The Daily Money: FTX founder faces more charges

FTX founder Sam Bankman-Fried is facing charges he attempted to bribe some officials in China in order to get access to locked accounts.

Read in browser Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Wed Mar 29 2023 Charisse Jones |  Economic Opportunity Reporter Hello Daily Money readers. It's hump day, which next to Friday might be my favorite day of the work week because I know the weekend's not far off! It's Charisse Jones with your top headlines.   FTX founder Sam Bankman-Fried is facing a new set of charges.  The cryptocurrency entrepreneur is accused of conspiring to violate the anti-bribery provisions of the Foreign Corrupt Practices Act according to an indictment, unsealed by the Southern District Court of New York on Tuesday. The charges stem from allegations that the 31-year-old businessman funneled $40 million in bribes to at least two Chinese officials to get them to unlock accounts connected to his cryptocurrency enterprise.    Bankman-Fried faces 13 federal criminal fraud charges for allegedly misappropriating billions of dollars of his customer' funds. EV maker Lucid to lay off workers Lucid, a manufacturer of electric cars, says it's laying off roughly 1,300 workers and contractors. The cuts, which the company says are aimed at paring costs, will impact roughly 2 out of 10 Lucid workers according to a regulatory filing. The move comes in the wake of the company failing to meet revenue projections and production goals during the fourth quarter. The  layoffs, first reported by Insider, are the result of "evolving business needs and productivity improvement,''  CEO Peter Rawlinson said in a letter to staff. Those whose jobs are being cut will be told this week. FTX founder Sam Bankman-Fried leaves Manhattan federal court in New York, Feb. 16, 2023. Bankman-Fried faced new fraud charges Thursday, Feb. 23, 2023, in a rewritten indictment unsealed in a New York federal court. John Minchillo, AP 📰 More stories you shouldn't miss 📰 Net vs. gross: What's net pay, how do you figure it out, and how does it differ from your gross pay?   Making money with less risk: What are the best low-risk investments?  Honda recall: The car maker is recalling over 330,000 vehicles because of a potential problem with the side mirrors Former Starbucks CEO Howard Schultz to testify: Schultz will appear before the Senate Health, Education, Labor and Pensions Committee on Wednesday to answer questions about Starbucks' stance amid employee efforts to unionize. 🍔 Today's Menu 🍔 Oreo's got a new flavor: Blackout Cake. The limited-edition treat will feature double layers of creme - one tasting like chocolate cake and the other like dark chocolate - between the two cookies. The sweet hits stores April 3, and will be a limited edition so get it while you can.  About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TL;DR version: how decisions by the Federal Reserve, government and companies impact you. Follow Charisse Jones on Twitter: @charissejones FTX founder indicted for alleged $40M in bribes The cryptocurrency entrepreneur's latest indictment alleges conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act. READ MORE Advertisement Lucid layoffs: EV manufacturer to cut 18% of workforce Lucid made the announcement Tuesday, saying that it will be laying off about 1,300 employees and contractors to trim costs. READ MORE Watch: Ex-Starbucks CEO testifies at Senate hearing Wednesday Ex-Starbucks CEO Howard Schultz will testify before a Senate committee Wednesday focusing on Starbucks and unionization. READ MORE Blame game: Lawmakers take aim at Feds for failing to prevent SVB collapse A top Federal Reserve official called Silicon Valley Bank's failure a "textbook case of bank mismanagement." Fed regulators are also in the hot seat. READ MORE Honda recalls more than 330,000 vehicles because of mirror flaw Honda dealers will replace the side-view mirrors on vehicles free of charge. Recall letters are scheduled to go out May 8. READ MORE Can I be forced to use or restricted from using paid time off? Ask HR Employers know that workers who take time away from work are more productive in the long run and also tend to retain those workers longer. READ MORE Some banks raise savings rates to hold on to customers after SVB crisis Some banks are sharply lifting the interest they pay on savings accounts, CDs after Silicon Valley Bank crisis sparked big outflows of deposits READ MORE Oreo releases new limited edition cookie: 'Blackout Cake' The new limited-edition Oreo Blackout Cake cookies hit shelves April 3. They have two layers of creme: one of chocolate and one of dark chocolate. READ MORE The Chevy Camaro's not gone forever, but next will be very different Reports of the Chevy Camaro's death are exaggerated, as General Motors prepares to mothball the sporty car — again — following the 2024 model year. READ MORE Dairy Queen is offering 85-cent Blizzards: How to can get one Dairy Queen announced its summer blizzard lineup and will offer their signature frozen treats for just 85 cents. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •   Manage Newsletters  •  Terms of Service  •   Privacy Policy/Your California Privacy Rights  •  Privacy Notice  •   Do Not Sell My Info/Cookie Policy  •  Feedback