Crime
US prosecutors brand Bankman-Fried ‘a thief’ in crypto trial
Former cryptocurrency whiz kid Sam Bankman-Fried knowingly stole money from customers of his FTX platform, US prosecutors told a federal court in closing arguments on Wednesday.
“This is not about complex issues of cryptocurrencies,” prosecutor Nicolas Roos told the jury after several days of whithering cross-examination of the fallen crypto king.
“It’s about deception. It’s about lies. It’s about stealing. It’s about greed,” he said of the 31-year-old who was estimated to be worth several billion dollars at the height of his fame.
Bankman-Fried is on trial in New York for siphoning funds invested by unknowing customers on his FTX cryptocurrency exchange platform, once the second biggest exchange for crypto investors. He faces decades in prison if convicted.
Up to $14 billion of client money fuelled the transactions and venture investments of Alameda Research, Bankman-Friends personally owned hedge fund.
The jury is faced with the question whether “the defendant knew taking the money was wrong,” Roos said.
“He knew it was wrong. He did it anyway (and) thought because he was smart he could get away with it,” the prosecutor argued.
To believe otherwise, “you’d have to believe that the defendant was actually clueless. You sat through this trial and you know that none of it is true.”
During the trial that began on October 3, the Massachusetts Institute of Technology graduate admitted he made “mistakes” in managing his crypto empire, but that he never committed fraud.
He depicted himself as a young entrepreneur swamped with work who only became aware of the trouble at Alameda when it was too late.
He said the problems at Alameda arose because his directions were ignored by staff, including his former girlfriend Caroline Ellison, whom he had tapped to run Alameda.
Roos pointed out that three witnesses, Ellison and other close associates, each claimed that the ex-cryptocurrency genius had given instructions for Alameda to pilfer the coffers of FTX, virtually without limit.
“That’s fraud. That’s stealing, plain and simple,” Roos said.
The trial has revealed that company software authorized Alameda to borrow up to $65 billion from FTX via a “back door”, using the money for risky investments, political donations, and the purchase of the swishy real estate.
But the blank check turned sour when the cryptocurrency industry got rocked by a series of defaults in 2022, causing the value of virtually all digital currencies and Alameda’s assets to plummet.
According to prosecutors, at the time of the bankruptcy of FTX, just over $8 billion belonging to customers vanished into bad investments at Alameda.
Crime
UK prison officer, Linda De Sousa Abreu jailed over viral sex video with inmate
A former prison officer in the UK has been sentenced to 15 months in jail after being filmed engaging in sexual activity with an inmate.
Linda De Sousa Abreu, 30, was identified by senior prison staff when the footage surfaced online and quickly went viral.
Abreu was arrested at Heathrow Airport while attempting to board a flight to Madrid with her father.
She had previously admitted to misconduct in public office.
Andrew Davy, the governor of Wandsworth, expressed the broader consequences of Abreu’s actions in a statement to Isleworth Crown Court.
He stated that her behavior had undone “less than a day” the years of effort female staff had invested to build respect and trust in the all-male prison.
He also noted that many female staff members reported being “hit on” more frequently by inmates and now felt “considered fair game.”
The court heard that the incident captured in the viral video occurred between June 26 and 28, and further investigation revealed additional misconduct.
A recording of Abreu performing a sex act on the same inmate was discovered on her prison-issued body-worn camera.
She admitted to having sexual relations with the prisoner on another occasion as well.
Judge Martin Edmunds KC described the viral video as part of a pattern of repeated misconduct rather than an isolated incident.
The Metropolitan Police confirmed that investigations into the two prisoners identified in the video are ongoing.
A spokesperson for the Prison Service commented: “While the overwhelming majority of Prison Service staff are hardworking and honest, we’re catching more of the small minority who break the rules by bolstering our Counter Corruption Unit and strengthening our vetting processes. As today’s sentencing demonstrates, where officers do fall below our high standards we won’t hesitate to take robust action.”
The Prison Officers’ Association, which represents prison staff, acknowledged that corrupt individuals like Abreu undermine the efforts of their colleagues but emphasized that such cases represent a small minority.
Crime
Police Arrests Cop-killer, Dismantles Child-trafficking Syndicate
As Operatives Recover Illicit Arms, Ammunition.
The Nigeria Police Force as part of its efforts to ensure the safety and security of all Nigerians by employing proactive, intelligence-driven strategies to combat crime have evolved improved strategies to combat crimes and criminality.
These efforts have led to the disruption of criminal networks and a notable decrease in incidents of organized and violent crime, enhancing the overall security situation in the country.
On the 1st of November 2024, operatives of the FID-IRT arrested one Ogaga Dickson ‘m’ 35 years, a member of a notorious armed robbery syndicate responsible for the death of CSP Hassan Jega, the DPO Agbarho Division, Delta State, who was killed on the 14th of October 2024, during a fierce gun battle between a team of police officers led by the deceased DPO and the assailants, after the team of police men had foiled one of their robbery operations.
The operatives had earlier stormed the gang’s den and engaged them in a fierce gun duel leading to the neutralization of 4 of the gang members. Upon Ogaga’s arrest, the police recovered one Ak 47 rifle, one English pistol, one locally made pistol, ammunition of various calibres and six exotic vehicles.
Similarly, police operatives apprehended a child-trafficking syndicate led by one Pastor Dayo Bernard ‘m’ of End Time Army Ministry, Bukuru, Plateau State on the 2nd of December 2024.
The operation led to the rescue of five children between the ages of 2-4, abducted from various homes in Jos, Plateau State, and the arrest of other members of the syndicate identified as Rita Agboeze ‘f’, Victoria Ugwu ‘f’, Nanman Puntel ‘f’, and Peter Ukwuani ‘m’. Upon interrogation, the principal suspect confessed to having abducted and sold 13 children at varying prices, all of whom have been recovered by the police and reunited with their families through the Plateau State Ministry of Women Affairs and Social Development.
Furthermore, In line with the IGP’s directive to all police detectives to mop up every illicit arms and ammunition in circulation, operatives of the FID-IRT have successfully recovered 14 Ak-47 Rifles.
These operations exemplify the unwavering resolve of the Nigeria Police Force and highlight the effectiveness of our efforts to combat crime and enhance national security.
ACP OLUMUYIWA ADEJOBI, mnipr, mipra, fCAI
FORCE PUBLIC RELATIONS OFFICER
FORCE HEADQUARTERS,
ABUJA.
6th January 2025.
Crime
Lagos filmmaker, Emeka Emmanuel Mbadiwe arrested over cannabis trafficking case
Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested one Emeka Emmanuel Mbadiwe, a US-trained Nigerian filmmaker, over alleged involvement in drug trafficking.
The NDLEA, in a statement on Sunday, said the filmmaker was apprehended at a hotel in Lekki, Lagos, on December 27, 2024.
It said the arrest came shortly after one Uzoekwe Ugochukwu James, identified as an associate of his, was apprehended earlier the same day at Ajao Estate, Ikeja.
The operatives revealed that James was intercepted at a warehouse retrieving a shipment of 33 parcels of “loud”, a potent strain of cannabis.
The shipment, weighing 17.30 kilograms, had arrived at the Murtala Muhammed International Airport on December 24 via a Delta Airlines flight.
The substance was concealed in “large wooden crates”.
The NDLEA disclosed a series of other arrests and drug seizures across the country.
Among them was Feyisara Ajoke Elediye, a 61-year-old Lagos socialite, who was apprehended at her mansion in Okota after operatives intercepted a truck loaded with over 1,500 kilograms of cannabis.
In Kwara state, two young women were arrested for producing drug-laced cupcakes allegedly targeted at students.
Similarly, in Rivers state, a joint operation at the Port Harcourt Ports Complex uncovered more than 300,000 bottles of codeine-based syrup.
In Kano, a separate raid led to the seizure of over 149,000 pills of tramadol and exol-5.
Buba Marwa, NDLEA chairman, said the agency is abiding by a “balanced approach to drug supply reduction and demand reduction”.
-
Business6 days ago
Air France deboards French national in Abuja airport for unruly behaviour
-
News7 days ago
Lagos state government to probe DJ Kulet’s husband over child molestation allegations
-
Entertainment7 days ago
Lala Akindoju loses dad
-
Business7 days ago
X to launch payment system this year
-
News7 days ago
UNIMEDTH resident doctors in Ondo begin indefinite strike over poor conditions of service
-
News7 days ago
‘He’s a dead man walking’ — military threatens to eliminate Bello Turji
-
News7 days ago
Fire razes police station, three buildings in Lagos
-
News7 days ago
‘We’re stranded in Lagos’ — late Kano emir’s daughter appeals for help