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Colleagues of FTX founder Bankman-Fried plead guilty to fraud

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Gary Wang and Caroline Ellison have agreed to cooperate with authorities, according to US prosecutors.

Two of FTX founder Sam Bankman-Fried’s colleagues have pleaded guilty to fraud-related charges in connection with the collapse of the cryptocurrency exchange, according to US authorities.

FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison have admitted to the charges and have agreed to cooperate with authorities in their ongoing investigations, U.S. Attorney for the Southern District of New York Damian Williams said in a statement. release. communicated late on Wednesday.

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Williams did not specify what charges Wang and Ellison pleaded guilty to, but said the announcement would not be the last his office makes in connection with its investigation into FTX.

“Let me reiterate a call I made last week. If you engaged in misconduct at FTX or Alameda, now is the time to come forward. We are moving quickly and our patience is not eternal,” Williams said.

“We are still working around the clock and we are far from done,” added Williams.

In a separate announcement Wednesday, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission announced civil charges against Ellison and Wang.

“As part of their deception, we allege that Caroline Ellison and Sam Bankman-Fried planned to manipulate the price of FTT, a cryptosecurity token exchange that was an integral part of FTX, to prop up the value of its house of cards,” the SEC said. . President Gary Gensler.

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“We further allege that Ms. Ellison and Mr. Wang played an active role in a scheme to misuse FTX client assets to prop up Alameda and post collateral for margin trading.

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“When FTT and the rest of the house of cards collapsed, Mr. Bankman-Fried, Ms. Ellison and Mr. Wang left the investors with the stock. Until crypto platforms comply with time-tested securities laws, risks to investors will persist. It remains a priority for the SEC to use all of our available tools to bring the industry into compliance.”

The announcements came shortly after Bankman-Fried left the Bahamas following his extradition to the US, where he faces eight charges including wire fraud, money laundering and campaign finance violations.

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