The Justice Department will not pursue a campaign finance charge against Sam Bankman-Fried as part of an effort to adhere to the legal obligations of the FTX founder’s extradition from the Bahamas.
Former FTX chief Sam Bankman-Fried leaves the Federal Courthouse following a bail hearing ahead of … [+]
The campaign finance violation charge was among eight counts present in the DOJ’s original indictment—which also includes wire fraud, securities fraud and money laundering—in December.
In a filing late Wednesday, the DOJ informed New York federal judge Lewis Kaplan that the government had been earlier in the day that the Bahamas “did not intend to extradite the defendant on the campaign contributions count.”
In adherence with the government’s “treaty obligations” to the Bahamas, the DOJ informed Kaplan it “does not intend to proceed to trial on the campaign contributions count.”
The filing was made hours after Kaplan issued a gag order against the former crypto billionaire after prosecutors accused him of leaking former girlfriend and business partner Caroline Ellison’s personal writings to the New York Times.
This is not the first instance where the terms of Bankman-Fried’s extradition treaty have impacted the charges brought against him. Last month, the DOJ informed Kaplan it was prepared to try Bankman-Fried on eight counts brought against the FTX founder in its original indictment in December last year—temporarily forgoing the five additional charges that were filed earlier this year. Under the terms of Bankman-Fried’s extradition, any additional charges brought against him would need to be approved by the Bahamian government. A court in the Bahamas has blocked the country’s government from approving the five additional charges—which include bank fraud, operating an unlicensed money-transmitting business, and bribery—until his attorneys have a chance to fight them.
In May, Bankman-Fried’s attorneys asked the court to dismiss most criminal charges brought against him by federal prosecutors, arguing that they were “dramatic” and turned “civil and regulatory issues into federal crimes.” The FTX founder’s lawyers also blamed the company’s dramatic collapse on the “crypto winter” of 2022. FTX, which was once valued at $32 billion, collapsed in November last year after facing a liquidity crisis triggered by a selloff of its own FTT tokens. Late last month, Kaplan denied Bankman-Fried’s request to dismiss the charges, saying they “are either moot or without merit.”
Judge Issues Gag Order To Sam Bankman-Fried After Prosecutors Allege Witness Tampering (Forbes)
DOJ Agrees To Try Sam Bankman-Fried On Original Eight Charges—For Now (Forbes)
Egypt’s Finance Minister Mohamed Maait announced the successful delivery of over 28,000 new, eco-friendly cars under a presidential initiative to replace older vehicles.
Despite economic challenges including supply chain disruptions and inflation, the initiative has provided beneficiaries with current-year models at below-market prices and with 7 or 10-year installment plans.
Launched in March 2021, the initiative allows recipients to replace vehicles that are 20 years or older.
The government has demonstrated its commitment to promoting eco-friendly transportation by allocating EGP 718m in green incentives for these cars. Participants also benefit from a 3% flat annual interest rate, reduced insurance costs, and a complimentary EGP 100,000 personal accident insurance policy for the driver.
The initiative has expanded to numerous governorates, including Cairo, Giza, and Alexandria, reflecting the government’s goal of broadening the program’s reach and promoting green transportation nationwide. This effort aligns with fostering a green transition, increasing the prevalence of eco-friendly vehicles, and localizing the automotive industry.
The Minister emphasized ongoing efforts to develop Egypt’s automotive sector, with the aim of establishing the country as a regional hub for car manufacturing and export.
The government envisions a future where electric vehicles gradually replace traditional cars, contributing to the expansion of clean energy, reducing reliance on petroleum products, and easing the financial burden on citizens.
Congratulations to recent college graduates. Many graduates have already landed a job. Others may still be looking for an offer or waiting until summer’s end before job hunting. Whatever path you’re on, once you’re earning an income it’s critical to establish a solid financial foundation.
That’s always been true. But the changing nature of work — likely defined by multiple jobs and fluid careers — increases the need for embracing sound personal finance.
Three quick points. First, you’ll make mistakes with money. Everyone does. That’s how we learn. Second, keep your money management simple. Life is busy enough without falling into financial complexity. Finally, doing well with money isn’t rocket science. Good money management mostly involves developing a few good spending and savings habits. Here are several suggestions:
Concentrate on your career. Your most important financial investment is in your career(s). The big return on investment comes from the income you earn from your knowledge. Plan on continuously investing in your skills.
Create a budget. A budget lets you know where your money is going, and where you might want to make some adjustments. The information is vital.
Start saving with your first paycheck. This is true even if it’s a miniscule amount (which is likely). Put your savings on autopilot and adjust the sum upward when your pay increases. Savings is both your emergency fund and your opportunity fund.
Embrace frugality. There is a wide range of frugal behaviors, and you should find the thrifty habits that work for you. The frugal path means being cautious with debt. Frugality leads to greater freedom of choice. (Most college graduates owe on their student loans; research your repayment options and pick the best choice for your circumstances.)
Start the habit of giving money away. The thoughtfulness that comes from deciding where to give money creates strong connections to our community. The act of giving is a powerful reminder of what matters.
Invest in your financial education. There is no shortage of good resources, ranging from your employer to community organizations that promote financial literacy. Looking over my bookshelves, I’d highlight “Get a Financial Life: Personal Finance in Your Twenties and Thirties” by Beth Kobliner.
That’s enough to get started. Good luck on the next stage of life!
Chris Farrell is senior economics contributor, “Marketplace”; commentator, Minnesota Public Radio.
MOUNT VERNON, Ill. — The Mount Vernon Township High School finance committee and school board will meet Monday, June 24. The finance committee will meet at 5:30 p.m. and the board will meet at 6 p.m.
The finance committee meeting agenda is as follows:
Mt. Vernon Township High School
FINANCE COMMITTEE MEETING
Monday, June 24, 2024
5:30 p.m.
The agenda for the board meeting is attached:
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