Caroline Ellison and Gary Wang plead guilty to fraud while working at Alameda and FTX

Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang plead guilty to fraud. The confessions were made in the case against Sam Bankman-Freed. As U.S. Attorney for the Southern District of New York Damian Williams said, this is a major breakthrough in the case, but it is unlikely to be the last: “I have already said that we continue the investigation and it is moving very quickly. I announce that the US Attorney's Office for the Southern District of New York is filing charges against Caroline Ellison and Gary Wang. They are accused of fraud that contributed to the collapse of FTX. Both defendants are cooperating with law enforcement.” As part of the current case, Van could face up to 50 years in prison, and Caroline Ellison could be imprisoned for 110 years.. Williams emphasized that any other participants in the case need to communicate their involvement: “Now is the time to take the initiative. The investigation is going very fast, and our patience is not limitless.” Recall that earlier the founder of FTX Sam Bankman-Fried (Sam Bankman-Fried) was extradited to the United States. He faces up to 115 years in prison.