Top Executives Plead Guilty to Federal Fraud Charges in FTX Case

Two former top executives have pleaded guilty to federal fraud charges in the case against now-bankrupt cryptocurrency exchange FTX.

Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, a co-founder of FTX, have both reportedly pleaded guilty and are cooperating in the criminal fraud case.

Prosecutors say the two former execs are giving evidence against disgraced FTX founder and former CEO Sam Bankman-Fried.

Ellison, a former girlfriend of Bankman-Fried, ran Alameda Research which served at FTX’s sister company in their alleged money laundering operation.

The U.S. attorney for the Southern District of New York Damian Williams gave an update on the case Wednesday night.

“I’m announcing that the Southern District of New York has filed charges against Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, a co-founder of FTX, in connection with their roles in the frauds that contributed to FTX’s collapse,” Williams said.

“Both Miss Ellison and Mr. Wang have pled guilty to those charges, and they are both cooperating with the Southern District of New York.”

“Let me reiterate a call that I made last week; if you participated in misconduct at FTX or Alameda, now is the time to get ahead of it,” he warned.

“We are moving quickly, and our patience is not eternal.”

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By Frank Bergman

Frank Bergman is a political/economic journalist living on the east coast. Aside from news reporting, Bergman also conducts interviews with researchers and material experts and investigates influential individuals and organizations in the sociopolitical world.

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