Finance
Feds have seized nearly $700M from FTX founder Sam Bankman-Fried
Federal authorities have seized nearly $700 million from FTX founder Sam Bankman-Fried, principally from shares of Robinhood that he owned.
A courtroom submitting from Friday reveals that the federal authorities seized greater than 55 million shares of Robinhood inventory together with tens of thousands and thousands of {dollars} from every of a number of financial institution accounts.
Bankman-Fried was arrested final month within the Bahamas and extradited to america to face fees together with wire fraud, cash laundering and conspiracy to commit fraud as a part of an alleged scheme to defraud buyers.
Prosecutors have alleged that Bankman-Fried used funds from buyers for his personal functions to fund investments from his hedge fund, Alameda Analysis, purchase actual property and to make political donations.
He pleaded not responsible to all fees earlier this month. He has stated he has not stolen any cash, and FTX’s clients ought to be capable of get their a refund regardless of the cryptocurrency alternate’s chapter declaration in November.
Federal authorities have stated Bankman-Fried used the cash that buyers meant to place into FTX to purchase the Robinhood shares.
The whole worth of the shares seized is greater than $500 million. 5 of the sums that officers seized have been accounts held within the identify of “FTX Digital Markets,” whereas three have been for all cash, property and funds contained in three accounts for Binance, one other cryptocurrency alternate.
Finance
PNB Housing Finance Shares Tumble After Large Trades
Shares of PNB Housing Finance Ltd. fell nearly 7% on Thursday after 5.2% equity changed hands in a bunch.
The home loan provider had 13.6 crore shares changed hands at Rs 773 apiece in a bunch trade, Bloomberg reported. The total value of the stake sale is over Rs 10,512 crore.
Foreign portfolio investors Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte. were the likely sellers, Bloomberg reported, quoting the term sheet for the large trade.
The floor price is at an 8% discount to the previous close of Rs 840 apiece. BNP and UBS are joint placement agents for the sale of stakes, according to Bloomberg.
As of March 2024, Asia Opportunities held a 9.88% stake in the housing finance company and General Atlantic held 9.82%. The same companies had divested on May 29 over 58 lakh shares each of PNB Housing Finance shares (2.23% equity) for an aggregate amount of Rs 844 crore.
Finance
New finance director in Des Plaines
Agnes Podbial, Des Plaines finance director
Courtesy of Des Plaines
Agnes Podbial has been named Des Plaines’ new finance director.
Podbial has been the interim director since her predecessor, Dorothy Wisniewski, was promoted to city manager earlier this year.
Podbial has been with the finance department in several roles since 2017, according to a news release. The promotion was effective this week.
Finance
Finance Canada’s Kirsten Fraser takes to the stage at OBExpo Canada 2024 | Open Banking Expo
Kirsten Fraser, director, financial services innovation at Finance Canada, told delegates at Open Banking Expo Canada that the Department of Finance team is working towards the Government’s 2025 target for consumer-driven banking to go live.
In a Fireside Chat with Eyal Sivan, general manager North America at Ozone API and chair of the Main Stage at the Expo, Fraser also noted that the target delivery date would be subject to factors such as the legislative calendar and a minority parliament.
Fraser told delegates that in the Department of Finance’s discussions with stakeholders taking place now, “we’re surfacing questions of a regulatory nature, so once legislation does pass, we’re able to hit the ground running and be informed by those views”.
She also addressed how Open Banking will be funded and the funding amounts announced in Budget 2024, which Sivan called “pretty modest”.
The government revealed in the federal budget that the Financial Consumer Agency of Canada (FCAC) will receive $1 million, while $4.1 million has been set aside for the Department of Finance.
Fraser told delegates at Open Banking Expo Canada that the amounts pledged in the budget were “not intended to be the extent of what the FCAC will receive for administration and oversight of the Act”.
The initial $1 million is “to provide some support to advance implementation and get started on a consumer education and awareness campaign”, as well as having time to “understand what the new mandate will look like and the resources needed”.
“The money is meant to fill the gap until a final decision is made about what is required to resource it appropriately,” Fraser said.
Sivan asked Fraser to clarify the distinction between the role of the FCAC and Department of Finance in overseeing consumer-driven banking.
She confirmed that the FCAC will be responsible for implementation, administration and oversight, while the Department of Finance will retain the policy lead, which means it will lead on “expansion of scope” and any “policy changes”.
“Open Banking has demonstrated itself to be bipartisan – why do you think this is?” Sivan asked Fraser.
She acknowledged there is “broad bipartisan support in Canada” which is “fundamentally being underpinned by consumers having the right to their data in ways that benefit them”.
Fraser added that “this other idea of accessibility of financial services – improved financial outcomes for consumers, I would say lawmakers across the globe can be aligned on that”.
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