I went to that Customs place in Yaba today to buy Rice. Let’s just say this country has zero chance of being better. They beat the shit out of us in the queue.

 

“Uniform officers from all forces were given priority. There are at least 10,000 people. When I had enough, I went back to my house. 5 hours wasted.

 

“The pressure of the people pulled down a section of their fence. Come and see the beating. They even beat one woman in a wheelchair. If you record and they catch you, they will seize your phone,” the resident said.

 

On Tuesday, the Nigerian Customs Service (NCS) disclosed that its operatives will distribute all confiscated food products nationwide.

 

The Nigerian Customs Service spokesperson, CSC Abdullahi Maiwada, who made this known in a press statement said that the decision was taken to alleviate the current hardships faced by Nigerians and to solve serious problems of food security and the skyrocketing prices of basic food items in the country.

 

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