Ellison

She Secretly Pleads Guilty and Tosses Her Lover Under the Bus

Carolyn Ellison is smack in the middle of the FTX fraud mayhem and she’s smart enough to plead guilty. She’s throwing former lover Sam Bankman-Fried under the bus and herself on the mercy of the court at the same time. Co-conspirator Gary Wang followed suit. He’s in trouble but not as much. He didn’t play with the money, only write the code to make siphoning it possible.

Ellison secretly pleads guilty

Everyone involved kept the deal Ellison and Wang made totally secret until after Sam Bankman-Fried was on a U.S. bound extradition flight. Two of his “top associates” and polyamorous lovers “secretly pleaded guilty to criminal charges in the collapse of the cryptocurrency exchange FTX and are cooperating with investigators.

The news broke from federal prosecutors on Wednesday, December 21, “as the digital coin entrepreneur was being flown in FBI custody to the U.S. from the Bahamas.

Carolyn Ellison was CEO of Alameda Research, “a trading firm started by Bankman-Fried,” While Gary Wang “co-founded FTX.

Both pleaded guilty to “charges including wire fraud, securities fraud and commodities fraud.” According to U.S. Attorney Damian Williams, “They are both cooperating with the Southern District of New York.

They have other names on their list of potential prosecutions so “anyone else who participated in the fraud should reach out to his office,” Williams advises. “Our patience is not eternal.

Both Ellison and Wang signed off on their deals December 19, “partially in exchange for a promise that prosecutors would recommend a reduction in their sentences if they cooperate fully in the investigation.

Prison for life, at least

The co-conspirators have really good reasons to cooperate. Both of them are smart enough to realize they are facing the rest of their lives in federal prison. The charges Ellison pleaded guilty to could bring 110 years in prison. Wang could get up to 50.

For now, the judge is letting them come and go on $250,000 bail “after their secret court appearances with travel restricted to the continental United States.”

Wang’s lawyer, Ilan Graff, put in a good word for his client, noting “Gary has accepted responsibility for his actions and takes seriously his obligations as a cooperating witness.” Nobody representing Ellison is talking. They have a tough job to start with and aren’t going to reveal their strategy ahead of time.

They also have a civil suit to defend against. “In a parallel civil complaint filed Wednesday, the Securities and Exchange Commission said Wang and Ellison were ‘active participants‘ in what it said was Bankman-Fried’s scheme to defraud FTX investors and swindle its customers.

Wang “created the software code that allowed Alameda to divert FTX customer funds.” Ellison used her math talents to invest like a Rothschild. She did a great job, for a while. The whole pile kept ballooning more massive every day, until it suddenly exploded and everyone went broke.

The SEC and prosecutors said Bankman-Fried illegally siphoned off customer deposits on the FTX platform and used it to enable Alameda’s trading, buy real estate and make huge campaign donations to U.S. politicians.” All Democrats. That’s where a huge chunk of the money went.

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