Caroline Ellison and Gary Wang plead guilty to DOJ fraud charges and settle with SEC and CFTC.

Caroline Ellison, former CEO of Alameda Research, and Gary Wang, co-founder of FTX, have pleaded guilty to charges related to the collapse of FTX.

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[{"selector":"#anim-6da38551-4eb9-45a6-8d67-5ced3398ce7b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f4a881ed-6ccf-43eb-8703-d4a27e194980 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have also announced charges against Ellison and Wang.

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[{"selector":"#anim-437aaa00-e712-45ea-b6dc-fdfdfa0a99e8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d202d481-3da3-4218-a8c1-0c3cf36d6009 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] – Ellison and Wang are cooperating with investigators.

[{"selector":"#anim-d0f2febf-b218-4e1e-883a-7470bee8db4d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-18ebcb51-187c-4059-a5e6-ef362e100b45 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Bankman-Fried was charged with eight crimes earlier this month and is being extradited to the US.

[{"selector":"#anim-dfb8ebdb-a1c8-4587-9d01-1ac25507f211","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-30377e54-7dd7-47dc-b550-a3cc1bbbda7d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-6.685714304491775%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The CFTC has accused Ellison of committing fraud and making material misrepresentations related to FTT sales, and has accused Wang of allowing Alameda to maintain an "essentially unlimited" line of credit on FTX.

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[{"selector":"#anim-5e4c35b8-a594-4f9c-a2d4-faac5f8c4672","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8dcac409-226d-421d-bd17-201d7728e3c8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Ellison was spotted in Manhattan in early December, leading some to believe she was cooperating with authorities. She has retained the law firm WilmerHale to represent her.

[{"selector":"#anim-d1b142ba-b3ce-412b-8442-e851705c191b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bf5ea8ee-e80a-4e6c-91e5-ae6790732bb5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The US Attorney for the Southern District of New York has encouraged anyone who participated in misconduct at FTX or Alameda to come forward, saying that investigators are moving quickly and "our patience is not eternal." Learn more