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☆ The charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds
▼ + stars: | 2022-12-22 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Alameda's former CEO Caroline Ellison and FTX cofounder Gary Wang are in the SEC's crosshairs. US Attorney Damian Williams said on Wednesday that Ellison and FTX cofounder Gary Wang had pleaded guilty to various charges, including fraud, and are cooperating with the government. Still, Ellison and Wang perpetuated the alleged fraud of FTX's investors and customers, according to the SEC. That gave the firm broad access to FTX customer funds — and Ellison knowingly traded at Alameda using that money. The complaint largely painted Bankman-Fried as the one making allegedly fraudulent assurances to investors, but cast Ellison and Wang as loyal enablers.

☆ Gary Wang, the mysterious FTX cofounder, is cooperating with prosecutors. Here's what we know about the key player in the failed crypto empire.
▼ + stars: | 2022-12-22 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

FTX cofounder Gary Wang was a critical player during the rise and fall of SBF's crypto empire . Throughout his time at FTX, Wang maintained a limited online presence and steered clear of media interviews, leaving the limelight to his cofounder, Sam Bankman-Fried. But at FTX, Wang was a somewhat reclusive figure, per reports. Fraud charges and guilty pleaUnlike his cofounder, Wang has largely disappeared from view since he was fired from FTX after the company's implosion. "All of the sudden that snapped into he was leaving that day, back to the US and implicitly mostly stopped working," Bankman-Fried told the news outlet.

Dec 22 (Reuters) - FTX founder and former Chief Executive Sam Bankman-Fried, who faces U.S. fraud charges over the collapse of FTX, ran his crypto empire with a number of associates. GARY WANGGary Wang co-founded FTX and Alameda Research with Bankman-Fried, and served as FTX's chief technology officer. He and Bankman-Fried met at a math camp in high school and became college roommates, Bankman-Fried wrote in a now-unavailable FTX blog. Wang worked as a software engineer at Google before co-founding FTX and Alameda, according to an archived webpage for the FTX Future Fund, the company's charitable effort. NISHAD SINGHNishad Singh was a best friend of Bankman-Fried's brother in high school, Bankman-Fried wrote in the deleted blog post.

☆ Why pressure may be mounting on Sam Bankman-Fried after two former FTX-Alameda top executives plead guilty to federal charges
▼ + stars: | 2022-12-22 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy pressure may be mounting on Sam Bankman-Fried after two former FTX-Alameda top executives plead guilty to federal chargesCNBC's MacKenzie Sigalos details the charges and guilty pleas by two of Sam Bankman-Fried's top lieutenants at FTX and Alameda Research, and when we may see him in a U.S. courtroom.

☆ Gary Wang, the mysterious FTX cofounder, has pleaded guilty to fraud charges. Here's what we know about the key player in the failed crypto empire.
▼ + stars: | 2022-12-22 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

FTX cofounder Gary Wang was a critical player during the rise and fall of SBF's crypto empire . Wang also served as FTX's former chief technology officer but kept a low profile. Wang served as the chief technology officer at FTX until the exchange collapsed in mid-November. Wang later became the chief technology officer at FTX, establishing himself as a key member of the crypto empire's inner circle. Fraud charges and guilty pleaUnlike his cofounder, Wang has largely disappeared from view since he was fired from FTX after the company's implosion.

☆ Caroline Ellison, ex-Alameda CEO, and FTX cofounder Gary Wang have pleaded guilty to charges and are cooperating with authorities, US attorneys say
▼ + stars: | 2022-12-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Caroline Ellison, the former CEO of Alameda Research, and FTX cofounder Gary Wang have pleaded guilty to fraud. Both have also agreed to cooperate with the prosecutors, the US attorney for the Southern District of New York said. FTX co-founder Sam Bankman-Fried is being transferred to the US from Bahamas. Ellison and Wang have also agreed to cooperate with the prosecutors, Williams added in a statement. —US Attorney SDNY (@SDNYnews) December 22, 2022The development came just as FTX cofounder Sam Bankman-Fried is set to be extradited to the US on Wednesday night.

Federal prosecutors endorsed plans to allow two former Sam Bankman-Fried lieutenants, Gary Wang and Caroline Ellison, to post bail after both pleaded guilty to supporting a multibillion-dollar fraud allegedly perpetrated by former FTX CEO Bankman-Fried, court documents show. Wang and Ellison would be required to post $250,000 in bail each, surrender their passports and restrict their travel to the continental United States. In addition to admitting their complicity in the collapse of FTX, Wang and Ellison signed consent orders with the Commodity Futures Trading Commission, a civil concession that Bankman-Fried has yet to make. Wang, 29, and Ellison, 28, both pleaded guilty to fraud charges stemming from their leadership positions at FTX and Alameda, respectively. In a prerecorded statement Wednesday night, U.S. Attorney Damian Williams said the indicted former FTX CEO had been taken into FBI custody after a chaotic Bahamas extradition process.

☆ Sam-Bankman Fried to be released on $250 million bail and will be required to stay with parents ahead of FTX trial
▼ + stars: | 2022-12-22 | by ( Jacob Shamsian | Sindhu Sundar | ) www.businessinsider.com time to read: +6 min

Sam Bankman-Fried was granted release on $250 million bail at a court hearing Thursday. He will be required to surrender his passport and stay with his parents ahead of a federal trial on a list of charges tied to the failure of FTX. Bankman-Fried will be required to attend a court hearing in California at 10 a.m. Friday, Gorenstein ruled. Another court hearing is scheduled for January 3 in Manhattan, where Bankman-Fried is expected to enter a plea. Criminal allegations against Ellison and Wang, first filed on December 19, were unsealed in court on Thursday morning ahead of Bankman-Fried's court appearance.

☆ Caroline Ellison, who has pleaded guilty to fraud in the FTX collapse, left behind a trail of hot takes about crypto, race science, and polyamory. Here are some of the most striking quotes.
▼ + stars: | 2022-12-22 | by ( Lakshmi Varanasi | Yoonji Han | Cheryl Teh | ) www.businessinsider.com time to read: +2 min

Caroline Ellison faces up to 110 years in prison after pleading guilty to seven charges, including fraud. Twitter and Tumblr accounts thought to be linked to Ellison contain musings about race science and gender roles. On December 18, Ellison struck a plea deal with prosecutors in the Southern District of New York, pleading guilty to seven charges including wire and securities fraud. According to Ellison's plea deal, she has agreed to provide prosecutors with evidence and "truthfully testify" about the FTX implosion during court trials. December 22, 2022: This story has been updated to reflect the details of Ellison's plea deal.

☆ No, Sam Bankman-Fried and his parents didn't just shell out $250 million for bail. Here's how it works.
▼ + stars: | 2022-12-22 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

A New York federal court released Sam Bankman-Fried on Thursday on a $250 million bail. He didn't pay it upfront, but his parents' Palo Alto home helps secure his promise not to flee. Bankman-Fried said last month that he believed he had about $100,000 in his bank account. In this case, Bankman-Fried's parents' home in Palo Alto offers such a security, along with types of collateral posted by others who weren't named in the filing. Bankman-Fried previously said in media interviews last month that he had seen just about $100,000 in his account at the time.

☆ Sam Bankman-Fried's mother is pictured arriving at his bail hearing in New York
▼ + stars: | 2022-12-22 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's mother, Barbara Fried, is a professor at Stanford Law School. Barbara Fried, a professor emerita at Stanford Law School, was seen laughing during Bankman-Fried's hearing earlier this month in the Bahamas when her son was called a "fugitive." Barbara Fried on her way to her son Sam Bankman-Fried's bail hearing. Until recently, Bankman-Fried's parents— both associated with Stanford Law School— have been accompanying their son in the Bahamas, where FTX was based. Joseph Bankman is described as a "leading scholar in the field of tax law," in his biography in the Stanford Law School directory.

☆ Prosecutors charge two top executives in connection with FTX collapse
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 21 (Reuters) - Federal prosecutors on Wednesday said they have charged Caroline Ellison, the former CEO of Alameda Research, and Zixiao (Gary) Wang, the former Chief Technology Officer of FTX Trading Ltd. (FTX) with defrauding investors in the crypto trading platform. U.S. Attorney Damian Williams said in a video statement that both Wang and Ellison have pleaded guilty to the charges and have agreed to cooperate with prosecutors. He said that Sam Bankman-Fried, founder of FTX, is now in FBI custody and is on his way to the United States. Williams also gave a stark warning in the video: "If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it. Reporting by Chris Prentice and Luc Cohen; Editing by Megan Davies & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Bankman-Fried left the courthouse, surrounded by guards with assault weapons, and entered a vehicle, according to Reuters Video. The Ministry of Foreign Affairs in The Bahamas said in a statement that the foreign minister had signed off on allowing Bankman-Fried's extradition to the United States. Bankman-Fried was arrested on a U.S. extradition request last week in The Bahamas, where he lives and where FTX is based. [1/10] Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, is escorted out of the Magistrate Court building in Nassau, Bahamas December 21, 2022. This rule, which is in The Bahamas’ extradition treaty with the United States, says a person can be tried only on the charges for which they are extradited.

Bankman-Fried left the courthouse, surrounded by guards with assault weapons, and entered a vehicle, according to Reuters Video. Bankman-Fried was arrested on a U.S. extradition request last week in The Bahamas, where he lives and where FTX is based. [1/10] Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, is escorted out of the Magistrate Court building in Nassau, Bahamas December 21, 2022. This rule, which is in The Bahamas’ extradition treaty with the United States, says a person can be tried only on the charges for which they are extradited. Bankman-Fried has acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability.

It paves the way for the founder of the FTX cryptocurrency exchange to be flown to the United States as early as Wednesday afternoon. Bankman-Fried was arrested on a U.S. extradition request last week in The Bahamas, where he lives and where FTX is based. [1/8] Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, is escorted into the Magistrate Court building in Nassau, Bahamas December 21, 2022. This rule, which is in The Bahamas’ extradition treaty with the United States, says a person can be tried only on the charges for which they are extradited. Bankman-Fried has acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability.

NASSAU, Dec 21 (Reuters) - Sam Bankman-Fried left a Bahamas correctional facility and arrived in court on Wednesday morning, a source said, a day after the founder of the FTX cryptocurrency exchange signed papers paving the way for his extradition to the United States, where he faces fraud charges. Bankman-Fried is expected to sign additional papers in court finalizing his waiver of rights to fight extradition, another person close to the matter told Reuters. Bankman-Fried was arrested on a U.S. extradition request last week in The Bahamas, where he lives and where FTX is based. [1/6] Sam Bankman-Fried, founder and former CEO of crypto currency exchange FTX, leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022. Wednesday's hearing will follow a confusing sequence of events this week that left the status of Bankman-Fried's expected extradition unclear.

NASSAU, Dec 21 (Reuters) - Proceedings are set to resume on Wednesday in Sam Bankman-Fried's Bahamas court case, after the founder of the FTX cryptocurrency exchange signed papers paving the way for his extradition to the United States, where he faces fraud charges. Bankman-Fried was arrested on a U.S. extradition request last week in The Bahamas, where he lives and where FTX is based. He initially said he would contest extradition, but Reuters and other outlets reported over the weekend that he would reverse that decision. Wednesday's hearing will follow a confusing sequence of events this week that left the status of Bankman-Fried's expected extradition unclear. [1/6] Sam Bankman-Fried, founder and former CEO of crypto currency exchange FTX, leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022.

☆ Caroline Ellison, Associate of FTX Founder Sam Bankman-Fried, Pleads Guilty to Criminal Charges
▼ + stars: | 2022-12-21 | by ( Corinne Ramey | Dave Michaels | ) www.wsj.com time to read: 1 min

A plane carrying FTX founder Sam Bankman-Fried leaves the Bahamas as he is being extradited to the U.S.Two associates of FTX founder Sam Bankman-Fried have pleaded guilty for their roles in fraud that contributed to the cryptocurrency exchange’s collapse and are cooperating with federal investigators. Caroline Ellison , the former chief executive of Alameda Research, a trading firm tied to FTX, and Gary Wang , FTX’s former chief technology officer, both pleaded guilty to criminal offenses similar to those Mr. Bankman-Fried was charged with last week.

A hearing in Bankman-Fried's case will take place on Wednesday at 11 a.m. EST (1600 GMT), a court official told Reuters. Wednesday's proceeding could set the stage for the 30-year-old cryptocurrency mogul to depart the Caribbean nation, after several days of confusion about the status of Bankman-Fried's extradition. A person familiar with the matter said Bankman-Fried intends to consent to extradition. He initially told a Bahamas court he would contest extradition, but Reuters and other outlets reported over the weekend that he would reverse his decision. [1/2] The Founder and former CEO of crypto currency exchange FTX Sam Bankman-Fried leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022.

New York CNN —Lawyers for Sam Bankman-Fried are negotiating with federal prosecutors in New York on a bail arrangement that would enable him to avoid detention, people familiar with the matter told CNN. FTX crypto exchange founder Bankman-Fried, who oversaw his now-bankrupt crypto empire from a luxury compound in the Bahamas, is expected to return as early as Wednesday to the United States. Sam Bankman-Fried is escorted out of court following a hearing in the Bahamas on Monday. Rebecca Blackwell/APIn the week and a half since his arrest in the Bahamas, Bankman-Fried has been held in a prison that US officials have described overcrowded, dirty and lacking medical care. Facing life in prisonFederal prosecutors last week charged Bankman-Fried with defrauding investors and customers of FTX, which he founded in 2019.

☆ Sam Bankman-Fried is set to be flown to the US from a private airport in the Bahamas, accompanied by FBI agents, report says
▼ + stars: | 2022-12-21 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

SBF is expected to fly to the US from a private airport in the Bahamas on Wednesday, per Bloomberg. The former crypto boss has been charged with eight counts, including wire fraud. Bankman-Fried is expected to sign the final papers waving his rights to fight extradition in a Bahamas court on Wednesday. The decision was reportedly partly motivated by the fact Bankman-Fried expected to be granted bail with house arrest in the US. The disgraced former crypto boss has been charged with eight counts, including wire fraud.

CNN —Two senior executives associated with collapsed crypto exchange FTX have pleaded guilty to multiple criminal charges and are cooperating with federal prosecutors, according to unsealed court records. Additionally, the pair face civil fraud charges from the Securities and Exchange Commission that were announced Wednesday night. Wang cofounded FTX with Bankman-Fried in 2019 and also worked with him at his hedge fund Alameda Research. Ellison is pleading guilty to seven counts, including wire fraud, conspiracy to commit money laundering, conspiracy to commit securities fraud, conspiracy to commit commodities fraud and conspiracy to commit wire fraud. Wang has agreed to plead guilty to four counts: wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud and conspiracy to commit securities fraud.

☆ Sam Bankman-Fried could be bailed and placed under house arrest after he's extradited to the US, reports say
▼ + stars: | 2022-12-21 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried could be bailed and placed under house arrest after extradition to the US. One option being explored, alongside house arrest, is electronically monitoring Bankman-Fried. Two people familiar with the matter told the Times that the deal could see Bankman-Fried placed under house arrest. Since then, Bankman-Fried has spent just over a week in the notoriously-harsh Fox Hill prison, which reports say is overcrowded and understaffed. One official at the prison told The Washington Post that the FTX founder appeared "awfully scared," but seemed like a "nice guy."

☆ Bankman-Fried hearing to resume on Wednesday as extradition decision looms
▼ + stars: | 2022-12-20 | by ( Maria Alejandra Cardona | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +3 min

[1/2] The Founder and former CEO of crypto currency exchange FTX Sam Bankman-Fried leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022. Tuesday's events mark the latest episode in what has become a confusing, back-and-forth saga over Bankman-Fried's extradition. Last week, he initially told a Bahamas court he would contest extradition, but Reuters and other outlets reported over the weekend that he would reverse his decision. During a court hearing on Monday at which Bankman-Fried appeared, Roberts said he had not been informed of the purpose of the proceeding. The person familiar with the matter told Reuters after Monday's hearing that Bankman-Fried would indeed consent to extradition.

☆ FTX's Bankman-Fried, facing extradition, due back in Bahamas court
▼ + stars: | 2022-12-20 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +3 min

[1/2] The Founder and former CEO of crypto currency exchange FTX Sam Bankman-Fried leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022. It was not immediately clear if Bankman-Fried had arrived at the court in Nassau. On Monday, Bankman-Fried appeared in court in capital Nassau after Reuters and other outlets reported over the weekend that he had decided to agree to extradition. But during the tumultuous hearing, a Bahamas lawyer for Bankman-Fried, Jerone Roberts, said his client was not yet ready to consent. Upon arrival in the United States, Bankman-Fried would enter a plea in federal court within a day or two.

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