Trial of disgraced crypto star Bankman-Fried begins
The trial of Sam Bankman-Fried, former CEO of one of cryptocurrency's biggest exchanges, began Tuesday with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients. The 31-year-old -- once one of the most respected figures in crypto -- now faces decades in prison and could see his name stand alongside Bernie Madoff and Elizabeth Holmes as the era's most prominent fraudsters. The first day of the trial was devoted to jury selection for a case that is set to last about six weeks. Bankman-Fried faces seven counts including wire fraud, securities and commodities fraud, and money laundering. He risks more than 100 years behind bars if he is found guilty on all charges. Bankman-Fried entered the courtroom alone -- without being escorted by security guards -- uncuffed, and took his place alongside his lawyers, an AFP journalist observed. Dressed in a dark suit and striped tie, his usually long curly hair was cut short, reportedly by a fellow inmate at the Brooklyn jail where he is being detained. "You have the right to testify in your defense in this case. The decision is up to you," US District Judge Lewis Kaplan told Bankman Fried. In just a few years, the Massachusetts Institute of Technology graduate turned his FTX platform into the world's second-biggest crypto exchange, making him a tech world billionaire wunderkind. FTX became a global name through a marketing campaign that included celebrity partnerships with stars such as supermodel Gisele Bundchen and basketball legend Stephen Curry, and buying the naming rights for the home arena of the Miami Heat basketball club. Bankman-Fried also stepped in as a kind of savior of the industry when other crypto companies faced difficulties, with FTX swooping in to offer a financial lifeline. At the height of his career, Bankman-Fried was thought to be worth $26 billion as he attracted droves of small investors to invest in cryptocurrencies such as Bitcoin or Ethereum. But his steep rise was matched by his ignominious downfall, which saw him escorted last year by police from his luxury apartment in the Bahamas and extradited to face charges in the United States. 'Gambling at own casino' His empire began to crumble last November when a news report pointed to unhealthy ties between the FTX platform and Alameda Research, Bankman-Fried's personally owned-trading company. The revelations kept growing and major investors pulled their money out of FTX, sinking it swiftly into bankruptcy. Once the dust had settled, some $8.7 billion in client funds was still unaccounted for and Bankman-Fried was accused of using FTX deposits to buy luxury real estate or donate more than $100 million to US politicians through Alameda. "He was gambling in his own casino and it created conflicts of interest," Michael Lewis, an author who followed Bankman-Fried closely during the period, told CBS. Everything "unravels because the depositors at FTX want their money back and it's not all there," the author of "Liar's Poker" and other titles added. The climax of the trial is expected to be when his former friends and colleagues take the stand, including Carlonie Ellison, his one-time romantic partner and Alameda executive, and Gary Wang, his closest associate. Ellison and Wang have also been indicted in the case and agreed to cooperate with US authorities, which may prove Bankman-Fried's undoing. After his spectacular arrest in the Bahamas, Bankman-Fried was initially held under house arrest but was ordered behind bars in August over alleged attempts at witness intimidation. According to prosecutors, while holed up at his parents' home in California, Bankman-Fried spoke regularly to journalists and passed documents to The New York Times in an effort to influence the testimony of Ellison. The post Trial of disgraced crypto star Bankman-Fried begins appeared first on Daily Tribune......»»
William Friedkin, incendiary director of ‘The Exorcist’
US director William Friedkin, who died Monday, will forever be remembered for his Oscar-winning "The Exorcist" in 1973, one of the most controversial horror films of all time that still chills new generations of moviegoers. The taboo-breaking scene of a 12-year-old girl believed to be possessed by the devil, foul-mouthed and feverishly masturbating with a crucifix on her bed, provoked frenzy in audiences and sparked a global debate about the occult in the Catholic Church. "It was shocking," wrote Rolling Stone in 2018, recalling the first reactions. It "had people lining up at the entrances of movie theatres while the exits were soppy with puke from the previous showing." Remarkably for a horror film, it was nominated for 10 Oscars and took home two. Pact with the devil Friedkin, who passed away in Los Angeles on Monday at the aged of 87, after suffering health issues in recent years, first hit the pinnacle in Hollywood a few years before "The Exorcist" -- with his stomping, stylish 1971 thriller "The French Connection." Starring Gene Hackman as a cop in gritty, corrupt New York City, the film won five Oscars including Best Director and Best Picture. It was a pearl of the "New Hollywood" wave of socially and politically charged filmmaking associated with emerging directors such as Robert Altman, Francis Ford Coppola, and Martin Scorsese. Friedkin was asked to direct "The Exorcist" -- based on a novel inspired by a reported case of possession of a 14-year-old boy -- after other star directors including Stanley Kubrick had turned it down. "I thought it was a film about the mystery of faith... but I didn't set out to make a horror film," Friedkin was quoted saying in The Hollywood Reporter in 2015. "But by now, I have accepted that it is." His film was followed by four sequels, based on the same novel but without Friedkin's participation, together grossing more than $600 million worldwide. A television series began in 2016. Real power Friedkin was born in Chicago in 1935. His mother was a nurse and his father held several jobs, from merchant seaman and semi-professional softball player to discount-clothes salesman. He singled out viewing in his twenties of Orson Welles' "Citizen Kane" (1941) as having a radical impact. "It changed my life," he said in a 2014 interview published on the website of respected US critic, Roger Ebert. "It made me understand that film was an art form and a unique way of storytelling that I had never considered". Friedkin started working in television as a runner and then directed TV shows before making his own documentary in 1962, "The People vs Paul Crimp", about a real-life death row prisoner. The film would contribute to Crimp's death sentence being commuted, convincing Friedkin of "the power of cinema", he told AFP in an interview in 2017. In 1967 he made his first feature, "Good Times", a musical starring the popular pop duo Sonny and Cher. Eclipse from the A-List After his heyday in the 1970s, came a spectacular fall from the Hollywood A-List. It was his ambitious "Sorcerer" (1977), that would prove Friedkin's undoing. After a difficult shoot that went wildly over budget to cost $22 million, the film bombed at the US box office, grossing just under $6 million. It was also eclipsed by the first installment of George Lucas's "Star Wars", released at the same time. Amongst his other flops from a total of about 20 features was "Cruising" (1980) with Al Pacino as an undercover cop hunting down a serial killer in New York's S&M scene. But "Killer Joe" in 2011, starring Matthew McConaughey as a man plotting to kill his own mother, brought renewed critical praise. In 2018, decades after his most famous hit, Friedkin revisited the themes of "The Exorcist" with the documentary "The Devil and Father Amorth", about a priest performing an exorcism in Italy. "The life of a filmmaker is one film to another," Friedkin told the LA Times in 1989 about how he picked himself up after his career had taken a tumble. "There's a great reward when you connect with the public and people are lining up around the block to see your film. But the real joy is making the film." Friedkin was married four times, the first time to one of France's top actresses, Jeanne Moreau. The post William Friedkin, incendiary director of ‘The Exorcist’ appeared first on Daily Tribune......»»
'Undoing Duterte | Ordinary folk burdened with higher taxes, price hikes, stagnant wages
The Duterte regime may spin the narratives on the economy all they want. But all indicators show that the country is in a much worse shape today than when it took over in 2016. The post #Undoing Duterte | Ordinary folk burdened with higher taxes, price hikes, stagnant wages appeared first on Bulatlat......»»
'UndoingDuterte | Public health’s sorry state under an unapologetic regime
With President Duterte down to his last months in office, community health advocates say health spending is an election issue that must be addressed – a first step in undoing the sorry state of the country’s public health care under an administration that won with a promise of tapang at malasakit. The post #UndoingDuterte | Public health’s sorry state under an unapologetic regime appeared first on Bulatlat......»»
Superal cruises to 5-shot romp in ladies& rsquo; golf return
Princess Superal shrugged off rookie Abby Arevalo’s early threat stymied by the latter’s own undoing as she got back to the podium in the Ladies Philippine Golf Tour return in new normal with a five-shot victory on a closing 70 in the ICTSI Riviera Invitational Challenge at the Couples course in Silang, Cavite yesterday......»»
Susanne Bier keeps the audience guessing in The Undoing
The HBO Original series The Undoing directed by Susanne Bier and written by David E. Kelly is now on its third episode, and it continues to keep audiences guessing with every intriguing twist and turn befitting a satisfying whodunit......»»
The Undoing star Hugh Grant on ‘late fatherhood’: ‘It made me a better actor’
British star Hugh Grant became a first-time father at the age of 51. Nine years later, he’s a proud dad of five. Hugh, who just turned 60 last Sept. 9, swears by the good things this later-in-life fatherhood has done to him, including how it has made him a much better actor......»»