According to the US attorney for the Southern District of New York, Gary Wang and the former CEO of Alameda Research have pleaded guilty to fraud.
Williams said that Ellison and Wang would cooperate with the prosecutors.
—US Attorney SDNY (@SDNYnews) December 22, 2022
Ellison and Wang have been charged by the SEC with a multiyear scheme to defraud equity investors in FTX. FTX co-founder Sam Bankman-Fried is alleged to have directed Ellison to manipulate the price of the token. The Commodity futures trading commission charged Ellison and Wang with fraud.
Bankman-Fried was in FBI custody and on his way back to the US where he will appear in court as soon as possible.
Last week, I made a call. If you were involved in the conduct at FTX, now is the time to act. Williams said that patience is not eternal.
Bankman-Fried stepped down as CEO of FTX on November 11, the same day the exchange filed for Chapter 11 reorganization.
Bankman- Fried told the New York Times in late November that he didn't think he was responsible for the collapse of FTX.
The story is evolving. You can check back for the latest news.
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