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2 former FTX executives plead guilty to criminal charges

FTX Bankman Fried Arrested
Posted at 12:46 PM, Dec 22, 2022
and last updated 2022-12-22 13:46:31-05

Two former executives of FTX pleaded guilty Wednesday to multiple charges concerning the collapse of the failed cryptocurrency exchange firm.

The Associated Press reported that Gary Wang, former co-founder of FTX and Caroline Ellison, former CEO of cryptocurrency trading firm Alameda Research, pleaded guilty to multiple counts, including wire fraud, securities fraud and commodities fraud.

Prosecutors said both Wang and Ellison are cooperating with them, the news outlet reported.

News of their guilty plea comes as FTX founder Sam Bankman-Fried is expected to make his first initial U.S. court appearance on Thursday.

Bankman-Fried was charged earlier this month by the U.S. Securities and Exchange Commission for orchestrating a scheme to defraud investors, the news outlet reported.

He's been in a Bahamas jail since being arrested there on Dec. 12. He flew to New York late Wednesday after agreeing not to challenge his extradition, the Associated Press reported.