The former chief executive of Alameda Research, Bankman-Fried’s hedge fund, has told jurors that he directed her to commit fraud.
Caroline Ellison in New York, where she testified in the trial of Sam Bankman-Fried, on Tuesday. Caroline Ellison, the government’s star witness against former cryptocurrency magnate Sam Bankman-Fried, is set Wednesday to continue her testimony outlining how her former boss and sometimes boyfriend allegedly
directed her to help commit a multibillion-dollar fraud against his company’s customers, lenders and investors.Defense attorneys, meanwhile, are awaiting their opportunity to question Ellison, the former chief executive of Bankman-Fried’s hedge fund, Alameda Research.
Ellison, in about four hours of testimony Tuesday, told jurors that even as she nominally became the sole chief executive of Alameda Research, Bankman-Fried continued to call the shots behind the scenes. She said the financial crimes he directed her to commit included using customer money from FTX, his crypto trading platform, to make risky investments in start-ups and pay back massive loans.She described his appetite for risk in vivid terms.
Prosecutors in their ongoing questioning are likely to ask Ellison to take jurors inside the chaotic final days of Bankman-Fried’s crypto empire as it collapsed last November. Two days before FTX filed for bankruptcy, Ellison convened her team at Alameda and tearfully confessed that the hedge fund had pilfered customer funds to pay its bills. “This really sucks,” she told Alameda employees, according to a recording of the meeting that prosecutors obtained.
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