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Sam Bankman-Fried has been found guilty of defrauding customers of his cryptocurrency exchange out of billions of dollars.

The 31-year-old could be sentenced to more than 100 years in prison after stealing money from clients of FTX.

A Manhattan jury convicted him on all seven counts after a month-long trial.

FTX collapsed last November, shocking financial markets and wiping out the crypto tycoon’s estimated $26bn (£21bn) fortune.

He was arrested in the Bahamas in December and extradited to the US.

Bankman-Fried – who pleaded not guilty to two counts of fraud and five of conspiracy – clasped his hands together as the verdict was delivered.

He admitted “mistakes” in running FTX when he testified last week, but denied stealing at least $10bn of his customers’ money.

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Prosecutors claimed he used the funds for risky bets at his hedge fund Alameda Research – with a huge financial black hole emerging when crypto markets fell sharply.

FTX abruptly halted withdrawals last November and crypto’s second-largest exchange – with more than a million customers – went bankrupt.

FTX logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration
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FTX allowed people to buy crypto and charged a fee for each transaction

Bankman-Fried’s fall from grace has seen him compared to well-known financial fraudsters Bernie Madoff and ‘Wolf of Wall Street’ Jordan Belfort.

“He didn’t bargain for his three loyal deputies taking that stand and telling you the truth: that he was the one with the plan, the motive and the greed to raid FTX customer deposits – billions and billions of dollars – to give himself money, power, influence,” prosecutor Danielle Sassoon told the jury.

“He thought the rules did not apply to him. He thought that he could get away with it.”

Bankman-Fried built ‘pyramid of deceit’

He was the mop-haired, cargo short-wearing darling of the crypto world.

Sam Bankman-Fried build the FTX cryptocurrency exchange into a business valued at $32bn.

There were flash TV ads featuring basketball icon Steph Curry and actor Larry David. Tennis star Naomi Osaka wore FTX branded gear and the company logo adorned the stadium of the Miami Heat.

FTX was huge and Sam Bankman-Fried rode high on excess.

Home was a $35m property in the Bahamas, a place where he knew the neighbours – FTX spent $300m buying up vacation properties on the island nation for company staff.

But it was success built on fraudulent foundations.

In the words of the prosecution, Bankman-Fried built a “pyramid of deceit” and treated FTX as his own personal piggy bank, defrauding customers out of more than $10bn.

The consequences of his arrest have since reverberated through the crypto world – other firms have collapsed and there has been a tightening in regulation.

Bankman-Fried’s defence lawyers argued that the 31-year-old was simply a “math nerd” who never set out to break the law and was a victim of circumstances beyond his control.

He is the math nerd who can count on a lengthy stay in prison.

Alameda’s former CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh pleaded guilty and gave evidence against Bankman-Fried last month.

They said he told them to help Alameda loot funds from FTX and lie to lenders and investors.

The defence claimed the trio had falsely implicated him to get a lighter sentence, but after their testimony Bankman-Fried took the calculated risk to give evidence.

He admitted making a mistake by not having a dedicated risk management team, but claimed he thought Alameda’s borrowing from FTX was allowed.

He told the jury he did not realise how big the debts had become until just before both firms collapsed.

Former crypto hedge fund Alameda Research CEO Caroline Ellison arrives for the trial of former FTX Chief Executive Sam Bankman-Fried who is facing fraud charges over the collapse of the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 11, 2023. REUTERS/Brendan McDermid
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Former Alameda CEO Caroline Ellison (centre) gave evidence against him

Read more from Sky News:
How FTX founder went from £21bn empire to jail
Who is Bankman-Fried, former ‘King of Crypto’?

The son of Stanford law professors, and an MIT graduate himself, Bankman-Fried was known for his distinctive curly hair and casual dress – as well as mixing with celebrities.

His trial even heard that he believed he had a chance of one day becoming US president.

Bankman-Fried had been in custody since August after the judge said he had probably tampered with witnesses and revoked his $250m bail.

He will be sentenced on 28 March 2024.

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Getir quits UK with multimillion pound Tottenham Hotspur debt

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Getir quits UK with multimillion pound Tottenham Hotspur debt

Getir, the grocery delivery app which this month confirmed plans to exit the UK, has an outstanding debt to Tottenham Hotspur Football Club running to millions of pounds.

Sky News understands that Turkey-based Getir, whose three-year training kit sponsorship deal with Spurs expired at the end of the Premier League season on Sunday, owes close to £5m to the club.

News of the outstanding debt comes as Getir tries to access a tranche of agreed funding from major investors Mubadala and G Squared to help facilitate its withdrawal from the UK, Germany and the Netherlands.

It was unclear this weekend whether the delivery app, which means “to bring” in Turkish, has the means to settle its financial obligations to Spurs.

The company once attained a valuation of almost £10bn, but has been forced by its deteriorating finances to retrench back to its home market, in the process axing thousands of jobs.

Its withdrawal from the UK has put about 1,500 jobs at risk, Sky News revealed earlier this month.

Companies such as Getir were big winners during the pandemic, attracting funding at astronomical valuations.

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Its decline highlights the slumping valuations of technology companies once-hailed as the new titans of food retailing.

Many of its rivals have already gone bust, while others have been swallowed up as part of a desperate wave of consolidation.

Getir itself bought Gorillas in a $1.2bn stock-based deal that closed in December 2022.

Getir and Tottenham Hotspur both declined to comment.

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Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit

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Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit

Billionaire Sir Jim Ratcliffe has told Sky News that Britain is ready for a change of government after scolding the Conservatives over their handling of the economy and immigration after Brexit.

While insisting his petrochemicals conglomerate INEOS is apolitical, Sir Jim backed Brexit and spent last weekend with Labour leader Sir Keir Starmer at Manchester United – the football club he now runs as minority owner.

“I’m sure Keir will do a very good job at running the country – I have no questions about that,” Sir Jim said in an exclusive interview.

“There’s no question that the Conservatives have had a good run,” he added. “I think most of the country probably feels it’s time for a change. And I sort of get that, really.”

Politics live: ‘We are in existential battle’ over world order, defence secretary warns

Sir Jim was a prominent backer of leaving the European Union in the 2016 referendum but now has issues with how Brexit was delivered by Tory prime ministers.

“Brexit sort of unfortunately didn’t turn out as people anticipated because… Brexit was largely about immigration,” Sir Jim said.

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“That was the biggest component of that vote. People were getting fed up with the influx of the city of Southampton coming in every year. I think last year it was two times Southampton.

“I mean, no small island like the UK could cope with vast numbers of people coming into the UK.

“I mean, it just overburdens the National Health Service, the traffic service, the police, everybody.

“The country was designed for 55 or 60 million people and we’ve got 70 million people and all the services break down as a consequence.

“That’s what Brexit was all about and nobody’s implemented that. They just keep talking about it. But nothing’s been done, which is why I think we’ll finish up with the change of government.”

Read more:
Sir Jim’s mission to succeed at ‘the one challenge the UK has never brought home’

UK needs to get ‘sharper on the business front’

Prime Minister Rishi Sunak has indicated an election is due this year but Monaco-based Sir Jim is unimpressed by the Conservatives’ handling of the economy.

“The UK does need to get a bit sharper on the business front,” he said. “I think the biggest objective for the government is to create growth in the economy.

“There’s two parts of the economy, there’s the services side of the economy and there’s the manufacturing side. And the manufacturing, unfortunately, has been sliding away now for the last 25 years.

“We were very similar in scale to Germany probably 25 years ago.

“But today we’re just a fraction of where Germany is and I think that isn’t healthy for the British economy… particularly when you think the north of England is very manufacturing based, and that talks to things like energy competitiveness, it talks to things like, why do you put an immensely high tax on the North Sea?

“That just disincentivises people from finding hydrocarbons in the North Sea, in energy.

“And what we need is competitive energy. So I mean, in America, in the energy world, in the oil and gas world, they just apply a corporation tax to the oil and gas companies, which is about 30%. And in the UK we’ve got this tax of 75% because we want to kill off the oil and gas companies.

“But if we don’t have competitive energy, we’re not going to have a healthy manufacturing industry. And that just makes no sense to me at all. No.”

‘We’re apolitical’

Asked about INEOS donating to Labour, Sir Jim replied: “We’re apolitical, INEOS.

“We just want a successful manufacturing sector in the UK and we’ve talked to the government about that. It’s pretty clear about our views.”

Sir Jim was keener to talk about the economy and politics than his role at struggling Manchester United, which he bought a 27.7% stake in from the American Glazer family in February – giving him an even higher business profile.

Old Trafford stadium in Manchester. Pic: AP
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Old Trafford stadium in Manchester. Pic: AP

Push for stadium of the North

He is continuing to push for public funds to regenerate Old Trafford and the surrounding areas despite no apparent political support being forthcoming. Sir Keir was hosted at the stadium for a Premier League match last weekend just as heavy rain exposed the fragility of the ageing venue.

“There’s a very good case, in my view, for having a stadium of the North, which would serve the northern part of the country in that arena of football,” Sir Jim said. “If you look at the number of Champions League the North West has won, it’s 10. London has won two.

“And yet everybody from the North has to get down to London to watch a big football match. And there should be one [a large stadium] in the North, in my view.

“But it’s also important for the southern side of Manchester, you know, to regenerate.

“It’s the sort of second capital of the country where the Industrial Revolution began.

“But if you have a regeneration project, you need a nucleus or a regeneration project and having that world-class stadium there, I think would provide the impetus to regenerate that region.”

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Marks & Spencer’s website and app go down

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Marks & Spencer's website and app go down

Marks & Spencer’s website and app has not been working for several hours, with a message telling shoppers “you can’t shop with us right now”.

“We’re working hard to be back online as soon as possible,” it adds.

All the menus and images have disappeared apart from one showing a model in a green jacket.

Customers trying to use the app got the message: “Sorry you can’t shop through the app right now. We’re busy making some planned changes, but will be back soon.”

The site is understood to have been down for several hours.

Replying to one customer on X, the retailer said: “We’re experiencing some technical issues but we are working on it.”

M&S is the latest high street name to have technical issues – last month some Sainsbury’s shoppers had problems with their online orders.

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The outage comes a few days before M&S is expected to reveal a big jump in annual profits.

It’s been a successful year for the brand, with strong sales across the business following a turnaround plan that has included store closures and cost cutting.

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