Technology
Tuesday, October 10th, 2023 6:34 pm EDT
Key Points
- Caroline Ellison, the former head of Sam Bankman-Fried’s crypto hedge fund, testified in a criminal fraud case against Bankman-Fried, admitting to committing fraud, conspiracy to commit fraud, and money laundering, both personally and with others.
- Ellison pleaded guilty to multiple counts, including wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering. Her plea deal involves cooperating with the prosecution’s case against Bankman-Fried.
- Ellison revealed that Alameda took several billion dollars from FTX customers, and Bankman-Fried directed her and others to use customer funds to repay loans of approximately $10 billion. The trial revolves around allegations of fraudulent activities related to the flow of funds from customer accounts at FTX to Alameda.
Caroline Ellison, the former head of Sam Bankman-Fried’s crypto hedge fund, testified in a criminal fraud case against the FTX founder, admitting that she and Bankman-Fried defrauded customers, investors, and lenders. Ellison, who ran Alameda Research, pleaded guilty to wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering as part of a plea deal. She also revealed that Alameda took several billion dollars from FTX customers and that Bankman-Fried directed her and others to use customer funds to repay loans totaling around $10 billion. Bankman-Fried faces multiple federal charges in the trial, including wire fraud, securities fraud, and money laundering, which could result in a life sentence if convicted.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/10/10/caroline-ellison-took-almost-30-seconds-to-recognize-ex-boyfriend-sbf.html
