Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Eugene

(62,626 posts)
Fri Dec 23, 2022, 01:58 PM Dec 2022

Alameda's ex-CEO tells judge she hid billions in loans to FTX execs

Source: Reuters

Alameda's ex-CEO tells judge she hid billions in loans to FTX execs

Luc Cohen
Fri, December 23, 2022 at 12:18 PM EST·1 min read

NEW YORK (Reuters) - Sam Bankman-Fried and other FTX executives received billions of dollars in secret loans from the crypto mogul's Alameda Research, the hedge fund's former chief told a judge in her guilty plea for her role in the exchange's collapse.

Caroline Ellison, former chief executive of Alameda Research, said she agreed with Bankman-Fried to hide from FTX's investors, lenders and customers that the hedge fund could borrow unlimited sums from the exchange, according a transcript of her Dec. 19 plea hearing that was unsealed on Friday.

"We prepared certain quarterly balance sheets that concealed the extent of Alameda’s borrowing and the billions of dollars in loans that Alameda had made to FTX executives and to related parties," Ellison told U.S. District Judge Ronnie Abrams in Manhattan federal court, according to the transcript.

Ellison is cooperating with prosecutors as part of her plea agreement.

Bankman-Fried has been accused of orchestrating an "epic" fraud that led to the loss of billions of dollars of customer and investor funds.

-snip-

Read more: https://news.yahoo.com/alamedas-ex-ceo-tells-judge-171848372.html

2 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Alameda's ex-CEO tells judge she hid billions in loans to FTX execs (Original Post) Eugene Dec 2022 OP
caroline ellison as "Leo Getz" lapfog_1 Dec 2022 #1
Chief executive of FTX sister company pleads guilty to seven offences Eugene Dec 2022 #2

Eugene

(62,626 posts)
2. Chief executive of FTX sister company pleads guilty to seven offences
Fri Dec 23, 2022, 06:46 PM
Dec 2022
Chief executive of FTX sister company pleads guilty to seven offences (The Guardian)

Caroline Ellison, the former chief executive of the FTX sister company Alameda Research, has agreed to plead guilty to seven offences including wire fraud, securities fraud and money laundering, according to a newly unsealed agreement with prosecutors.


https://www.theguardian.com/business/2022/dec/23/chief-executive-of-ftx-sister-company-pleads-guilty-to-seven-offences
Latest Discussions»Issue Forums»Economy»Alameda's ex-CEO tells ju...