The cryptocurrency company known as FTX has officially gone down in flames. This is due to founder Sam Bankman-Fried defrauding investors and being unable to meet financial expectations.
Many FTX investors believed they were giving to a golden goose when they put their money in. Instead, Bankman-Fried didn’t hesitate to use this money for his own purposes and ambitions.
Currently, the FTX founder remains in custody after being extradited from a different country. The charges against him are substantial and include money laundering, fraud, and campaign finance breaches.
However, a new reveal from Hot Air shows that an ex-girlfriend of Bankman-Fried is now spilling the beans on him as well.
What to Know About the Ex-Girlfriend’s Involvement
From the looks of things, Caroline Ellison is working with the authorities in order to avoid facing the maximum charges for her own involvement in FTX’s schemes. Right now, Ellison is looking at multiple charges of conspiracy and fraud.
It’s believed that she’s cut a deal for some degree of immunity; although, there’s much more about this story that has yet to be revealed. Right now, however, Bankman-Fried could very well end up with the harshest legal penalities when this is all said and done.
BREAKING: Sam Bankman-Fried’s ex-girlfriend, Caroline Ellison, has plead guilty to fraud and conspiracy charges and is cooperating with federal prosecutors.
— ALX 🇺🇸 (@alx) December 22, 2022
However, what has can confirmed is that Ellison pled guilty to her illicit involvement in FTX’s dealings with equity investors, money wiring, and the Securities and Exchange Commission.
Other associates with ties to FTX could very well also try to cut deals with the feds in order to escape considerably harsher sentences. At this time, this FTX scandal is being billed as one of the largest financial fraud schemes in the nation’s history.
The legal proceedings playing out concerning FTX are continuing to make international news. This is a case that many Americans are interested in and want to see play out.
Right now, it remains to be seen if the investors who got scammed in this will be able to get their money back in a reasonable amount of time. Bankman-Fried and his various associates will undoubtedly be hit with fines because of their involvement in all of this.
We just discovered Caroline Ellison and Gary Wang turned on @SBF_FTX, rattling him out to the Feds. The SEC’s civil (non-criminal) complaint is built on their participation and gives us our first “insider’s account” of the FTX disaster.
I’ve given you 12 key takeaways below:👇🧵 pic.twitter.com/VNL2t09S5Q
— Compound248 (@compound248) December 22, 2022
Though whether or not they’ll have the means to pay these fines is a different matter altogether. The public shouldn’t be shocked if Ellison reveals even more information about Bankman-Fried in the days and weeks to come.
This is certainly a case that Americans can expect to make headlines well into 2023.
What do you think about the scandal surrounding FTX and its various power players? Do you believe founder Sam Bankman-Fried will be the one to ultimately take the biggest fall for what transpired?
You are welcome to let us know your thoughts and predictions in the comments area.