JTN– Former Alameda Research CEO Caroline Ellison and FTX cofounder Gary Wang on Wednesday pleaded guilty to criminal charges of fraud, federal prosecutors have announced.
Ellison, the ex-lover of FTX founder Sam Bankman-Fried, managed the cryptocurrency platform’s sister firm, which had become embroiled in suspicion surrounding transfers of funds from FTX to Alameda after the cryptocurrency company’s bankruptcy filings. Both Ellison and Wang are cooperating with prosecutors, according to NBC News.
The Securities and Exchange Commission on Wednesday announced its own civil charges against the pair “for their roles in a multiyear scheme to defraud equity investors in FTX.” Wang designed the software code which the SEC alleges enabled the scheme. Both individuals have agreed to settlements with the regulator as well.
News of the pleas comes the same day that Bankman-Fried entered U.S. custody after agreeing to extradition from the Bahamas to face a litany of charges from authorities over the sudden collapse of his cryptocurrency empire. MORE
I honestly don’t understand plea bargains/deals when the perps’ crimes are so obvious and relatively easy to investigate. If I’m understanding the main reasons to offer a plea bargain, they are to reduce the time and resources of the prosecution and the courts. In a crime, such as this, involving an enormous amount of money fraud, you’d think it would be worth the prosecutors’ and court’s time. In this case I strongly suspect it’s because the less revealed publicly by the defendants, the better (for the gov’t).
@AA — I am in vehement agreement! I’m positive the prosecutors are under strict orders to minimize the public’s access to the details of this gigantic crime because so many pols were in on it. Mostly dems but plenty of reps as well.
Left out of the article is the fact that this scrunt Caroline Ellison also pleaded guilty to felony ugliness and bad hygiene charges and faces up to 50 years of wearing a paper bag over her head and a run through a car wash in the back of a pick up truck on a daily basis. Hopefully these 2 felonies will not be part of the plea deal and will be enforced to the limit.
The Garbage Pail Kids turning on each other.
Just a suggestion to this slob, you might want to get your affairs in order. They are going to pin everything on you (rightly or wrongly, who knows at this point), suicide you and then claim that nobody else knows the details.
these idiots were tools, and they’re disposable.
Bail set at $250M.
Being sent to same facility as Epstein.
Recipients of political contributions warned that donating the money to “charity” does not preclude claw back.
Too Bad.
I want to see the Feme Geekette Locked up just as long but obviously he was blinded by the Hot & Spicy Poontang.
The Fix is In
FTX founder Sam Bankman-Fried released on $250 MILLION bail, one of the largest in history, after claiming he only had $100,000 to his name
@JDHasty — I expect SBF is going soon to visit Jimmy Hoffa.