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| February 20, 2019

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Trial Archives -

KPMG Ex-Partner Goes on Trial in ‘Steal the Exam’ Scandal

February 12, 2019 |

A criminal trial that starts Monday may shed more light on a high-profile scandal at the Big Four accounting firm: an effort to help it look better to its regulator that prosecutors say broke the law.
WSJ.com: US Business

El Chapo Trial May End Sooner Than Expected

January 29, 2019 |

Mexican drug lord Joaquin “El Chapo” Guzman told a judge Monday that he won’t take the witness stand in his own defense at his US drug-trafficking trial, ending speculation that he might go for broke and build on a notorious reputation already cemented by the sprawling government case against him….
Newser

Presidential Bribery Claim Stuns ‘El Chapo’ Trial

January 16, 2019 |

Shocking allegations in the “El Chapo” trial: Drug lord Joaquin Guzman paid former Mexican leader Enrique Pena Nieto $ 100 million to avoid recapture, and it was Pena Nieto who reached out first, a witness claimed in the trial Tuesday. Alex Cifuentes, a Colombian drug trafficker who describes himself as Guzman’s…
Newser

5 Saudis Got in Trouble in US. All Vanished Before Trial

January 15, 2019 |

Last month, the Oregonian wrote about a young Saudi Arabian man charged in a fatal hit-and-run in Portland who disappeared before his trial began . A mysterious black SUV showed up at his house one day and spirited him off, and the best guess of prosecutors is that the government of…
Newser

CNN

Carlos Ghosn has been charged again and faces months in jail before trial

January 11, 2019 |

Carlos Ghosn could spend up to a year in a Tokyo jail awaiting trial after he was indicted for the second time since his arrest nearly two months ago.
CNN.com – RSS Channel – World

CNN

Saudi prosecutors seek death penalty as Khashoggi murder trial opens

January 4, 2019 |

Saudi prosecutors sought the death penalty for five of the 11 suspects accused of killing journalist Jamal Khashoggi on Thursday as their trial began in Riyadh, Saudi Press Agency reported.
CNN.com – RSS Channel – World

Qualcomm faces FTC trial threatening its smartphone dominance

January 4, 2019 |

Two years after the U.S. Federal Trade Commission sued Qualcomm Inc., unleashing a series of existential challenges to the chipmaker’s business model, the company is about to get its chance to square the record.

Lawyers for the regulatory agency and the company are set to begin presenting arguments…


L.A. Times – Business

Suspects in 1993 murder may finally be going to trial

January 2, 2019 |

If convicted in the cold case murder of Frank Wesley McAlister, Brian Hawkins, Curtis Culver and Shanna Culver face life in prison without parole.
FOX News

Chinese Gene-Editing Trial Loses Track of Patients, Alarming Technology’s Inventors

December 30, 2018 |

A gene-editing trial in China lost touch with cancer patients whose DNA was altered, alarming some Western scientists who say subjects should be monitored for many years.
WSJ.com: US Business

Former Mt. Gox CEO Says He Is Sorry But Maintains His Innocence as Trial Closes

December 27, 2018 |

Mark Karpeles, the former chief executive officer of the now-defunct Mt. Gox, has reportedly apologized for the losses that led to the demise of the cryptocurrency exchange. However, the embattled Frenchman insisted on his innocence regarding charges of embezzlement in closing arguments during his trial in Tokyo on Dec. 27.

Also read: Wine Retailer to Buy Majority Stake in Japanese Bitcoin Exchange for $ 30M

Sorry But I’m Not Guilty, Says Karpeles

Former Mt. Gox CEO Says He Is Sorry But Maintains His Innocence as Trial Closes
Mark Karpeles

Karpeles is facing charges of transferring $ 3 million of client funds to his own account for investment in a software development business. According to prosecutors, who are pushing for a 10-year jail term, the ex-CEO falsified Mt. Gox’s trading system to make customer balances appear healthier than they in fact were.

Karpeles has throughout the period of his trial consistently denied the charges. He claims that the money, moved in the last four months of 2013, was meant to serve as only a temporary loan. He also argued, earlier in the trial, that the funds in question did not belong to clients but were his collapsed company’s revenue.

Appearing in the Tokyo District Court for the closing arguments on Thursday, Karpeles said he was “sorry” for failing to prevent the hack, but insisted on his innocence of the charges he was facing, according to a report by the Japanese broadcaster NHK. Prosecutors aren’t investigating the hack, rather the $ 3 million alleged embezzlement. The Court is now expected to deliver its ruling, on a case that has run since July 2017, on March 15 next year.

Multi-Million Dollar Theft

Mt. Gox went from handling 70 percent of global bitcoin trades in 2013 to bankruptcy in 2014 after about $ 480 million was supposedly lost to hackers, with 200,000 bitcoins recovered two weeks later. The current lawsuit is not investigating the cause of this theft.

Former Mt. Gox CEO Says He Is Sorry But Maintains His Innocence as Trial Closes

As the effects of the discrepancy became apparent, the exchange initially delayed withdrawals for up to three months before completely ceasing them altogether, ostensibly over the theft of bitcoins. The company entered bankruptcy proceedings in 2014 but has since undergone civil rehabilitation processes to enable it to pay bitcoin still owed to investors. It has yet to be determined how much users will be repaid, given the numerous fluctuations in bitcoin’s trading price since 2014.

In early December, Japanese prosecutors said they will seek a 10-year jail term for Mark Karpeles over the embezzlement charge. Citing a lack of documentary evidence to support the “temporary loan,” prosecutors argued that Karpeles must be slapped with a harsh sentence for betraying the confidence of investors who trusted him with their money.

“I never imagined things would end this way and I am forever sorry for everything that’s taken place and all the effect it had on everyone involved,” Karpeles said earlier during the bankruptcy saga. Regardless of how the matter plays out in Japan, Karpeles faces more legal trouble in the U.S. where former Mt. Gox clients filed a lawsuit against him several months ago. Karpeles’ lawyers want the lawsuit dismissed on the basis that a U.S. court has no jurisdiction over the matter.

What do you think of the continuing Mt. Gox saga? Let us know in the comments section below.


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The post Former Mt. Gox CEO Says He Is Sorry But Maintains His Innocence as Trial Closes appeared first on Bitcoin News.

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