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Caroline Ellison, testified today that she committed fraud at the direction of her ex-boyfriend and former colleague, FTX exchange founder Sam Bankman-Fried. Ellison is the government’s key witness in the six-week trial of Bankman-Fried, who prosecutors say stole billions of dollars from customers of its sister company, FTX. Ellison admitted to sending balance sheets that made Alameda’s balances look less risky to investors at the direction of Bankman-Fried, and testified that Alameda had taken funds from FTX to make its own investments. Bankman-Fried’s defense team will likely cross-examine Ellison with an eye toward discrediting her.
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