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A US district court judge sentenced Caroline Ellison, the former advisor and ex-girlfriend to the convicted crypto fraudster and FTX founder Sam Bankman-Fried, to two years in prison. The New York Times reported Ellisons sentence for her role in the $8 billion in fraud committed by the FTX crypto exchange that sent Bankman-Fried to federal prison for 25 years back in March. Ellison will also have to serve three years of supervised release once shes finished her prison sentence. Ellison pled guilty at the end of 2022 to seven counts of fraud just as Bankman-Fried was being extradited to the US from the Bahamas. US Securities and Exchange Commission (SEC) Director of Enforcement Sanjay Wadhwa said following Ellisons plea that she and Wang were active participants in a scheme to conceal material information from FTX investors. Ellison was also the former chief executive officer of FTXs sister company Alameda Research. Prosecutors said she diverted FTX customers funds onto Alamedas books to hide risks from their clients. Ellison testified against Bankman-Fried, making her a key witness in his criminal fraud trial. Prosecutors also got Bankman-Friends house arrest and bail revoked when a judge determined the FTX founder tried to hinder Ellisons testimony last year. Bankman-Fried tried to message FTXs general counsel on Signal and email in 2023 to influence Ellisons testimony who was only identified as Witness-1. Nine months later, Bankman-Fried showed a New York Times reporter personal writings from Ellison that prosecutors said were an attempt to damage her reputation especially amongst prospective jurors. The judge agreed both instances merited Bankman-Frieds arrest and jailing while he awaited trial. Bankman-Fried is currently serving his 25-year sentence in a federal prison in Brooklyn awaiting appeal for his conviction. Ellison issued a statement before her sentence apologizing for her crimes to the people she and her former firm defrauded. Prosecutors did not issue a recommended sentence and characterized her cooperation with investigators as exemplary in a memo to the judge. Not a day goes by that I dont think of the people I hurt, Ellison said in court. I am deeply ashamed of what I have done.This article originally appeared on Engadget at https://www.engadget.com/big-tech/ftx-advisor-and-alameda-ceo-caroline-ellison-gets-two-years-in-prison-214828333.html?src=rss
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SAG-AFTRA has called a strike against the video game League of Legends. Under this action, any union voice actors must cease working on the popular MOBA from Riot Games. The union said it has also filed a charge of unfair labor practice against Formosa Interactive, which provides voiceover services for League, with the National Labor Relations Board. Formosa Interactive was one of several high-profile video game companies named in a strike by voice acting talent earlier this year. SAG-AFTRA is working to negotiate with those developers for protections against AI replicas of its members, including those who perform in games. Today, the union alleged that Formosa attempted to cancel a game that was included in the strike. "When they were told that was not possible, they secretly transferred the game to a shell company and sent out casting notices for non-union talent only," according to the press statement. "SAG-AFTRA charges that these serious actions are egregious violations of core tenets of labor law that employers cannot interfere with performers rights to form or join a union and they cannot discriminate against union performers." League of Legends is just one of the titles where Formosa Interactive provides services. In addition to voiceover work, Formosa Interactive also offers services such as facial capture, sound design and mixing. It has credits on games including God of War Ragnarok, Apex Legends, Genshin Impact, The Legend of Zelda: Breath of the Wild and Microsoft Flight Simulator. Riot Games has issued the following statement about the strike: "League of Legends has nothing to do with the complaint mentioned in SAG-AFTRAs press release. We want to be clear: Since becoming a union project five years ago, League of Legends has only asked Formosa to engage with Union performers in the US and has never once suggested doing otherwise. In addition, weve never asked Formosa to cancel a game that weve registered. All of the allegations in SAG-AFTRAs press release relating to canceling a game or hiring non-union talent relate to a non-Riot game, and have nothing to do with League or any of our games." Update, September 24, 2024, 5:47PM ET: Updated to include statement from Riot Games.This article originally appeared on Engadget at https://www.engadget.com/gaming/sag-aftra-strikes-against-league-of-legends-over-voiceover-company-actions-212839780.html?src=rss
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The Department of Justice (DOJ) filed an antitrust lawsuit against Visa. The lawsuit alleges that the financial firm holds a monopoly over debit network markets allowing it to charge banks and markets with exorbitant fees that get passed onto consumers and keep rival companies like PayPal and Square from competing on their level. Bloomberg first reported on Monday that the DOJ planned to file an antitrust suit against Visa following a multiyear investigation into Visas business practices starting in 2020. Visa attempted to acquire the fintech startup Plaid with a $5.3 billion bid but the DOJ filed a lawsuit blocking the deal claiming the acquisition would eliminate a competitive threat that challenged Visas powerful control of debit markets. Visa dropped the bid a year later to avoid any further legal entanglements but the DOJ continued investigating Visas business practices. The DOJ alleges in its latest lawsuit that Visas web of exclusionary agreements with banks and businesses helped strengthen its market dominance and smother any potential competitors. Attorney General Merrick Garland said in a statement that Visa unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market. Merchants and banks pass along those costs to customers, either by raising prices or reducing quality or service, the statement reads. As a result, Visas unlawful conduct affects not just the price of one thing but the price of nearly everything. Visa's General Counsel Julie Rottenberg told Engadget in an emailed statement that the DOJ's lawsuit is "meritless" and that they plan to vigorously defend themselves in court. "Today's lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving," Rottenberg said by email. "When businesses and consumers choose Visa, it is because of our secure and reliable network, world-class fraud protection, and the value we provide. We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable."This article originally appeared on Engadget at https://www.engadget.com/big-tech/visa-slapped-with-a-doj-antitrust-lawsuit-204710873.html?src=rss
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