Business

Global investigators pounce as FTX collapse leaves up to 1 million creditors – Ars Technica

Published

2 years ago

November 15, 2022

Global investigators pounce as FTX collapse leaves up to 1 million creditors — Enlarge

Stefani Reynolds/AFP/Getty Images

The collapse of Sam Bankman-Fried’s crypto empire has sparked a vast global investigation, with dozens of authorities circling the company as lawyers warn there could be 1 million creditors in its bankruptcy proceeding.

FTX said in court filings it was in contact with US federal prosecutors, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and “dozens of federal, state, and international regulatory agencies” in the three days since the cryptocurrency exchange and more than 100 affiliated companies filed for Chapter 11 bankruptcy in Delaware.

The companies face at least 100,000 creditors, but that number could expand to more than 1 million, according to the filing. Most of the creditors were clients of Sam Bankman-Fried’s companies.

“There is substantial interest in these events among regulatory authorities around the world,” the filing said.

The statements provide fresh details on the sprawling scale and complexity of the multibillion-dollar bankruptcy of Bankman-Fried’s digital asset group and the intense legal and regulatory scrutiny of the 30-year-old former billionaire’s businesses.

“The events that have befallen FTX over the past week are unprecedented,” the court filing said. “Barely more than a week ago, FTX, led by its co-founder Sam Bankman-Fried, was regarded as one of the most respected and innovative companies in the crypto industry.”

Bankman-Fried had agreed to step down as chief executive at 4.30 am on Friday after late-night meetings with his lawyers, the filing said.

Restructuring specialist John Ray, known for his work on Enron, has taken over the company. Five independent directors have been appointed to oversee different linked companies, led by former US federal judge Joseph J Farnan Jr, after lawyer Stephen Neal backed out of a board position.

The US filing comes after financial regulators in the Bahamas appointed liquidators to run a key FTX entity as the country’s authorities seek to “protect the interests of clients, creditors, and other stakeholders globally.”

The Securities Commission of the Bahamas said on Monday it had won court approval to appoint two partners from PwC, one based in the Bahamas office and the second in Hong Kong, to oversee the unwinding of FTX Digital Markets, an entity at the center of the crypto group’s vast trading platform.

Authorities in the Caribbean nation, where Bankman-Fried lived, are investigating FTX, which used its Nassau base to build a crypto derivatives trading operation that accepted money from thousands of customers around the world.

The US filing confirms FTX suffered a “cyber attack” on Friday. Blockchain research firm Elliptic estimated $477 million had been stolen in a hack of the exchange.

The company has also hired “investigative, forensic, and cyber security experts” to work with lawyers from Sullivan & Cromwell, FTX’s longtime legal counsel, which has been advising the company on the bankruptcy process and working with FTX general counsel Ryne Miller, who formerly worked for the firm.

Alvarez & Marsal has been hired as a financial adviser. A team from the advisory firm was “on the ground [and] is reviewing the [companies’] books and records and assisting with the preparation of bankruptcy disclosure,” it said.

The US Securities and Exchange Commission has recently widened an investigation into FTX, which includes a probe of its crypto lending products as well as its management of customer funds, according to a person familiar with the matter.

FTX said in the filing that the swift move into bankruptcy was necessary to “secure and marshal its assets, and . . . to reorganize or sell FTX’s complex array of businesses, investments, and property around the world for the benefit of its stakeholders.”

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Business

TC Energy launches South Bow Corp. as independent crude oil pipeline business

Published

2 days ago

October 1, 2024

Anne Joseph

CALGARY – TC Energy Corp. has completed its spinoff of South Bow Corp., its crude oil pipelines business, as an independent company.

The new company, which will be headquartered in Calgary with an office in Houston, will be led by Bevin Wirzba, formerly the executive vice-president for TC Energy’s natural gas and liquids pipelines business.

South Bow will run TC Energy’s crude oil pipelines business, including the critical Keystone pipeline system.

The move is the result of a strategic review in which the Calgary-based TC considered its options including the potential sale of the oil pipelines business.

Spinning off the oil pipelines business, which has long-term committed contracts with oil shippers, will give South Bow the chance to use its robust cash flows to pay down debt and enhance shareholder returns, while TC Energy will become a growth-oriented company focused on natural gas.

TC Energy — which has natural gas transportation infrastructure in Canada, the U.S., and Mexico — is bullish on the future of the commodity, in particular the potential for growth spurred by demand for liquefied natural gas (LNG).

TC Energy also has plans to look at new, low-carbon energy opportunities such as nuclear and pumped hydro energy storage.

The company has been under scrutiny by analysts and credit ratings for its significant debt load as well as for cost overruns on the Coastal GasLink pipeline project, which was completed in the fall of 2023.

TC Energy shareholders voted in favour of the spinoff of the crude pipelines business in a vote in June.

South Bow common shares were distributed Tuesday to TC Energy shareholders of record on Sept. 25. Shareholders received one South Bow common share for every five TC Energy common shares owned.

South Bow’s common shares are expected to start trading on the Toronto Stock Exchange on Wednesday under the ticker symbol SOBO. Trading on the New York Stock Exchange is expected to start on or about Oct. 8.

This report by The Canadian Press was first published Oct. 1, 2024.

Companies in this story: (TSX:TRP, TSX:SOBO)

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Business

Image Is Everything; Hence, Your LinkedIn Banner’s Importance

Published

2 days ago

September 30, 2024

Nick Kossovan

Why do I keep seeing LinkedIn profiles with an empty banner and/or no profile picture? Are these people oblivious to the importance of a first impression, or do they just not care?

You, I, and everyone judge; hence, we live in a judgemental society. Your image, which shapes how people view you, is everything.

You can’t claim to be a serious job seeker if you’re not taking advantage of LinkedIn’s visual opportunities to optimize your profile to make a strong impression. When it comes to social media content, visuals are scrolling-stoppers. Aside from your profile picture, your LinkedIn banner is the first visual people see.

View your LinkedIn banner as a billboard strategically placed at street level, which you can use to capture the attention of passersby who may have a potential opportunity. (In a previous column, I wrote that opportunities exist all around you; the caveat is they’re attached to people.) Advertisers spend a great deal of money to have billboards with a captivating visual and compelling message, making the point that billboard advertising is a good investment for driving traffic to their offerings. Your LinkedIn banner—your billboard—is free, so why not use it to market yourself to employers?

If your LinkedIn banner is currently blank, hopefully, you’re now convinced that leaving it blank is likely costing you job search and career opportunities, and you no longer want to leave it blank. Here are instructions on how to create a LinkedIn banner using Canva, a user-friendly graphic design tool that offers various customization options.

Step 1: Create a Canva account

Canva offers both free and paid plans. Their free plan is more than adequate to design your LinkedIn banner. Go to Canva’s website and sign up using your email address or social media account.

Step 2: Choose the LinkedIn banner template

In the Canva dashboard, type in ‘LinkedIn Background Photo’ in the search bar at the top to find a LinkedIn banner template. Canva offers a variety of pre-made templates—as I write this, there are 7,203 LinkedIn banner templates (Canva Pro)—that are optimally sized for LinkedIn, which is 1584 x 396 pixels. Alternatively, you can use Canva to create your LinkedIn banner from scratch.

Step 3: Customize the template

Here’s where the fun begins; experimenting with all the templates and conveying your message to employers. Canva provides an interface that allows you to customize your banner template in multiple ways.

Edit text: Click on the text elements in the template to change them. You can modify the text, fonts, colours, and sizes to match your personal brand or professional style. Ensure that the text is concise, relevant, and legible.
Add elements: Shapes, lines, icons, illustrations, and other design elements, which Canva offer a wide variety of, can be included in your banner. When used strategically, these will make your banner more visually appealing and emphasize specific aspects of your personal or professional brand.
Upload your own images: Nothing will personalize your LinkedIn banner more than incorporating your own images, such as a picture of you in your work environment or enjoying your hobby, a logo or any other relevant images, into your banner.
Change the background: You can change your banner’s background to reflect your profession, industry and personality. Canva offers a multitude of colours, gradients, and images, allowing you to create an eye-catching, scroll-stoping background.

If you’re actively job searching, consider adding your contact information and, at the risk of adding fuel to the ongoing LinkedIn’s #OPENTOWORK green banner feature, announcing you’re looking for your next opportunity or available ‘for hire.’

Step 4: Maintain consistency

When designing your LinkedIn banner, ensure it aligns with your personal brand and harmonizes with your profile picture. Consistency in design and branding is critical to creating a strong professional image on a social media platform. It’s important to avoid having your profile picture’s colour conflicting with those in your banner and vice versa.

Step 5: Review and adjust

Before finalizing your LinkedIn banner, take a moment to review your design. Check for any typos, ensure the banner is eye-catching, and convey the message you want to send to your LinkedIn network and hiring managers. Your banner should show your intention and indicate that you’ve taken a thoughtful and strategic approach to your profile.

Step 6: Download your new LinkedIn banner

Once you’re satisfied with your banner, click the download button in the upper-right corner of Canva’s interface. You’ll be prompted to choose the file format; select PNG for the best image quality. Once downloaded, your banner can be uploaded to your LinkedIn profile.

Similar to how advertisers run campaigns for a period of time, updating your LinkedIn banner every quarter is an effective way to get noticed. Aside from updating your banner to reflect different aspects of your abilities, you may also want to consider updating your banner image to reflect a relevant seasonal or holiday theme—autumn, Thanksgiving, Christmas or whatever holidays you celebrate. A visually compelling banner isn’t just an accessory; it’s a powerful tool in your job search arsenal, especially since, more than ever, image is everything.

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Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

Business

TD Bank to pay more than US$28M in settlement for market manipulation

Published

2 days ago

September 30, 2024

Anne Joseph

TORONTO – TD Bank Group has agreed to pay more than US$28 million after an investigation into manipulation of the U.S. Treasuries market by one of its traders.

The deferred prosecution agreement with the U.S. Department of Justice has TD agreeing that a former employee created a false appearance of supply or demand in the market by placing bids or offers, only to cancel them before completion.

The agreement says hundreds of so-called spoof orders were placed, amounting to tens of billions of dollars of false supply and demand, in an effort to artificially increase the market prices of those products.

The resolution comes as TD is also soon expected to settle a sweeping investigation into shortcomings of its anti-money laundering program that the bank expects will cost it more than US$3 billion.

The agreement on the spoofing case has TD paying about US$12.6 million in civil penalties. It also faces US$9.4 million in criminal penalties, which court documents say is the statutory maximum, plus US$4.7 million in victim compensation and US$1.4 million in forfeiture.

TD says it takes regulatory and employee conduct violations very seriously, and that it reported the employee and fired him and has since enhanced its monitoring and compliance capabilities.

This report by The Canadian Press was first published Sept. 30, 2024.

Companies in this story: (TSX:TD)

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