Former Alameda Research chief executive Caroline Ellison replicated moves by FTX co-founder Gary Wang in cooperating with investigators in the criminal charges against Sam Bankman-Fried (SBF). The duo pleaded guilty to the charges against them for aiding fraudulent activities.
Bankman-Fried Co-accused Plead Guilty to Fraud Charges
The new development was conveyed by the US attorney within the Southern District of New York (SDNY) on December 22. Attorney Damian Williams observed that the proceedings in FTX collapse are fast and will involve a series of developments. Williams echoes the previous week’s promise for more updates in his address.
Williams revealed that SDNY charged Ellison and Wang, citing connections in the executive roles that led to FTX’s collapse. The attorney confirmed that both pleaded guilty and committed to cooperating with the prosecutors.
SBF Waves Off Lengthy Extradition Process
Williams added that Bankman-Fried was handed over to the Federal Bureau of Investigation. He indicated that SBF extradition to face charges in the US was underway. In his address, Williams warned individuals of the misconduct behind the FTX collapse of quick action by the SDNY.
Also read:Williams’ statement revealed that Bankman-Fried waived off the formal extradition process, thus compelling the Bahamian authorities to hand him over to the FBI on December 1. He lauded the gesture, spared weeks often spent completing the formal extradition process.
Ellison and Wang Cooperation with SDNY to Expedite Investigations
Williams ruled out that SDNY will exercise patience eternally to emphasize its commitment to expedite the investigation and prosecution of fraud perpetrators in FTX and Alameda Research. He echoed Bankman-Fried’s lawyer, who claimed the plaintiff is motivated to prioritize customers’ rights in waving the lengthy extradition process.
The recent guilty plea by Ellison is unsurprising given her weeks of silence in the matter while Bankman-Fried completed several rounds of interviews in various media. The silence prompted speculations of Ellison assisting prosecutors to nail perpetrators in the FTX fraud where users lost billions of crypto assets. The decision is unsurprising as her attorneys were previously spotted when visiting the SDNY offices. Ellison, on December 5, visited a coffee shop a few blocks from the New York FBI office.
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