SBF, the controversial FTX exchange’s CEO, was apprehended on Wednesday after a spectacular extradition from the Bahamas. He appeared in court on Thursday for a trial before the US District Court in New York, and his parents secured his release by posting a staggering $250 million bond.
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Former SBF Inc. fling Caroline Ellison has dramatically changed her commitment to the company. In a startling turn of events, she is now assisting law enforcement as they seek explanations for what transpired at their company. This young woman, who is only 28 years old, seems determined to obtain justice and reveal the truth, regardless of who it may harm or assist!
Stephanie Ellison, the CEO of the investment firm Alameda Research, has entered a plea of guilty to fraud for her involvement in a scheme using the money of FTX clients. She acknowledged having “unlimited” access and that she was breaking American law by supplying fictitious financial documents with the intention of misleading those who had invested in the company. Serious legal repercussions from her activities will undoubtedly last well into her future ventures.
Ellison has finally agreed to a plea deal with the prosecution to shorten her own term. She will collaborate and provide evidence against SBF, who faces a sentence of up to 100 years in prison, in exchange for this reward. She publicly admitted that she was aware of Alameda’s financial irregularities and took full responsibility for the crime.
‘I was aware that Alameda was provided access to a borrowing facility on FTX.com, the cryptocurrency exchange run by Mr. Bankman-Fried.
‘I understood that FTX executives had implemented special settings on Alameda’s FTX.com account that permitted Alameda to maintain negative balances in various fiat currencies and crypto currencies.
‘In practical terms, this arrangement permitted Alameda access to an unlimited line of credit without being required to post collateral, without having to pay interest on negative balances and without being subject to margin calls or FTX.com’s liquidation protocols.
‘I understood that if Alameda’s FTX accounts had significant negative balances in any particular currency, it meant that Alameda was borrowing funds that FTX’s customers had deposited onto the exchange.’
‘I was aware that Alameda was provided access to a borrowing facility on FTX.com, the cryptocurrency exchange run by Mr. Bankman-Fried.
‘I understood that FTX executives had implemented special settings on Alameda’s FTX.com account that permitted Alameda to maintain negative balances in various fiat currencies and crypto currencies.
‘In practical terms, this arrangement permitted Alameda access to an unlimited line of credit without being required to post collateral, without having to pay interest on negative balances and without being subject to margin calls or FTX.com’s liquidation protocols.
‘I understood that if Alameda’s FTX accounts had significant negative balances in any particular currency, it meant
She sincerely apologized, humbly accepted responsibility for her part in the regrettable circumstance, and promised to assist in making up the money lost. She truly wanted to make things right and her guilt was sincere.
‘I am truly sorry for what I did. I knew that it was wrong. And I want to apologize for my actions to the affected customers of FTX, lenders to Alameda and investors in FTX.
‘Since FTX and Alameda collapsed in November 2022, I have worked hard to assist with the recovery of assets for the benefit of customers and to cooperate with the government’s investigation.
‘I am here today to accept responsibility for my actions by pleading guilty.’
SBF is in trouble, and anyone connected to him has a window of opportunity to come forward or pay the price. As he is imprisoned inside his family’s house, his freedom has been taken away, serving as a chilling reminder to everyone involved: come clean now or suffer the consequences later!
