The ongoing hearing as a part of judicial procedure regarding FTX and Alameda Research collapse and it recently got an update. Former CEO of trading firm Alameda Research Caroline Ellison reported to have a plea agreement with the court.
The US Attorney’s Office of the Southern District of New York (SDNY) noted that the former Alameda CEO would not be allowed to leave the country. In addition she would be obliged to submit the proceedings, gathered from the activities for that she was charged to offend with, as penalty.
In addition, Ellison is said to pay a compensation fee, the court would decide the amount.
The unsealed plea was reported by a publication involved in covering the city federal court’s proceedings. The plea agreement was reported to states that given Ellision’s cooperation with the investigation of SDNY along with other similar law enforcement agencies she would not be liable to face criminal prosecutions. She would be subjected to face only potential criminal tax violations in terms of wire and commodity fraud charges. These charges result from combining the funds previously distinctly belonging to FTX and Alameda.
Although the condition is only put forward by SDNY, the other agencies are not liable to face the same leaving the room for doubt that Ellison might face the prosecution from them in which she’s getting concession from the court.
The document was said to be edited as there was some information not included regarding the possible charges.
Ellison will be granted bail as long as she can post a $250,000 personal recognizance bond and limit her travel to the American continent. Any travel documents she possesses must also be turned up.
The plea agreement also states that Ellison’s expulsion from the country will probably be required if she is not a citizen. Although it is assumed that Ellison is a citizen of the United States, it is unknown whether she may have given up her citizenship in favor of a citizenship of convenience in order to save money on taxes. This is a common practice among some cryptocurrency traders who are based abroad because the United States taxes non-residents.
Meanwhile former FTX CEO Sam Bankman-Fried was reported to be released from federal custody. He was said to have got 250 million USD bail which was secured by the home of his parents. SBF was extradited to the United States from Bahamas and he is up to face trial on eight criminal charges ahead.
Source: https://www.thecoinrepublic.com/2022/12/23/former-alameda-research-ceo-plea-agreement-consists-bail-condition/