She is also fully cooperating with federal law enforcement authorities, apparently rolling over on her ex-lover Bankman-Fried.
According to the New York Post, some of the things that Ellison has had to say are utterly jaw-dropping.
Ellison apologized for her role in the fraud scheme and confessed that she knew that it was wrong to bilk FTX investors of all of those billions of dollars. According to a transcript of a secret court proceeding, she “understood that many FTX customers invested in crypto derivatives and that most FTX customers did not expect that FTX would lend out their digital asset holdings and fiat currency deposits to Alameda in this fashion.”
December 26, 2022
Alameda was a hedge fund company of which Ellison was the CEO. Alameda received billions of dollars in money from FTX. The money seems to have disappeared soon after it came to Ellison’s company.
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According to Gateway Pundit, Ellison said, “From 2019 through 2022, I was aware that Alameda was provided access to a borrowing facility on FTX.com, the cryptocurrency exchange run by Mr. Bankman-Fried. In practical terms, this arrangement permitted Alameda access to an unlimited line of credit without being required to post collateral, without having negative balances and without being subject to margin calls on FTX.com’s liquidation protocols.”
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December 26, 2022
She confessed that she and Bankman-Fried lied to FTX investors and customers about where their money went.
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If Ellison were to serve the complete sentence for the charges she has confessed to, she could be in jail for the next 110 years. The prosecutors will not, at this time, recommend a specific sentence in return for her cooperation. However, they held out the possibility that her time in jail would be substantially reduced if what she has to say provides “substantial assistance” to investigators looking into the collapse of FTX.
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Former Brooklyn federal prosecutor Moira Penza noted that it was too early to tell what kind of sentence Ellison would get in return for her cooperation. He said that “cooperating early was the best thing she could have done to seriously reduce her possible sentence. Ms. Ellison was in the door as early as she could be and didn’t even need to be indicted. She is signaling at every opportunity that she is taking responsibility and is truly remorseful.”
Penza also suggested that if Ellison’s testimony is helpful enough to prosecutors, she might receive probation instead of a jail sentence.
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