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Caroline Ellison Apologizes in Court for Her Role in FTX Fraud

Published 12/27/2022, 11:05 AM
Updated 12/27/2022, 11:30 AM
Caroline Ellison Apologizes in Court for Her Role in FTX Fraud

  • Ellison’s plea hearing in Federal court ended with 7 criminal charges in the FTX scandal.

  • She testified that she agreed with the former FTX CEO to divert billions from FTX to Alameda.

  • Sam Bankman-Fried was charged with eight criminal charges and is due back in court on Jan 3.

Caroline Ellison apologized for assisting the former FTX CEO, Sam Bankman-Fried, in defrauding company investors. Ellison told US District Judge Ronnie Abrams, “I am truly sorry for what I did. I knew that it was wrong,” during her federal plea hearing. Ellison was the former CEO of Sam Bankman-Fried’s crypto firm Alameda Research.

Ellison declared she was merely going along with her ex-boyfriend Sam Bankman-Fried to hide the close relationship between Alameda and FTX. Additionally, she admitted to agreeing to divert billions worth of FTX deposits to alleviate the debts of Alameda while also admitting that FTX execs stole billions in hidden loans from the company as well.

On Dec 19, she was released after posting a $250,000 bond after she pled guilty to seven charges in the FTX case. Her charges include conspiracy to commit securities fraud and wire fraud.

According to the transcript released by Bloomberg, she said:

I understood that if Alameda’s FTX accounts had significant negative balances in any particular currency, it mea ...

The post Caroline Ellison Apologizes in Court for Her Role in FTX Fraud appeared first on Coin Edition.

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