Caroline Ellison Wiki – Caroline Ellison-Fried Biograph

Fallen cryptocurrency entrepreneur Sam Bankman-Fried is expected to make his initial US court appearance on Thursday on charges of defrauding investors and looting client deposits on his FTX trading platform.

Bankman-Fried landed in the United States after being extradited from the Bahamas on Wednesday. The 30-year-old man was arrested in the Bahamas last week.

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On Wednesday, the US attorney in Manhattan announced that two of Bankman-Fried’s closest business associates had also been indicted and had secretly agreed to plea deals.

Caroline Ellison, 28, a former chief executive of Bankman-Fried’s trading firm Alameda Research, and Gary Wang, 29, a co-founder of FTX, pleaded guilty to charges including wire fraud, securities fraud and product fraud. basic.

US Attorney Damian Williams said in a video statement that the two were cooperating with investigators and agreed to assist in any prosecution. He warned others who allowed the alleged fraud to play out.

“If you engaged in misconduct at FTX or Alameda, now is the time to step up,” he said. “We are moving quickly, and our patience is not eternal.”

Caroline Ellison Age

The age of Caroline Ellison is 28 years.

Possibility of decades in prison

Prosecutors and regulators allege that Bankman-Fried was at the center of several illegal schemes to use client and investor money for personal gain. He faces the possibility of decades in prison if he is found guilty on all counts.

In a series of interviews before his arrest, Bankman-Fried said he made mistakes running FTX and Alameda, but he never intended to let anyone down.

Bankman-Fried is accused of using money, illegally taken from FTX clients, to enable transactions in Alameda, spend lavishly on real estate and make millions of dollars in campaign contributions for US politicians.

FTX, founded in 2019, quickly took the crypto investment phenomenon to great heights, becoming one of the largest digital currency exchanges in the world. Seeking clients beyond the world of technology, he hired comedian actor and writer Larry David to appear in a TV ad that aired during the Super Bowl, touting cryptocurrency as the next big thing.

However, Bankman-Fried’s crypto empire abruptly collapsed in early November as clients withdrew deposits en masse amid reports questioning some of its financial arrangements.Read More…..