{"id":1954712,"date":"2023-06-22T19:48:01","date_gmt":"2023-06-22T23:48:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ftx-sues-ex-clinton-aides-investment-firm-for-700-million\/"},"modified":"2023-06-22T19:49:58","modified_gmt":"2023-06-22T23:49:58","slug":"ftx-sues-ex-clinton-aides-investment-firm-for-700-million","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ftx-sues-ex-clinton-aides-investment-firm-for-700-million\/","title":{"rendered":"FTX files $700M lawsuit against ex-Clinton aide&#8217;s investment firm."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fftx-sues-ex-clinton-aides-investment-firm-for-700-million%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1954712&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Dietrich Knauth<\/p>\n<p>NEW YORK (Reuters) -Bankrupt crypto exchange FTX on Thursday sued a former aide to Hilary Clinton and the former aide\u2019s investment firm, seeking to claw back $700 million in investments allegedly made with misappropriated FTX funds.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>FTX said its founder Sam Bankman-Fried was a \u201cprofligate patron\u201d who showered Michael Kives, his firm K5 Global, and K5 co-founder Bryan Baum with cash as part of an ongoing scheme to fraudulently use company assets for personal gain, according to a complaint filed in Wilmington, Delaware, bankruptcy court. <\/p>\n<p>Bankman-Fried authorized the transfer of $700 million to K5 entities in 2022, and he leaned on K5\u2019s celebrity and business connections in his effort to obtain rescue financing in the days before FTX went bankrupt in November 2022, according to the lawsuit.<\/p>\n<p>Bankman-Fried described Kives, who served as an aide to Clinton when she was a Democratic U.S. senator from New York, and who worked as a Hollywood agent for clients including actor and former Republican California governor Arnold Schwarzenegger and singer Katy Perry, as \u201cprobably, the most connected person I\u2019ve ever met,\u201d and \u201ca one-stop shop\u201d for political relationships and celebrity partnerships, according to the complaint. <\/p>\n<p>Bankman-Fried brushed off FTX employees\u2019 concerns that K5 was \u201ctrying to nickel and dime\u201d or \u201cscam\u201d FTX, continuing to make investments in a quest to burnish his own political and social influence, according to the complaint. <\/p>\n<p>Bankman-Fried authorized investments in K5 projects that enriched Kives and Baum with no payoff for FTX or its customers, who were footing the bill, FTX alleged. <\/p>\n<p>In one poor investment, according to the complaint, a Bankman-Fried-controlled shell company used $214 million in funds from FTX to buy a minority stake in Kendall Jenner\u2019s 818 Tequila brand, at a time when the tequila company\u2019s assets were valued at just $2.94 million in its filings with the U.S. Securities and Exchange Commission.<\/p>\n<p>K5 said that the lawsuit was without merit.<\/p>\n<p>\u201cK5 was under the impression \u2013 like many others \u2013 that SBF was completely legitimate, and that they were entering into a fair, long-term, and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ftx-sues-ex-clinton-aides-investment-firm-for-700-million\/\" title=\"FTX files 0M lawsuit against ex-Clinton aide's investment firm.\">mutually beneficial business relationship<\/a>,\u201d spokeswoman Elizabeth Ashford said in an email, referring to Bankman-Fried by his initials.  <\/p>\n<p>Kives did not immediately respond to a request for comment. A spokesman for Bankman-Fried declined to comment.<\/p>\n<p>Bankman-Fried has pleaded not guilty to charges alleging that he defrauded FTX customers by using their funds to prop up his own risky investments.<\/p>\n<p>Since filing for bankruptcy, FTX\u2019s new leadership has recovered more than $7 billion in assets that can be used to repay customers whose funds were frozen when the crypto exchange collapsed. <\/p>\n<p>FTX has also filed lawsuits over its pre-bankruptcy investment in the stock platform Embed and its payments to<\/p>\n<p>Genesis Global Capital, the bankrupt lending arm of crypto firm Genesis. FTX on Wednesday announced a settlement with the Metropolitan Museum of Art, in which the museum agreed to return $550 million in donations that it received from FTX companies in 2022.  <\/p>\n<p> (Reporting by Dietrich Knauth in New YorkEditing by Alexia Garamfalvi and Matthew Lewis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/ftx-sues-ex-clinton-aides\/attachment\/the-logo-of-ftx-is-seen-at-the-ftx-arena-3\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>After Secretary of State Antony Blinken\u2019s trip to China to cool down tensions, Biden calls China\u2019s President Xi Jinping a dictator.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Presidential hopeful Ron DeSantis takes aim at the Golden City after taking a trip to California.\u00a0<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with James O\u2019Keefe<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Rep. Troy Nehls<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Sara Merken NEW YORK (Reuters) \u2013 A U.S. judge on Thursday imposed sanctions on two New York lawyers who submitted a\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Ismail Shakil and David Ljunggren OTTAWA (Reuters) \u2013 Meta Platforms Inc said on Thursday it would end access to news on\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Chavi Mehta (Reuters) \u2013 Generative AI-related job postings in the United States jumped about 20% last month as companies look to\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>WASHINGTON (Reuters) \u2013 A U.S. agency will launch a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/billie-eilish-lenny-kravitz-perform-at-concert-tied-to-paris-summit\/\" title=\"Billie Eilish and Lenny Kravitz rock Paris summit concert.\">public working group<\/a> on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-ends-sharply-lower-on-bank-contagion-fears\/\" title=\"Wall Street ends sharply lower on bank contagion fears\">generative artificial intelligence<\/a> (AI) to help address the new\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Dietrich Knauth NEW YORK (Reuters) &#8211; FTX, a bankrupt crypto exchange, has filed a lawsuit against a former aide to Hilary Clinton and their investment firm. They aim to recover $700 million in investments that were allegedly made using misappropriated FTX funds. FTX claims that its founder, Sam Bankman-Fried, excessively supported Michael Kives, referring to him as a &#8220;profligate patron.&#8221;<\/p>\n","protected":false},"author":66,"featured_media":1954713,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1954712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1954712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1954712"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1954712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1954713"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1954712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1954712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1954712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}