Caroline Ellison and Gary Wang plead guilty to fraud while working at Alameda and FTX

Article Reading Time:
1 min.

Former CEO of Alameda ResearchCaroline Ellison and FTX exchange co-founder Gary Wang pleaded guilty to fraud. The admissions were made as part of the case against Sam Bankman-Fried.

As US Attorney for the Southern District of New York Damian Williams said, this is a major breakthrough in the case, but it is unlikely to be the last:

“I already said that we continueinvestigation and it is moving very quickly. I am announcing that the U.S. Attorney's Office for the Southern District of New York has filed charges against Caroline Ellison and Gary Wang. They are accused of fraud that contributed to the collapse of FTX. Both defendants are cooperating with law enforcement."

In the current case, Van could face up to50 years in prison, and Caroline Ellison could be sentenced to 110 years. Williams emphasized that anyone else involved in the case needs to disclose their involvement:

“Now is the time to take the initiative. The investigation is moving very quickly, and our patience is not unlimited.”

Let us recall that earlier the founder of FTX, Sam Bankman-Fried, was extradited to the United States. He faces up to 115 years in prison.