Two executives associated with FTX have reached a plea agreement with prosecutors allowing them to post bail in exchange for pleading guilty to their role in the multibillion-dollar cryptocurrency fraud.
FTX co-founder Gary Wang, 29, and Alameda Research CEO Caroline Ellison, 28, will post $250,000 in bail each, surrender their passports, and restrict travel to the continental United States in a plea deal after conceding that they played a factor in a scheme that tricked investors and destabilized the cryptocurrency industry, per CNBC.
Both Wang and Ellison pleaded guilty to several fraud charges (including wire fraud, securities fraud, and commodities fraud) and signed their deals in the Manhattan U.S. Attorney's Office on Monday.
FTX and Alameda Research executives likely to be freed on bail following plea deal
- by: Rachel Schilke
- 2022-12-22
- Source:
Washington Examiner
- 12/22/2022
