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Caroline Ellison and Gary Wang Have Pleaded Guilty to Fraud

Caroline Ellison, the former CEO of Alameda Research, and FTX cofounder Gary Wang have pleaded guilty to fraud, Damian Williams, the US attorney for the Southern District of New York said Wednesday.

Ellison and Wang have also agreed to cooperate with the prosecutors, Williams added in a statement.

The development came just as FTX cofounder Sam Bankman-Fried is set to be extradited to the US on Wednesday night.

“Samuel Bankman-Fried is now in FBI custody and is on his way back to the United States. He will be transported directly to the Southern District of New York, and he will appear in court before a judge in this district as soon as possible,” Williams added. 

Bankman-Fried resigned as the CEO of FTX on November 11, the same day the troubled exchange filed for Chapter 11 bankruptcy, as it failed to secure a rescue following an intense week-long liquidity squeeze. 

Bankman-Fried has been on a media apology tour since FTX’s collapse but told the New York Times in late November that he didn’t think he’s legally accountable.

This is a developing story. Please check back for updates.

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