Sam Bankman-Fried directed fraud on FTX customers, Caroline Ellison tells jury

Caroline Ellison, the former chief executive officer of Sam Bankman-Fried’s hedge fund, testified on Tuesday that the former crypto mogul directed her and others to defraud customers of his FTX exchange by taking their money without their knowledge.

Ellison, who said she previously dated Bankman-Fried, depicted her former boss as an ambitious young man who had no qualms about sharing misleading financial information with lenders, grew preoccupied with a rivalry with the Binance crypto exchange, and thought he could one day become U.S. president.