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Cryptocurrency

Jury in FTX founder Sam Bankman-Fried’s fraud trial begins deliberations

NEW YORK, Nov 2 (Reuters) - The jury in Sam Bankman-Fried's fraud trial began deliberations on Thursday following a monthlong trial in which prosecutors accused the FTX cryptocurrency exchange founder of stealing billions of dollars of customer funds.Bankman-Fried is poised to learn his fate in Manhattan federal court nearly a year after FTX declared bankruptcy as its customers raced to withdraw their funds in a collapse that shocked cryptocurrency markets and obliterated the 31-year-old's fortune, once estimated by Forbes at $26 billion.Bankman-Fried has pleaded not guilty to two counts of...
Banking

Exclusive: US FDIC is probing former First Republic Bank directors and officers

Nov 1 (Reuters) - The Federal Deposit Insurance Corporation (FDIC) is investigating potential misconduct by executives and board members of First Republic Bank (FRCB.PK), raising the prospect of stiff penalties for the failed bank's former bosses."We can confirm a D&O probe into First Republic is taking place," a spokesperson told Reuters on Wednesday, referring to the bank's directors and officers. The regulator did not provide further details.The investigation, which has not previously been reported, is the third the FDIC has opened into bank failures earlier this year which cost the...
Banking

Fed keeps rates unchanged, Powell hedges on possible end of tightening campaign

Central bank's policy rate remains in 5.25%-5.50% rangeFed says economy grew at 'strong' pace in third quarterTraders add to bets that Fed is done raising ratesWASHINGTON, Nov 1 (Reuters) - The Federal Reserve held interest rates steady on Wednesday as policymakers struggled to determine whether financial conditions may be tight enough already to control inflation, or whether an economy that continues to outperform expectations may need still more restraint.Fed Chair Jerome Powell said the situation remained something of a riddle, with U.S. central bank officials willing to raise rates again...
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