• Former FTX chief executive Sam Bankman-Fried arrives on the day of his hearing at Manhattan federal court in New York. Reuters
    Former FTX chief executive Sam Bankman-Fried arrives on the day of his hearing at Manhattan federal court in New York. Reuters
  • Mr Bankman-Fried faces fraud charges over the collapse of the FTX cryptocurrency exchange. AP
    Mr Bankman-Fried faces fraud charges over the collapse of the FTX cryptocurrency exchange. AP
  • Mr Bankman-Fried pleaded not guilty to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform. EPA
    Mr Bankman-Fried pleaded not guilty to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform. EPA
  • Mr Bankman-Fried is facing federal charges that he illegally used money from investors for personal gain. Reuters
    Mr Bankman-Fried is facing federal charges that he illegally used money from investors for personal gain. Reuters
  • The FTX Group has installed a new chief executive as Mr Bankman-Fried deals with his legal challenges. Reuters
    The FTX Group has installed a new chief executive as Mr Bankman-Fried deals with his legal challenges. Reuters
  • Mr Bankman-Fried was extradited to the US from the Bahamas in December. AP
    Mr Bankman-Fried was extradited to the US from the Bahamas in December. AP
  • The FTX Group has filed for bankruptcy and has begun an 'orderly process to review and monetise assets for the benefit of all global stakeholders'. AFP
    The FTX Group has filed for bankruptcy and has begun an 'orderly process to review and monetise assets for the benefit of all global stakeholders'. AFP
  • Mr Bankman-Fried was arrested on December 13, 2022, in the Bahamas after being served with several US criminal charges. AFP
    Mr Bankman-Fried was arrested on December 13, 2022, in the Bahamas after being served with several US criminal charges. AFP
  • Mr Bankman-Fried lost much of his wealth in the FTX collapse. AP
    Mr Bankman-Fried lost much of his wealth in the FTX collapse. AP
  • The US accuses Mr Bankman-Fried of committing one of the biggest financial frauds in history. Reuters
    The US accuses Mr Bankman-Fried of committing one of the biggest financial frauds in history. Reuters
  • Mr Bankman-Fried, seen here in February 2021, has testified on Capitol Hill about cryptocurrency policy. AFP
    Mr Bankman-Fried, seen here in February 2021, has testified on Capitol Hill about cryptocurrency policy. AFP

Sam Bankman-Fried pleads not guilty in FTX fraud case


  • English
  • Arabic

Disgraced former cryptocurrency tycoon Sam Bankman-Fried on Tuesday pleaded not guilty to criminal charges after being accused of cheating investors through his now-bankrupt FTX crypto exchange platform.

Mr Bankman-Fried is accused of stealing billions of dollars in FTX customer deposits to support his Alameda Research hedge fund, to buy real estate and to make political contributions in what prosecutors have called a fraud of epic proportions.

Entering his plea through his lawyer, the 30-year-old is charged with eight criminal counts, including wire fraud and conspiracy to commit money laundering in a federal court. He could receive up to 115 years in prison if convicted.

Mr Bankman-Fried entered the courthouse wearing a blue suit, white shirt and dotted blue tie, carrying a backpack.

The Massachusetts Institute of Technology graduate rode a boom in the value of Bitcoin and other digital assets to build a net worth of an estimated $26 billion. He eventually became an influential political donor in the US.

But FTX collapsed in early November after a wave of withdrawals and consequently declared bankruptcy on November 11, wiping out Mr Bankman-Fried's fortune. He later said he had $100,000 in his bank account.

Mr Bankman-Fried was extradited last month from the Bahamas, where he had been living and where the exchange was based.

Since his release on bond on December 22, Mr Bankman-Fried has been subject to electronic monitoring and required to live with his parents, both professors at Stanford Law School in California.

The prosecution case was strengthened by guilty pleas issued last month by two of Mr Bankman-Fried's closest associates.

Caroline Ellison, who was Alameda's chief executive, and Gary Wang, FTX's former chief technology officer, pleaded guilty to seven and four criminal charges, respectively, and agreed to co-operate with prosecutors.

Mr Bankman-Fried, Ellison and Wang were also sued by the US Securities and Exchange Commission and the Commodity Futures Trading Commission. Ellison and Wang have settled those civil cases.

FTX's new chief executive, John Ray, known for his work on Enron Corporation's bankruptcy, has said the company was run by “grossly inexperienced” and unsophisticated people.

Reuters contributed to this report

Neymar's bio

Total club appearances 411

Total goals scored 241

Appearances for Barca 186

Goals scored for Barca 105

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

'Jurassic%20World%20Dominion'
%3Cp%3EDirector%3A%20Colin%20Trevorrow%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Sam%20Neill%2C%20Laura%20Dern%2C%20Jeff%20Goldblum%2C%20Bryce%20Dallas%20Howard%2C%20Chris%20Pratt%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

The specs

Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. 
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

UAE currency: the story behind the money in your pockets
Brahmastra%3A%20Part%20One%20-%20Shiva
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAyan%20Mukerji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERanbir%20Kapoor%2C%20Alia%20Bhatt%20and%20Amitabh%20Bachchan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
HAJJAN
%3Cp%3EDirector%3A%20Abu%20Bakr%20Shawky%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3EStarring%3A%20Omar%20Alatawi%2C%20Tulin%20Essam%2C%20Ibrahim%20Al-Hasawi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A

Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars 

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Porsche Taycan Turbo specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 1050Nm

Range: 450km

Price: Dh601,800

On sale: now

The%20Roundup
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

'Brazen'

Director: Monika Mitchell

Starring: Alyssa Milano, Sam Page, Colleen Wheeler

Rating: 3/5

The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

Torque: 380Nm at 4,800rpm

Transmission: CVT auto

Fuel consumption: 9.5L/100km

On sale: now

Price: from Dh195,000 

Updated: January 04, 2023, 2:44 AM