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Ex-FTX Boss, Other Executives Received ‘Billions in Loans,’ Says Ex-Hedge Fund CEO


https://sputniknews.com/20221224/ex-ftx-boss-other-executives-received–billions-of-dollars-in-loans-former-hedge-fund-ceo-says-1105744858.html

Ex-FTX Boss, Other Executives Received ‘Billions in Loans,’ Says Ex-Hedge Fund CEO

Ex-FTX Boss, Other Executives Received ‘Billions in Loans,’ Says Ex-Hedge Fund CEO

On Thursday, the FTX founder was released on $250 million bail pending trial on fraud and other criminal charges relating to the dissolution of bankruptcy… 24.12.2022, Sputnik International

2022-12-24T05:27+0000

2022-12-24T05:27+0000

2022-12-24T05:28+0000

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Former FTX chief Sam Bankman-Fried and other executives of his collapsed crypto empire received massive sums from the Alameda Research hedge fund associated with FTX, the fund’s former chief executive, Caroline Ellison, has admitted. Alameda in June 2022 agreed to borrow billions of dollars in FTX client funds to pay them back, realizing the clients were unaware of the arrangement. The claims come as Ellison, along with FTX co-founder Gary Wang, pleaded guilty to multiple counts of conspiracy and fraud for their roles in the fraud scheme that brought down the platform. crypto trading. The two are cooperating with prosecutors as part of their plea deals. In a separate development, a New York judge said Thursday that Sam Bankman-Fried was released to his parents on $250 million pretrial bail on eight federal criminal charges against him. regarding allegations of fraud, money laundering and campaign finance violations at FTX. Federal prosecutors have charged the 30-something with illegally using customer deposits made at FTX to fund Alameda Research, buy property and make millions of dollars in political donations. They described the Sam Bankman-Fried case as “one of the biggest financial frauds in US history”, with prosecutor Nicolas Roos saying the former FTX boss committed a “fraud of proportions epics” that resulted in the loss of billions of dollars from customers and investor funds. FTX, which was founded in 2019 and was once valued at more than $30 billion, declared bankruptcy in November, when customers and Investors rushed to withdraw their funds from the crypto fi rm amid reports of the exchange’s “shaky” finances.

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On Thursday, the FTX founder was freed on $250 million bail pending trial on fraud and other criminal charges relating to the breakup of the bankrupt cryptocurrency exchange.

Former FTX chief Sam Bankman-Fried and other executives of his collapsed crypto empire received large sums from the Alameda Research hedge fund associated with FTX, the fund’s former chief executive, Caroline Ellison, has admitted.

“We prepared certain quarterly balance sheets that hid the extent of Alameda’s borrowings and the billions of dollars in loans that Alameda had made to FTX executives and related parties,” Ellison told U.S. District Judge Ronnie on Friday. Abrams in Manhattan federal court.

She added that after investors recalled the loans they made to Alameda in June 2022, she agreed to borrow billions of dollars in FTX client funds to repay them, realizing the clients weren’t aware of the arrangement.

Ellison said she was “truly sorry for what she did” and was helping recover client assets.

The claims come as Ellison, along with FTX co-founder Gary Wang, pleaded guilty to multiple counts of conspiracy and fraud for their role in the fraud scheme that led to the platform’s collapse. of crypto trading. The two are cooperating with prosecutors as part of their plea deals.

In a separate development, a New York judge said Thursday that Sam Bankman-Fried had been released to his parents on $250 million pretrial bail on eight federal criminal charges against him relating to allegations of fraud, money laundering and money laundering. money and campaign finance. FTX.

Federal prosecutors have charged the 30-year-old with illegally using customer deposits made at FTX to fund Alameda Research, buy property and make millions of dollars in political donations.

They described the Sam Bankman-Fried case as “one of the biggest financial frauds in US history”, with prosecutor Nicolas Roos saying the former FTX boss committed a “fraud of epic proportions “which resulted in the loss of billions of dollars. funds from clients and investors.

FTX, which was founded in 2019 and was once valued at more than $30 billion, declared bankruptcy in November when customers and investors rushed to withdraw their funds from the crypto firm amid reports of “fragile” finances of the stock market.



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