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FTX’s Sam Bankman-Fried, DOJ tussle over his communications

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Federal prosecutors are seeking to bar FTX founder Sam Bankman-Fried from privately contacting current and former employees of the bankrupt cryptocurrency exchange to prevent possible witness tampering in a criminal case alleging he is accused of defrauding investors and customers.

The request, made in a letter filed by U.S. Department of Justice attorneys late Friday, sparked an outraged response from Bankman-Fried’s attorney, who accused prosecutors of twisting the facts to injure the FTX founder before his for process planned for the end of this year in a more sinister light.

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The irritated exchange prompted US District Judge Lewis Kaplan in New York on Saturday to issue an order advising opposing attorneys in the case to refrain from “derogatory characterizations” of each other’s actions and motives.

Bankman-Fried, 30, has been in custody at his parents’ home in Palo Alto, California since he pleaded not guilty to charges against him earlier this month. He is accused of diverting vast sums of FTX client funds to buy real estate, donate to politicians and fund risky deals at Alameda Research, his cryptocurrency hedge fund trading firm.

Federal prosecutors have expressed concern about Bankman-Fried’s attempts to contact potential witnesses in the case after discovering that he sent an encrypted message via the Signal SMS app to the general counsel of FTX US on Jan. 15 sent, according to her letter to Kaplan.

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“I’d really like to get in touch again and see if there’s a way for us to have a constructive relationship, use each other as resources if possible, or at least check things out with each other,” Bankman-Fried wrote to the Voice actor of FTX “Witness 1”, in the prosecutor’s letter.

Federal prosecutors said Kaplan said Bankman-Fried’s communications were a sign that he may be trying to influence a witness with incriminating evidence against him. As a safety measure, prosecutors want Kaplan to revise the terms of Bankman-Fried’s bail so that he cannot communicate with current or former employees of FTX and Alameda Research outside of the presence of an attorney without a waiver from the Justice Department.

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But Bankman-Fried’s attorney, Mark Cohen, painted a very different picture in his fiery response to prosecutors. Cohen described Bankman-Fried’s efforts to reach FTX’s General Counsel as “a harmless attempt to offer assistance with FTX’s bankruptcy proceedings.”

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In his Saturday order, Kaplan requested that full copies of Bankman-Fried’s electronic communications be provided by Monday.

Federal prosecutors also want Kaplan to amend the terms of Bankman-Fried’s bail to prevent him from communicating through Signal, which has an automatic deletion option to make messages disappear quickly and encryption technology to protect the content to protect outsiders.

“Using Signal to contact potential witnesses increases the likelihood that detecting an attempt to obstruct justice by influencing a witness will itself be obstructed,” prosecutors told Kaplan.

But Cohen wrote that the message sent to the FTX General Counsel did not have an automatic delete feature. Cohen also assured the judge that Bankman-Fried had disabled the disappearance of messages option in his Signal account.

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“The government cannot justify a bail condition with an unfounded concern about what Mr. Bankman-Fried might do when there is no evidence that he is actually doing it,” Cohen said.

Before prosecutors asked the judge to impose sweeping restrictions that would prevent Bankman-Fried from communicating privately with current or former FTX employees, Cohen said the two sides had already negotiated to reach a “reasonable” compromise, before prosecutors sandbagged the talks with their late Friday letter to Kaplan.

Cohen estimates that FTX and Alameda Research have about 350 current and former employees who would be excluded from Bankman-Fried by a blanket ban, including some who may have key information in his defense during a trial expected to begin in October .

Bankman-Fried was willing to voluntarily agree to a communications ban prohibiting him from communicating with several top FTX executives in exchange for working with others such as his father, his therapist who is still employed by the cryptocurrency exchange, and one A number of other unidentified employees are allowed to stay in touch who contact him directly.

Kaplan asked federal prosecutors to respond to Cohen’s claims in his seven-page letter by Monday.

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DOE calls on Filipinos to join Earth Hour

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MANILA – The Department of Energy (DOE) has called on Filipinos to participate in Earth Hour to increase the country’s energy efficiency and help mitigate the adverse effects of climate change.

“Behaviour change may seem like a challenge, but there are relatively simple things we as residents, businesses and local governments can do to be energy efficient, increase resilience to climate change and pave the way to a more sustainable future,” Energy Minister Raphael Lotilla said in a statement on Friday.

Earth Hour, an annual event encouraging people to simultaneously turn off unnecessary lights for 60 minutes, takes place today, March 25, from 8:30 p.m. to 9:30 p.m

Lotilla noted that this symbolic lights-out event served as an “occasional reminder of how simple everyday practices can have a huge impact in reducing our energy use.”

The DOE reported that the country saved 65.32 megawatts (MW) in last year’s Earth Hour, with Luzon covering more than half of the total at 35.26 MW.

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Mindanao saved 15.3 MW while the Visayas recorded 14.76 MW.

Last year’s numbers are lower than the electricity saved in 2021, which stood at 73.01 MW, DOE data show.

The highest energy savings were recorded before the pandemic in 2019 at 195.34 MW.

The DOE hopes the country could save more this year as more Filipinos attend the event.

“Together action could create a safer, more resilient and more sustainable future. By turning off our lights for an hour, we can significantly improve energy use, raise public awareness, change behaviors and help reduce the impact of global warming on this planet,” the agency said.

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Earth Hour began in 2007 in Sydney, Australia, where more than 2.2 million people turned off their lights for an hour.

For its part, the DOE encouraged Filipinos to minimize their electricity consumption during peak hours: 11 a.m. to 12 p.m., 2 p.m. to 3 p.m., and 6 p.m. to 7 p.m


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SEC raised concerns over hedge fund Rokos aCentre County Reporter losing bond bets

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The US Securities and Exchange Commission has raised concerns about Rokos Capital Management aCentre County Reporter the hedge fund was forced to pledge large amounts of cash to its banks as collateral when an outsized bet on US Treasury bonds backfired earlier this month.

SEC Chairman Gary Gensler raised the hedge fund in talks with UK regulators this week aCentre County Reporter he faced bigger margin calls than his peers, according to people familiar with the talks.

The US regulator does not oversee the London-based companies Rocos but is on high alert for tensions in financial markets aCentre County Reporter a series of recent explosions in the banking sector. UK regulators agreed to keep an eye on the hedge fund, one of the people said.

The talk highlights official fears that the rapid unwinding of concentrated hedge fund bets could exacerbate tensions in the US Treasury market, which underpins asset prices around the world.

The episode stems from the failure of Silicon Valley Bank earlier this month and concerns about the bank’s overall health US regional banking system. ACentre County Reporter the collapse of the SVB, investors snapped up government bonds, betting that the US Federal Reserve would slow the pace of interest rate hikes to shore up financial stability.

As bond prices rallied, many hedge funds were flat-footed in the rally, but industry participants say Rokos was one of the biggest short-term losers. The fund, which has about $15.5 billion under management, was down 12.5 percent this month, the Financial Times reported March 17, as several counterparties called for more assets to be raised to meet margin calls, two said people familiar with the matter.

However, counterparties contacted by the FT said they were not concerned about Rokos’ ability to meet the margin calls.

Unlike many other macro hedge funds, which tend to be more diversified, the vast majority of Rokos’ leverage is in the government bond markets.

Billionaire Chris Rokos, who co-founded hedge fund Brevan Howard before starting his own business, made headlines in late 2021 when he was caught off guard by a massive sell-off in short-term sovereign debt. He then reduced the market risk he took on, making more than 50 percent over the past year before this month’s losses.

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Rokos, the UK’s Financial Conduct Authority, the Bank of England and the SEC all declined to comment.

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RIL names V Srikanth as new CFO; Alok Agarwal as Senior Advisor to Chairman

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Mukesh Ambani-led Ltd (RIL) appointed Venkatachari Srikanth as its new chief financial officer (CFO) on Friday, succeeding Alok Agarwal, who turned 65 and had served the company for 30 years, according to a stock exchange release by .

Agarwal, who joined Reliance in 1993 and was appointed CFO in 2005, moved to the position of senior advisor to the company’s chairman and chief executive officer, assisting him on a variety of strategic issues.

Both new roles will take effect from June 1, 2023, the company said in the announcement.

V Srikanth (joint CFO since 2011) has shared part of the responsibilities of the CFO position with Alok Agarwal in recent years. Srikanth was there for the last 14 years. Previously he worked for Citi Group for two decades in foreign exchange and derivatives and later became Head of Markets.



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Alok Agarwal is a graduate of IIT Kanpur and IIM Ahmedabad. He came to it 1993 and became CFO in 2005. Prior to RIL, he worked at Bank of America for 12 years.



“The Board recognized Shri Alok Agarwal for his contribution to the transformation of the company,” he said Added replacement notice.


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