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Who is Sam Bankman-Fried, the ‘Crypto King’ sentenced to 25 years in prison?

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Sam Bankman-Fried has been sentenced to 25 years in jail as a US court noted that he had shown no “real remorse” even in his final pre-sentencing remarks. During the sentencing, the former billionaire, who once was on the cover of financial magazines and financed Super Bowl television ads in 2022, said that he made “a series of bad decisions” but did not acknowledge violating financial laws by knowledge.

FTX's former CEO and founder Sam Bankman-Fried arrives at the US federal courthouse in New York City. He was sentenced to 25 years in jail following his conviction in one of the biggest financial fraud cases in history. (AFP)
FTX’s former CEO and founder Sam Bankman-Fried arrives at the US federal courthouse in New York City. He was sentenced to 25 years in jail following his conviction in one of the biggest financial fraud cases in history. (AFP)

Who is Sam Bankman-Fried?

Sam Bankman-Fried became a billionaire before 30 and turned FTX, a small start-up he cofounded in 2019, into world’s second largest exchange platform. In November 2022, the company saw a deluge of customer withdrawals following revelations that billions of dollars had been illegally moved from FTX to his personal hedge fund, Alameda Research.

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What court said on Sam Bankman-Fried?

Sam Bankman-Fried said “mistakes were made, but never a word of remorse for the commission of a terrible crime,” the court noted. Calling the violations as “brazen”, the court called out the former billionaire for his “exceptional flexibility” towards the truth.

What is Sam Bankman-Fried’s sentence?

Sam Bankman-Fried has been given a sentence of 25 years in prison, followed by three years of supervised release and ordered to pay $11 billion. The US government had sought a 40-50 years sentence but the Justice Department said, “Today’s sentence… is an important message to others who might be tempted to engage in financial crimes that justice will be swift, and the consequences will be severe.”

What Sam Bankman-Fried’s parents said?

His parents, Stanford law professors Joseph Bankman and Barbara Fried, said in a statement as per news agency AFP, “We are heartbroken and will continue to fight for our son.”

What Sam Bankman-Fried’s lawyer said in court?

In remarks to the court, defense attorney Marc Mukasey said that Sam Bankman-Fried is a well-intended, “awkward math nerd” and “it’s obviously a serious offense, but Sam was not a financial serial killer who set out to hurt people.”

What he said in court?

Expressing regret, Sam Bankman-Fried acknowledged how his actions affected many colleagues. They “built something beautiful. And I threw it all away. It haunts me every day. I made a series of bad decisions,” he said.



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Nikhil Kamath alerts investors on ‘hand-picked stocks’ WhatsApp scam: ‘Use common sense’

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Zerodha co-founder Nikhil Kamath informed investors that he has never had any WhatsApp group where he shares “hand-picked” stocks as advertised by a group. The group claims to assist people in picking the right stocks and Nikhil Kamath said that “this is obviously not from me” as he urged people to use a little “common sense”.

Zerodha co-founder Nikhil Kamath alerted investors about a scam on Whatsapp.
Zerodha co-founder Nikhil Kamath alerted investors about a scam on Whatsapp.

“Scam alert, this is obviously not from me, I have never had or have any WhatsApp groups, nor do I give tips etc. Please report these… Also to all the brands who reach out, I don’t do paid promotions/collaborations/ads/paid speaking engagements of any kind. Please stop spamming, and everyone use a little common sense please,” he said along with an image of the fake advertisement.

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What did the scam advertisement claim?

The scam advertisement showed that the WhatsApp group had details of stocks handpicked by Nikhil Kamath that would rise in April. The ad asked investors to join the WhatsApp group which would share their picks of reliable stocks every day as it said, “First 1,000 members get it for free.”

See Nikhil Kamath’s post here:

Earlier Nikhil Kamath advised fellow entrepreneurs in India to not open franchises of global brands in India but try to take Indian brands to the world.

He said, “To all my entrepreneur buddies, the future may be to take Indian brands global, not franchise global brands in India. The Indian narrative is getting cool globally, we have mystique, royalty, history, artisan, handmade, exotic, and so much more to sell.”

He added, “What was yesterday a garment manufactured in India called John, Peter and Louis something and marketed by western models, could be tom Subko, Hatti Kaapi, 11.11 etc sold in New York with the faces of Indian artisans who spent hours on each product individually.”



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RBI ban on Bank of Baroda World app: Finance ministry’s likely plan on frauds

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Union finance ministry may propose stricter measures to protect citizens from cyber fraud, it was reported. This comes after an increase in incidents of frauds, including the Bank of Baroda World app scam, the Times of India reported citing sources who “mentioned a recent inter-ministerial meeting focused on bolstering cybersecurity and tackling financial fraud”, it noted.

A security official walks past an emblem of the Reserve Bank of India at the RBI headquarters, in Mumbai.
A security official walks past an emblem of the Reserve Bank of India at the RBI headquarters, in Mumbai.

What was RBI’s action on Bank of Baroda World app?

In October 2023, the Reserve Bank of India (RBI) stopped Bank of Baroda from onboarding new customers on its mobile app ‘BoB World’ citing material supervisory concerns. The bank said in response that it had already carried out corrective measures to address the concerns.

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“The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application,” RBI said in a statement.

“Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI,” it added.

What report said on steps Finance Ministry could take?

The report claimed that Finance ministry could be in support of stricter Know Your Customer (KYC) procedures and due diligence by banks and financial institutions while onboarding new merchants. This applies to Business Correspondents (BCs) as they may be more vulnerable to security breaches, as per the report.

Additionally, the ministry’s proposal also stresses on the need for improved data security and data protection practices at the merchant and Business Correspondents level. The report claimed that the RBI may ask banks to review concentration of Business Correspondents in areas with a high incidence of cyber fraud.



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Sakuma Exports shares to trade ex-rights today: Check price, allotment, ratio here

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Sakuma Exports rights issue 2024: The rights issue of Sakuma Exports Ltd will open on April 25 and will close on May 13. The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price 25.3 per share. The issue size is 199.83 crores while the entitlement ratio is 33:98 which means 33 rights share for every 98 fully-paid equity shares held on the record date.

Sakuma Exports rights issue 2024: The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price <span class=
Sakuma Exports rights issue 2024: The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price 25.3 per share.

Sakuma Exports: What is rights issue?

In the rights issue, a company grants existing shareholders the right to buy new shares at a discount to the current trading price. The issue gives existing shareholders securities called rights while companies give shareholders a chance to increase their exposure to the stock at a discount price.

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Sakuma Exports: What to expect?

The Board of Directors of the company declared rights issue of equity shares for the eligible shareholders and said in a stock exchange filing that “the issue of 7,89,84,298 equity shares of face value of Re. 1 each (Equity Shares) to Eligible Equity Shareholders aggregating up to Rs. 19983.03 lakhs in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (SEBI ICDR Regulations).”

“The Board of Directors, in accordance with Regulations 30 and Regulation 42 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended and Regulation 68 of the SEBI ICDR Regulations, at its meeting held today ie., April 8, 2024, has considered and approved April 15, 2024 as the record date for the purpose of determining the Eligible Equity Shareholders who are eligible to apply for the Rights Equity Shares, in the Issue (Record Date),” it added.



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