Caroline Ellison says SBF ‘directed me to commit these crimes’

Star witness in the fraud trial against Sam Bankman-Fried (SBF)—ex-girlfriend and the CEO of his hedge fund Alameda Research—Caroline Ellison, 28, testified yesterday and said the former FTX CEO “directed” her to commit the crimes.

Ellison’s testimony comes as part of her plea deal with the authorities with hopes of a reduced sentence. In December, she pleaded guilty to seven counts, including wire and securities fraud.

She said SBF instructed Alameda to use FTX customer money and repay its loans, which were “in the ballpark of $10 billion.” The hedge fund took about $14 billion.

Ellison further added that SBF thought he had a 5% chance of becoming the US President one day.

Her testimony comes after two other former employees of FTX testified at the trial, saying SBF stole $8 billion in customer funds and publicly lied about it.

Prosecutors believe these testimonies will prove that SBF knowingly committed financial fraud.