FINANCE

ftx new york 1880x1253

Photo Credit:AP

A federal judge showed growing impatience Thursday with FTX founder Sam Bankman-Fried’s use of the internet while on bail, suggesting that incarceration might eventually be the most effective way to prevent him from communicating on electronic devices in ways that can’t be traced.

Judge Lewis A. Kaplan did not immediately change a $250 million bail package that lets Bankman-Fried live with his parents in Palo Alto, California, while preparing for trial on charges that he cheated investors and looted customer deposits at FTX, his cryptocurrency trading platform.

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A rough week on Wall Street dominated by worries about a weakening economy ended Friday with a broad rally that gave the market its best day in two weeks.

The S&P 500 rose 1.9%. Despite the gains, the benchmark index still ended with its first weekly loss in the last three. The Dow Jones Industrial Average rose 1% and the Nasdaq composite closed 2.7% higher.

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FILE - Traders work on the floor at the New York Stock Exchange in New York, Friday, July 1, 2022. (AP Photo/Seth Wenig, File)

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Wall Street capped a quiet day of trading with more losses Friday, as it closed the book on the worst year for the S&P 500 since 2008.

The benchmark index finished with a loss of 19.4% for 2022, or 18.1%, including dividends. It’s just its third annual decline since the financial crisis 14 years ago and a painful reversal for investors after the S&P 500 notched a gain of nearly 27% in 2021. All told, the index lost $8.2 trillion in value, according to S&P Dow Jones Indices.

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PHOTO: Sam Bankman-Fried during an interview with George Stephanopoulos.

Photo Credit:abcNews

Sam Bankman-Fried, the embattled former CEO of cryptocurrency giant FTX and trading firm Alameda Research, told ABC News he was ultimately responsible for the downfall of both companies, but denied that he knew "that there was any improper use of customer funds."

"I really, deeply wish that I had taken a lot more responsibility for understanding what the details were of what was going on," he said. "I should have been on top of this, and I feel really, really bad and regretful that I wasn't," he said. "A lot of people got hurt. And that's on me."

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800FGFTX

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The man who had to clean up the mess at Enron says the situation at FTX is even worse, describing what he calls a “complete failure” of corporate control.

The filing by John Ray III, the new CEO of the bankrupt cryptocurrency firm, lays out a damning description of FTX’s operations under its founder Sam Bankman-Fried, from a lack of security controls to business funds being used to buy employees homes and luxuries.

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