Home Feature News Sam Bankman-Fried’s former girlfriend set to testify for second day in fraud trial | CNN Enterprise

Sam Bankman-Fried’s former girlfriend set to testify for second day in fraud trial | CNN Enterprise

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Sam Bankman-Fried’s former girlfriend set to testify for second day in fraud trial | CNN Enterprise

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New York
CNN
 — 

The fraud trial of FTX founder and CEO Sam Bankman-Fried continues Wednesday with extra testimony anticipated from Caroline Ellison, the 28-year-old former CEO of FTX’s sister firm, Alameda Analysis, and SBF’s former on-and-off romantic accomplice.

On her first day of testimony, Ellison mentioned Tuesday that she and Bankman-Fried, together with different associates, dedicated fraud and cash laundering, and that he “arrange the techniques that allowed Alameda” to siphon cash from FTX buyer accounts.

Prosecutors accuse Bankman-Fried, 31, of orchestrating a scheme to steal billions of {dollars} from buyer accounts in FTX, his now-bankrupt crypto buying and selling platform.

Ellison’s testimony comes as a part of a plea settlement with prosecutors. She pleaded responsible within the hopes of securing a lighter sentence. If she got a most sentence on the seven counts, she may face greater than 100 years in jail.

Her testimony is taken into account essential to prosecutors’ case that SBF used each FTX and Alameda as his personal private piggy financial institution. With cash siphoned instantly from FTX buyer accounts, they are saying, Bankman-Fried splurged on luxurious actual property for himself and his household, positioned dangerous wagers on digital property, and funneled hundreds of thousands of {dollars} in donations to US political campaigns. 

Ellison, a Stanford graduate with a level in arithmetic, advised the courtroom at a listening to in December that Alameda had a just about limitless borrowing facility in FTX, and that she agreed to maintain the 2 companies’ relationship hidden from buyers and prospects.

“I’m really sorry for what I did,” Ellison mentioned. “I knew that it was improper.”

The trial is predicted to last as long as six weeks. If discovered responsible of all seven prison counts and given the utmost sentence, Bankman-Fried faces the prospect of 110 years in jail.

This story is creating and shall be up to date.

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