Breaking: Sam Bankman-Fried will be released on $250 million bond and restricted to confinement in his parents' Palo Alto, Calif., home, a judge said in the FTX founder’s first appearance in federal court after he was extradited from the Bahamas
who played a role in the alleged scheme, as prosecutors have two insiders’ accounts and documents upon which they could rely at any future trials.
According to documents made public Thursday, Ms. Ellison and Mr. Wang pleaded guilty to participating in a scheme to defraud FTX customers from 2019 through November 2022 by misappropriating customer deposits and lending them to Alameda. Ms. Ellison also admitted participating in a scheme to defraud Alameda lenders by providing false information about its financial condition. She and Mr. Wang also pleaded guilty to misleading FTX investors.
A lawyer for Ms. Ellison declined to comment after her guilty plea was announced. A lawyer for Mr. Wang said his client took his obligations as a cooperating witness seriously. The Securities and Exchange Commission and Commodity Futures Trading Commission also filed lawsuits against Ms. Ellison and Mr. Wang late Wednesday for their roles in a scheme to defraud FTX investors. Both agreed to settle the SEC’s and CFTC’s claims and to accept liability, according to the regulators.
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