Two former Sam Bankman-Fried lieutenants, Gary Wang and datememe datememe datememe, will be allowed to post bail after pleading guilty to supporting a multi-billion dollar fraud, according to court documents.
Gary Wang worked for FTX. Bankman- Fried had a firm called Alameda Research co-CEOs.
They would have to post bail, surrender their passports, and restrict their travel to the US.
The pair agreed to their role in supporting an $8 billion fraud that left millions of customers without their investments.
The bail conditions may not be approved by a judge.
Attorneys for Ellison and Wang did not reply to questions.
Wang has accepted responsibility for his actions and takes seriously his obligations as a cooperating witness according to his attorney.
Wang and Ellison admitted their involvement in the collapse of FTX and signed consent orders with the Commodity Futures Trading Commission. Both Wang and Ellison had separate settlements with the SEC.
Both Wang and Ellison pleaded guilty to fraud charges stemming from their leadership positions. The deals were signed in the Manhattan U.S. Attorney's Office.
It's not known if Bankman-Fried has made a plea deal. The former FTX CEO was taken into FBI custody after a chaotic process to extradite him to the US.
Bankman-Fried will be in court.
Barbara Fried, the mother of FTX founder Sam Bankman-Fried, arrives for his arraignment and bail hearings at Manhattan Federal Court on December 22, 2022 in New York City.The collapse of FTX was caused by the revelation of Bankman-Fried's hedge fund Alameda Research's use of self-issued FTT coins as security for billions of dollars in loans in the space of a single day. A huge withdrawal of funds was caused by a rival exchange selling its stake in FTT. Billions of dollars in customer deposits were lost as a result of FTX commingled customer funds with Alameda Research.
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