Alameda former CEO and FTX co-founder face up to 110 years and 50 years in prison respectively

12/22 03:32

According to ABC News, Caroline Ellison, CEO of Alameda Research, Bankman-Fried's privately-controlled hedge fund, and Gary Wang, co-founder of FTX, pleaded guilty earlier this week, according to newly unsealed court documents. Ellison pleaded guilty to conspiracy to commit wire fraud on customers of FTX, wire fraud on customers of FTX, conspiracy to commit wire fraud on lenders of Alameda Research and wire fraud on lenders of Alameda Research, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering, according to the court documents. Together, the seven counts carry a maximum sentence of 110 years in prison. Wang pleaded guilty to four counts: conspiracy to commit wire fraud on customers of FTX, wire fraud on customers of FTX, conspiracy to commit commodities fraud and conspiracy to commit securities fraud, the court documents stated. He faces up to 50 years in prison.

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