Bankman-Fried Associates Flip as FTX Founder Arrives in NYC
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Bankman-Fried Associates Flip as FTX Founder Arrives in NYC
(Bloomberg) -- FTX co-founder Sam Bankman-Fried landed in the US late Wednesday to face a range of criminal charges just as two of his long-time associates said they were cooperating with prosecutors.
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The revelation that Caroline Ellison and Gary Wang had pleaded guilty to fraud and were working with federal officials probing the collapse of the crypto exchange is an ominous sign for Bankman-Fried. The 30-year-old is facing an eight-count indictment in New York.
Bankman-Fried is expected to make his first appearance in Manhattan federal court on Thursday. His lawyers may seek bail.
US authorities are conducting a sprawling investigation into the spectacular collapse last month of FTX, which was once one of the world’s biggest crypto exchanges, and the tightly-connected trading firm Alameda Research. The announcement that Ellison and Wang had pleaded guilty ratchets up pressure on Bankman-Fried and other executives who haven’t yet been charged.
“Let me reiterate a call I made last week,” Damian Williams, the US Attorney for the Southern District of New York, said in a statement. “If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it. We are moving quickly and our patience is not eternal.”
A representative for Bankman-Fried, who earlier on Wednesday formally consented to extradition, declined to comment. Ellison’s attorney did not immediately respond to requests for comment.
Ilan Graff, an attorney for Wang, said that his client “has accepted responsibility for his actions and takes seriously his obligations as a cooperating witness.”
Former federal prosecutor Paul Pelletier said the guilty pleas are bad news for Bankman-Fried. Pelletier said defense lawyers know that employees who cooperate early get the best deals from prosecutors.
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