JAKARTA - Caroline Ellison is the CEO of Alameda Research, a partner company for FTX. Recently, Ellison pleaded guilty to allegedly helping Sam Bankman-Fried thwart a fraud scheme that lasted for several years.
Prior to founding FTX, Sam Bankman-Fried or SBF first founded Alameda Research. After Alameda was led by Ellison, SBF focused on FTX. Apart from Ellison, another FTX co-founder, Gary Wang, also underwent similar charges with Ellison.
This was confirmed by US Attorney for the Southern District of New York, Damian Williams, on December 22, 2022. According to him, Ellison and Wang have pleaded guilty to the charges filed by the US Federal Prosecutor's Office. Both were charged with fighting critically in the fraud that resulted in the collapse of the FTX crypto exchange.
The exact details of the charges have not been revealed. Certain reports state that Ellison pleaded guilty to seven counts and faces up to 110 years in prison. On the other hand, Gary Wang is guilty on four counts and has to face up to 50 years in prison.
In addition, lawyers added that Bankman-Fried is under FBI custody and will return to the United States. The humiliated CEO will appear in court soon.
"Let me repeat the call I made last week. If you participate in violations in FTX or Alameda, now is the time to move forward. We are moving fast and our patience is not lasting," wrote US Attorney Damian Williams, quoted by CryptoPotato.
Separately, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have dropped civil charges against Ellison and Wang.
On November 11, FTX filed for bankruptcy protection Chapter 11 in the United States (US). After not long after, Sam Bankman-Fried announced his resignation from the position of CEO of the company. His position was replaced by John Ray III.
Never in my career have I seen such complete corporate control failures and the absence of reliable financial information, John Ray III, the new CEO of FTX, who previously oversees Enron's liquidation, in an sworn statement filed in bankruptcy court.
Not long after FTX filed for bankruptcy protection, Alameda Research stopped operating. Even the official website was also closed.
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