Bankman-Fried ‘directed me to commit these crimes’, key witness says

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In the trial’s second week, Ellison said she committed fraud, conspiracy to commit fraud and money laundering along with Bankman-Fried and others. Asked by a prosecutor about Bankman-Fried’s involvement, she said: “He directed me to commit these crimes.” Bankman-Fried could face decades in prison if he is convicted of charges lodged against him when he was brought to the United States from the Bahamas last December. He has pleaded not guilty. Bankman-Fried, 31, was one of the world’s wealthiest people on paper, with an estimated net worth of $US32 billion, when his cryptocurrency businesses collapsed as investors and customers sought to empty their accounts last November. Bankruptcy proceedings followed as prosecutors alleged that stolen funds were used to fund his businesses, make donations and contribute to political campaigns in the hopes of influencing cryptocurrency regulation in Washington.

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