In her second day on the stand, Caroline Ellison told jurors that Sam Bankman-Fried wanted her to hide FTX customer funds that were on Alameda's balance sheet
Ellison testified that Bankman-Fried wanted Alameda Research's balance sheets to hide the customer money it had borrowed from FTX.
Ellison, 28, pleaded guilty in December to multiple counts of fraud as part of a plea deal with the government and is now viewed as the prosecution's star witness in Bankman-Fried's trial. Inon Tuesday, she said Bankman-Fried directed her and other staffers to defraud FTX customers by funneling billions of dollars to sister hedge fund Alameda Research.
Assistant U.S. Attorney Danielle Sassoon questions Caroline Ellison as defense lawyer Mark Cohen stands to object at Sam Bankman-Fried's fraud trial before U.S. District Judge Lewis Kaplan over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 11, 2023 in this courtroom sketch.After the meeting, Ellison prepared a number of different balance sheet variations to send to Genesis.
, including wire fraud, securities fraud and money laundering, all tied to the collapse of FTX and Alameda late last year. If convicted in the trial that began last week, Bankman-Fried could spend his life in prison. He has pleaded not guilty. In August of last year, Ellison said Bankman-Fried told her that Alameda's finances were her fault even though she'd been warning about the venture investments and the need to repay FTX customer accounts. Bankman-Fried told her she should have hedged and, "speaking loudly and strongly," said it was "her fault."
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