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Caroline Ellison, the ex-CEO of Alameda Analysis, took the stand because the fifth witness for the prosecution in Sam Bankman-Fried’s six-week trial, claiming that the previous FTX CEO directed her to commit fraud and cash laundering crimes.
Ellison added that whereas she ran Alameda, she took a number of billion {dollars} from prospects to spend money on different initiatives and repay money owed to lenders via an “basically limitless line of credit score.”
Alameda took $14 billion in whole from prospects, however “some we had been in a position to pay again,” Ellison testified. She additionally stated she despatched modified steadiness sheets to traders and lenders on the route of Bankman-Fried so Alameda Analysis might “look much less dangerous than it was.”
Ellison has pleaded responsible to a number of costs and accepted plea agreements, alongside Gary Wang, co-founder and CTO of FTX, and Nishad Singh, director of engineering at FTX. Wang testified within the trial from October 5 till noon on Tuesday.
Ellison and Bankman-Fried dated for a variety of years on and off, she stated, including that they initially met whereas she was an intern at quantitative buying and selling agency, Jane Avenue.
Bankman-Fried is on trial for alleged fraud, amongst different costs.
This story is creating. Updates to observe.