What To Expect When Caroline Ellison Testifies in Sam Bankman-Fried’s Trial Today?
The post What To Expect When Caroline Ellison Testifies in Sam Bankman-Fried’s Trial Today? appeared first on Coinpedia Fintech News
The SEC’s main witness in its case against FTX co-founder Sam Bankman-Fried is Caroline Ellison. She is scheduled to testify at his fraud trial today, Tuesday, October 10, 2023.
What Makes Caroline Ellison a ‘star-witness’?
Caroline Ellison’s evidence is eagerly awaited since, as Sam Bankman-Fried’s ex-girlfriend, it is thought that she has access to material that other parties involved in the criminal case do not. Caroline is anticipated to investigate FTX and affiliated hedge fund Alameda Research in-depth.
Former CEO of FTX’s affiliated hedge-fund organization Alameda Research and Caroline Ellison. Accordingly, the SEC thinks Ellison is one of the few individuals in Bankman-Fried’s inner circle who is aware of the reality of the alleged siphoning of billions of dollars in FTX customer cash to the sibling trading firm. After FTX failed, she pleaded guilty and promised to assist federal prosecutors.
Bankman-Fried, 31, has pleaded not guilty to charges that he planned the years-long fraud and lavishly spent on real estate, speculative investments, and growing his cryptocurrency company. As soon as the coproducer of FTX, Gary Wang, has finished testifying, Ellison may be asked to take the witness stand.
U.S. Attorney Thane Rehn Emphasizes Why Ellison is an Important Witness
No one other than Bankman-Fried himself appeared more prominently than Ellison during the opening day of the FTX Trial, which took place on October 4th.
On the first day, U.S. Attorney Thane Rehn told the jury that during Ellison’s tenure as CEO, Bankman-Fried “was using her as a front.” He continued, “In reality, he was still calling the shots at Alameda, and he came up with a scheme to take money from FTX and give it to Alameda.”
From Ellison’s testimony, Rehn explained to the jury what to anticipate, saying
she would “tell you about how she and the defendant stole the money that customers entrusted to FTX and used it to make investments through Alameda.”
Till Today’s Trial
With all the speculations filling the air about Gary Wang and Caroline Ellison’s trial, we suggest you read the critical events in Sam Bankman-Fried’s trial.
Quick Read: Everything You Need to Know About Sam Bankman-Fried’s Trial
Read More
What To Expect When Caroline Ellison Testifies in Sam Bankman-Fried’s Trial Today?
The post What To Expect When Caroline Ellison Testifies in Sam Bankman-Fried’s Trial Today? appeared first on Coinpedia Fintech News
The SEC’s main witness in its case against FTX co-founder Sam Bankman-Fried is Caroline Ellison. She is scheduled to testify at his fraud trial today, Tuesday, October 10, 2023.
What Makes Caroline Ellison a ‘star-witness’?
Caroline Ellison’s evidence is eagerly awaited since, as Sam Bankman-Fried’s ex-girlfriend, it is thought that she has access to material that other parties involved in the criminal case do not. Caroline is anticipated to investigate FTX and affiliated hedge fund Alameda Research in-depth.
Former CEO of FTX’s affiliated hedge-fund organization Alameda Research and Caroline Ellison. Accordingly, the SEC thinks Ellison is one of the few individuals in Bankman-Fried’s inner circle who is aware of the reality of the alleged siphoning of billions of dollars in FTX customer cash to the sibling trading firm. After FTX failed, she pleaded guilty and promised to assist federal prosecutors.
Bankman-Fried, 31, has pleaded not guilty to charges that he planned the years-long fraud and lavishly spent on real estate, speculative investments, and growing his cryptocurrency company. As soon as the coproducer of FTX, Gary Wang, has finished testifying, Ellison may be asked to take the witness stand.
U.S. Attorney Thane Rehn Emphasizes Why Ellison is an Important Witness
No one other than Bankman-Fried himself appeared more prominently than Ellison during the opening day of the FTX Trial, which took place on October 4th.
On the first day, U.S. Attorney Thane Rehn told the jury that during Ellison’s tenure as CEO, Bankman-Fried “was using her as a front.” He continued, “In reality, he was still calling the shots at Alameda, and he came up with a scheme to take money from FTX and give it to Alameda.”
From Ellison’s testimony, Rehn explained to the jury what to anticipate, saying
she would “tell you about how she and the defendant stole the money that customers entrusted to FTX and used it to make investments through Alameda.”
Till Today’s Trial
With all the speculations filling the air about Gary Wang and Caroline Ellison’s trial, we suggest you read the critical events in Sam Bankman-Fried’s trial.
Quick Read: Everything You Need to Know About Sam Bankman-Fried’s Trial
Read More