Now billions of {dollars} from traders and clients are lacking, and the Department of Justice, US Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) have all accused his empire of working as a fraud virtually from the very begin.

Ellison had been the CEO of Alameda Research, whereas Wang co-founded FTX and served as its CTO. The prosecutors allege that the executives main Bankman-Fried’s firms used FTX buyer funds for Alameda’s buying and selling, in addition to loans to themselves and lavish spending on houses, personal jet flights, and political donations.

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