The trial of FTX founder Sam Bankman-Fried took a star turn on Tuesday as his former fellow top executive, Caroline Ellison, began testifying against him.
The trial of FTX founder Sam Bankman-Fried took a star turn on Tuesday as his former fellow top executive, Caroline Ellison, began testifying against him, immediately blaming her former boyfriend for directing her to commit crimes before his cryptocurrency empire collapsed last November.
Caroline Ellison, former chief executive officer of Alameda Research, arriving at court in New York, on Tuesday.When she was asked to identify Bankman-Fried in the courtroom, Ellison stood at the witness stand as she scanned the courtroom for a long minute, at first unable to find him, before gesturing his way with a flip of her hand and saying he was “over there wearing a suit.”
In the trial’s second week, Ellison said she committed fraud, conspiracy to commit fraud and money laundering along with Bankman-Fried and others.Asked by a prosecutor about Bankman-Fried’s involvement, she said: “He directed me to commit these crimes.” Bankman-Fried, 31, was one of the world’s wealthiest people on paper, with an estimated net worth of $US32 billion, when his cryptocurrency businesses collapsed as investors and customers sought to empty their accounts last November. Bankruptcy proceedings followed as prosecutors alleged that stolen funds were used to fund his businesses, make donations and contribute to political campaigns in the hopes of influencing cryptocurrency regulation in Washington.
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