Bankman-Fried's former girlfriend testifies that her crimes 'were committed with Sam'
- 7 months ago
#englishnews #Bankmanfried #carolineellison
News Article :-
Caroline Ellison, the 28-year-old star witness in one of the most closely watched fraud trials in US history, took the stand Tuesday to testify against her former business partner and sometimes-boyfriend Sam Bankman-Fried.
She said the two of them, along with other associates, committed fraud and money laundering in the lead-up to the collapse of FTX founder and CEO Bankman-Fried’s crypto empire.
It is Ellison’s first public appearance since she pleaded guilty to seven counts nearly a year ago. Wearing a salmon-colored dress and gray blazer, she pointed out Bankman-Fried as he sat stoically with his lawyers a few feet away. She testified for just a few minutes before the court adjourned for a lunch recess.
Under questioning from Assistant US Attorney Danielle Sassoon, Ellison told jurors that, as CEO of Alameda Research, the crypto firm founded by Bankman-Fried, she did not commit the crimes alone.
“They were committed with Sam,” she said. Asked about the role Bankman-Fried played in the criminal activity, she said he was the one who “set up the systems that allowed Alameda” to siphon money from FTX customer accounts.
Ellison described how their romantic relationship began around the fall of 2018. She described him as “very ambitious,” and wanted to use his money for political influence. He used to say there was a “5% chance he would become president someday,” Ellison testified.
As the former head of Alameda — and as Bankman-Fried’s on-again-off-again girlfriend — Ellison is uniquely positioned to testify about how the crypto business spiraled out of control and ultimately collapsed into bankruptcy.
Her highly anticipated testimony is expected to corroborate the witness who preceded her, FTX co-founder Gary Wang who, like Ellison, testified as part of a plea agreement with prosecutors.
Ellison spoke clearly and confidently on the stand Tuesday as she offered examples of the criminal behavior that she says Bankman-Fried directed her to do.
She told the jury that, among other things, she sent balance sheets to Alameda’s lenders that incorrectly stated the reality of the fund’s balance sheet, making it look “less risky.”
Ellison said she first met Bankman-Fried when she was an intern at Jane Street Capital, a prominent Wall Street trading firm, and noted that the two of them dated for “a couple of years.”
Ellison’s testimony offers rare insight into the collapse last year of a multibillion-dollar crypto empire and is crucial to prosecutors’ case against Bankman-Fried, whom they accuse of orchestrating a scheme to steal billions of dollars from customer accounts in FTX, his now-bankrupt crypto trading platform.
Ellison is one of three former executives in Bankman-Fried’s inner circle who have since turned their backs on him, agreeing to plead guilty and cooperate with prosecutors in the hopes of securing a lighter sentence.
Ellison is
News Article :-
Caroline Ellison, the 28-year-old star witness in one of the most closely watched fraud trials in US history, took the stand Tuesday to testify against her former business partner and sometimes-boyfriend Sam Bankman-Fried.
She said the two of them, along with other associates, committed fraud and money laundering in the lead-up to the collapse of FTX founder and CEO Bankman-Fried’s crypto empire.
It is Ellison’s first public appearance since she pleaded guilty to seven counts nearly a year ago. Wearing a salmon-colored dress and gray blazer, she pointed out Bankman-Fried as he sat stoically with his lawyers a few feet away. She testified for just a few minutes before the court adjourned for a lunch recess.
Under questioning from Assistant US Attorney Danielle Sassoon, Ellison told jurors that, as CEO of Alameda Research, the crypto firm founded by Bankman-Fried, she did not commit the crimes alone.
“They were committed with Sam,” she said. Asked about the role Bankman-Fried played in the criminal activity, she said he was the one who “set up the systems that allowed Alameda” to siphon money from FTX customer accounts.
Ellison described how their romantic relationship began around the fall of 2018. She described him as “very ambitious,” and wanted to use his money for political influence. He used to say there was a “5% chance he would become president someday,” Ellison testified.
As the former head of Alameda — and as Bankman-Fried’s on-again-off-again girlfriend — Ellison is uniquely positioned to testify about how the crypto business spiraled out of control and ultimately collapsed into bankruptcy.
Her highly anticipated testimony is expected to corroborate the witness who preceded her, FTX co-founder Gary Wang who, like Ellison, testified as part of a plea agreement with prosecutors.
Ellison spoke clearly and confidently on the stand Tuesday as she offered examples of the criminal behavior that she says Bankman-Fried directed her to do.
She told the jury that, among other things, she sent balance sheets to Alameda’s lenders that incorrectly stated the reality of the fund’s balance sheet, making it look “less risky.”
Ellison said she first met Bankman-Fried when she was an intern at Jane Street Capital, a prominent Wall Street trading firm, and noted that the two of them dated for “a couple of years.”
Ellison’s testimony offers rare insight into the collapse last year of a multibillion-dollar crypto empire and is crucial to prosecutors’ case against Bankman-Fried, whom they accuse of orchestrating a scheme to steal billions of dollars from customer accounts in FTX, his now-bankrupt crypto trading platform.
Ellison is one of three former executives in Bankman-Fried’s inner circle who have since turned their backs on him, agreeing to plead guilty and cooperate with prosecutors in the hopes of securing a lighter sentence.
Ellison is