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2 Bankman-Fried associates plead guilty to fraud as FTX founder heads to US

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Manhattan U.S. Attorney Damian Williams said in a video posted on Twitter late Wednesday night that two former associates of FTX founder Sam Bankman-Fried have pleaded guilty to fraud charges and are now co-operating with the government.

Caroline Ellison, former CEO of Alameda Research, and Gary Wang, co-founder of FTX, have pleaded guilty to defrauding investors in the crypto trading platform, Williams said.

The revelation that two of Bankman-Fried's closest former associates have decided to co-operate with the government significantly ramped up pressure on the former billionaire.

Federal prosecutors in Manhattan last week charged Bankman-Fried with stealing billions of dollars in FTX customer assets to plug losses at his hedge fund, Alameda Research, in what U.S. Attorney Williams called "one of the biggest financial frauds in American history."

The 30-year-old cryptocurrency mogul has acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability.

For more info, please go to https://globalnews.ca/news/9365222/ftx-founder-sam-bankman-fried-bahama-extradition/

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Category
U.S. & Canada
Tags
global news, cryptocurrency, sam bankman-fried
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