The trial of the former FTX CEO concluded its second week, featuring explosive testimony from Caroline Ellison, a former girlfriend of Bankman-Fried.
FTX founder Sam Bankman-Fried leaves the courthouse following his arraignment in New York City on Dec. 22, 2022. Bankman-Fried's trial just concluded its second week, with explosive testimony from former girlfriend Caroline Ellison.
They argue he funneled FTX customer money into a separate investment firm he controlled — Alameda Research — and used billions of dollars to pay down debts, invest in risky startup companies and finance a luxury lifestyle.Central to the government's argument is that Bankman-Fried controlled it all, and the government has secured the cooperation of key members of his inner circle at FTX and Alameda Research.
At one point, Bankman-Fried criticized her for failing to follow his investment advice, and in a memo he circulated, Bankman-Fried suggested Ellison was a weak leader.Caroline Ellison, the former CEO of Alameda Research, leaves federal court in New York City after testifying during the trial of Bankman-Fried on Oct. 10. Ellison is a star witness for prosecutors because she was both Bankman-Fried's then-girlfriend and a top executive in his cryptocurrency empire.
Bankman-Fried's legal team has emphasized how much trust the defendant put in deputies like Ellison, especially as he became more high profile and traveled the world meeting with lawmakers, regulators and wealthy investors.
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