Finance
FTX’s Bankman-Fried to agree to extradition to US: reports
![FTX’s Bankman-Fried to agree to extradition to US: reports](https://thehill.com/wp-content/uploads/sites/2/2022/12/ddd3a36c870e4cf484cd637c5e063fd5.jpg?w=1280)
Disgraced former FTX CEO Sam Bankman-Fried is anticipated to comply with extradition to the U.S., the place he faces eight fees, a number of retailers reported.
Bankman-Fried was arrested within the Bahamas final week as a federal court docket in Manhattan indicted the cryptocurrency mogul on wire fraud, securities fraud and commodities fraud, amongst different fees, following the collapse and chapter of FTX.
He faces allegations that largely heart on his firm’s purported use of buyer deposits at FTX to bankroll his personal hedge fund, known as Alameda Analysis.
The scrutiny has led to separate complaints from the Securities and Alternate Fee and the Commodities Futures Buying and selling Fee.
Bankman-Fried has spent the previous week within the Bahamas’s Fox Hill jail, which has a popularity for unsanitary circumstances and overcrowding.
His reported transfer to not contest extradition, which was first reported by Reuters, would pave the way in which for him to return to the U.S. and face fees filed within the U.S. District Courtroom for the Southern District of New York.
The Hill has reached out to Bankman-Fried’s attorneys for remark. Sources instructed ABC Information he might waive extradition as quickly as a court docket listening to Monday.
The indictment alleges Bankman-Fried knowingly devised a scheme “to defraud clients of FTX.com by misappropriating these clients’ deposits and utilizing these deposits to pay bills and money owed of Alameda Analysis, Bankman-Fried’s proprietary crypto hedge fund, and to make investments.”
The Division of Justice has additionally alleged that Bankman-Fried violated federal marketing campaign finance legal guidelines by making contributions to candidates reported within the title of one other individual.
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Finance
PNB Housing Finance Shares Tumble After Large Trades
![PNB Housing Finance Shares Tumble After Large Trades](https://media.assettype.com/bloombergquint%2F2024-06%2Fd503584a-ce99-4684-ae49-a65ccde46f62%2FSanjay_Gupta_MD_PNB_Housing_Finance_and_other_dignitaries_on_dais_during_IPO_PC_181016_JPG.jpg?rect=0%2C0%2C2514%2C1320&w=1200&auto=format%2Ccompress&ogImage=true)
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
![Finance Canada’s Kirsten Fraser takes to the stage at OBExpo Canada 2024 | Open Banking Expo](https://cdn.openbankingexpo.com/wp-content/uploads/2024/06/Unknown-3.jpeg)
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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