Stocks putter into the long weekend 🐢

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

The market is closed tomorrow for Good Friday. I hope you have a great Easter weekend. I’ll be back after Monday’s closing bell.

Here’s what moved the market today.

Markets 📈

Stocks closed out the trading week with a choppy day of trading action that saw most U.S. indexes end the day close to flat.

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Market-Moving News 🔎 

🚔 Feds Sentence FTX Boss Bankman-Fried to 25 Years

Sam Bankman-Fried, the FTX founder once celebrated in the upper echelons of the political and crypto world, has been sentenced to 25 years in federal prison, marking a dramatic conclusion to America’s most significant financial fraud case since Bernie Madoff rocked Wall Street.

Snake in the Grass 🐍
Bankman-Fried's downfall was precipitated by his conviction on charges of embezzling billions from FTX customers and misleading investors and lenders associated with his crypto firm, Alameda Research.

This sentencing comes after his high-flying lifestyle, funded by misappropriated funds, abruptly ended, revealing the stark contrast between his public persona and private actions.

Aggravating Circumstances ⚖️
U.S. District Judge Lewis Kaplan underscored the egregiousness of Bankman-Fried's conduct, his apparent indifference to the consequences of his actions, and the potential risk of future offenses in determining the sentence.

Additionally, Bankman-Fried faces $11 billion in financial penalties, with seized assets earmarked for victim compensation.

Regulation Catalyst 🌐
The FTX scandal has significantly influenced public and political perception of the cryptocurrency sector, contributing to regulatory scrutiny and market volatility. Bankman-Fried's case has been a catalyst for debates on crypto regulation and the ethical responsibilities of its leaders.

Preferential Treatment❓
Prosecutors had sought a lengthier prison term, and Bernie Madoff got 150 years for ripping off billionaires, so Bankman-Fried's 25-year sentence seems somewhat generous. The court’s apparent leniency raises questions about the influence of his political connections on his sentence.

The true extent of of SBF’s political influence remains speculative, but the favorable treatment he has received from the courts and the press indicate that he’s getting a better break than most defendants in his shoes can expect.

Keep an eye out for an appeal because there’s a good chance the courts will quietly reduce his sentence down the road.

Avalo Therapeutics [AVTX] $21.75 (+357.8%)
announced a new acquisition alongside a private placement financing round of up to $185 million.

Biodexa Pharma [BDRX] $1.62 (+88.5%)
said MTX110 showed promise in extending life expectancy against aggressive brain cancers in a Phase 1 trial.

Nexalin Tech [NXL] $1.40 (+79.4%)
announced positive results from a clinical study evaluating its Gen-2 tACS device.

Primech [PMEC] $1.29 (39.4%)
issued financial updates and corporate highlights for the six months ending Sept. 30th, 2023, this morning, prompting a steep sell-off.

Kodiak Sciences [KOD] $5.26 (29.4%)
reported a wider-than-expected Q4 loss of $(1.33) per share against the consensus estimate of $(0.82).

Data Storage [DTST] $5.72 (25.1%)
fell after reporting its full-year 2023 financial results, despite posting a seemingly strong yearly performance on the report.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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