Former Alameda Research CEO Caroline Ellison took the stand at Sam Bankman-Fried’s criminal trial, admitting to fraud and providing misleading balance sheets for investors.
Reports have suggested the former CEO of Alameda Research and SBF had largely been out of contact following the collapse of FTX in November 2022.Former FTX CEO Sam “SBF” Bankman-Fried watched from the defense table as his former business associate and girlfriend, Caroline Ellison, testified at his criminal trial.to reports from the courtroom on Oct. 10, Ellison admitted to fraud during her time at Alameda under Bankman-Fried’s direction.
“Alameda took several billions of dollars from FTX customers and used it for investments,” said Ellison, according to reports. “I sent balance sheets that made Alameda look less risky than it was.” Ellison met Bankman-Fried through their jobs at Jane Street Capital, with SBF convincing her to leave the investment firm and join his crypto-focused endeavors. Reports have suggested the two had largely been out of contact following the collapse of FTX in November 2022.
Sam Bankman-Fried included this photo with Caroline Ellison in a document he sent me, noting that she “was wicked smart,” but “deeply insecure.” CAROLINE TESTIFIES AGAINST SBF IN COURT THIS WEEK.Ellison’s relationship with SBF is one of the issues central to the allegations facing the former CEO, as he was in charge of the crypto exchange while she led the team at Alameda.
FTX co-founder and former chief technology officer Gary Wang took the stand starting on Oct. 5 as one of the first witnesses for prosecutors,with Ellison and former engineering director Nishad Singh. On cross-examination of Wang, SBF’s attorneys seemed to be attempting to shift some of the blame for the exchange’s collapse to Ellison, questioning the former chief technology officer on her role.
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