(TheStreet) - This is a huge blow for Sam Bankman-Fried, the fallen co-founder of FTX, the bankrupt cryptocurrency exchange.
The regulators' case accusing him of fraud and conspiracy to defraud FTX's clients and investors has strong support: the cooperation of two of his associates.
Zixiao (Gary) Wang, 29, former FTX co-founder and Chief Technology Officer, and Caroline Ellison, 28, the former CEO of Alameda Research, the hedge fund founded by Bankman-Fried, have pleaded guilty to federal charges in the Southern District of New York, according to court documents published on December 21.
Both of them agreed to provide the authorities all the information at their disposal to further assist in the investigation.
"The Office of the United States Attorney for the Southern District of New York will accept a guilty plea from Caroline Ellison," federal prosecutors announced.
“As I said last week, this investigation is very much ongoing,” U.S. Attorney Damian Williams said in a prerecorded message.
“I also said that last’s week announcement would not be our last. And let me be clear, once again, neither is today’s,” the U.S. Attorney continued.
'Active Role in a Scheme'
The Department of Justice has filed seven criminal charges against Ellison, including conspiracy to commit wire fraud on customers of FTX, wire fraud on customers of FTX and conspiracy to commit wire fraud on lenders of Alameda Research.
The move underscores Nuveen's conviction in the continued growth of direct indexing and multi-asset tax-managed solutions, which have been one of the fastest growing areas of the asset management industry, having risen to $864 billion in assets at the end of 2024, representing a 43% compound annual growth rate since the start of this decade.
