Testifying on the sixth day of Sam “SBF” Bankman-Fried’s criminal trial in New York, former Alameda Research CEO Caroline Ellison admitted to providing fudged numbers for review by Genesis.
According to reports from the courtroom on Oct. 11, Ellison claimed Bankman-Fried directed her to create “alternative” balance sheets on Alameda’s use of crypto exchange FTX’s funds. She reportedly testified that she had provided seven spreadsheets, one of which SBF presented to Genesis. The document did not reveal that Alameda had borrowed $10 billion from FTX.
“Sam said, ‘Don’t send the balance sheet to Genesis,’” said Ellison, according to reports. “We were borrowing $10 billion from FTX, and we had $5 billion in loans to our own executives and affiliated entities. We thought Genesis might share the info.”
Ellison returned to the witness stand at SBF’s trial after first appearing in the courtroom on Oct. 10. In contrast to her earlier testimony, prosecutors questioned the former Alameda CEO about her feelings surrounding her deception about the firm’s financials:
“I was worrying about customer withdrawals from FTX, this getting out, people to be hurt […] I didn’t feel good. If people found out [about Alameda using FTX funds],…
