fraud

FTX CEO Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud and Money-Laundering

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Earlier this month, U.S. prosecutors from the Department of Justice called for a “necessary” 40 to 50-year sentence for him. Prior to its collapse, FTX was one of the top crypto exchanges by volume, behind Coinbase and Binance. Bankman-Fried testified that he didn’t defraud FTX customers or use their funds, but that Alameda “borrowed” that capital from the exchange. Prosecutors strongly argued Bankman-Fried made a number of false promises internally and externally and was responsible for the loss of billions of dollars for thousands of FTX investors. And as a result, Bankman-Fried will be spending quite some time behind bars.

Artificial Intelligence: Inscribe.ai Reduces Workforce by 40% Due to Fraud Detection Software Production

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Yet another AI-powered fraud detection software provider is laying off staff. Inscribe, whose platform works to detect fraud in areas like business underwriting, tenant screening, and onboarding, has cut just under 40% of its staff, which equates to dozens of employees. San Francisco-based Inscribe.ai confirmed the headcount reduction to TechCrunch, noting that the AI advances in the financial services industry necessitated a pivot to a new product and direction for the company. “2023 was a year of change for our customers and Inscribe,” explained Inscribe CEO and co-founder, Ronan Burke. At the time, the company forecast it would double its then 50-person workforce over the coming 12 to 18 months.

“Nikola CEO Trevor Milton Receives 4-Year Sentence for Securities Fraud”

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Trevor Milton, the disgraced founder and former CEO of electric truck startup Nikola, was sentenced Monday to four years in prison for securities fraud. The sentencing hearing comes after four separate delays, during which Milton has remained free under a $100 million bond. Milton sobbed as he pled with Judge Ramos for leniency in a long and often confusing statement ahead of the sentencing. At one point, Milton said he stepped down from the CEO post at Nikola not because of fraud allegations, but to support his wife. That video sparked investigations from third parties, and after a report by Hindenburg Research called the company a fraud, Milton stepped down in September 2020.

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