Former Alameda CEO Admits to Fraud and Misusing Billions in FTX Customer Funds with Sam Bankman-Fried

Caroline Ellison, former CEO of Alameda Research, testified she committed fraud with Sam Bankman-Fried.

Ellison said Alameda took billions from FTX customers for investments and to repay lenders.

Prosecutors allege Bankman-Fried used FTX customer funds to repay Alameda's lenders and for political donations.

Bankman-Fried has pleaded not guilty, arguing he made mistakes but did not intend to steal funds.

Ellison was Bankman-Fried's romantic partner and is one of three former associates cooperating with prosecutors.