Gary Wang Made Big Revelations to the US Justice Department

Amid an investigation into the collapsed FTX exchange, former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have both pleaded guilty to the United States federal fraud charges.

Statement of U.S. Attorney Damian Williams on U.S. v. Samuel Bankman-Fried, Caroline Ellison, and Gary Wang pic.twitter.com/u1y4cs3Koz

— US Attorney SDNY (@SDNYnews) December 22, 2022

The disclosure was made by the United States Attorney for the Southern District of New York (SDNY) Damian Williams, who emphasized that the latest development will not be the last bombshell to be witnessed as regards FTX.

Williams stated that the investigation is still ongoing and it is moving at the speed of light. He established that the charges against Caroline Ellison and Gary Wang in connection to their roles in the FTX collapse were validated by the accused.

He equally added that the panel of inquiry will not relent in ensuring that everyone that has participated in misconduct at FTX and Alameda research will be doomed.

In a related development, the Securities and Exchange Commission on Dec. 21 filed a charge against Ellison and Wang for their role in a “multiyear scheme to defraud equity investors in FTX.”

The agency maintains that it is investigating if the duo has also violated other securities laws and entities.

SBF Finally Handed to U.S. Authorities

Following the arrest of the former CEO of the collapsed FTX exchange Sam Bankman-Fried by the Royal Bahamas Police on Dec.12, he was finally handed over to the U.S. authorities on Dec. 21.

This was made possible after SBF submitted his right for formal extradition from the Bahamas to the United States as per a Bloomberg report.

However, Williams affirmed that SBF is now in the custody of the Federal Bureau of Investigation (FBI) and will soon arrive in the US, and subsequently be transported to the Southern District of New York (SDNY) for onward prosecution.

Meanwhile, Ripple CEO Brad Garlinghouse expressed disappointment over the outrage that the world had shown to the SBF and FTX’s fraud and their subtle response to the Wells Fargo mismanagement of billions of customer funds.

The world is (appropriately) outraged by SBF and FTX's fraud, but when Wells Fargo mismanages billions in customer funds as well, it's barely a blip on the radar. Food for thought…. pic.twitter.com/uHnumn4Ryi

— Brad Garlinghouse (@bgarlinghouse) December 21, 2022