Caroline Ellison, the former chief executive officer of Alameda Research, told a New York court that Sam Bankman-Fried told her to commit crimes that led up to the collapse of the cryptocurrency exchange FTX.

New York

Former FTX co-founder Sam Bankman-Fried has been found guilty of defrauding investors and customers.

Bankman-Fried Guilty

Sam Bankman-Fried faces ex-girlfriend Caroline Ellison in court

Caroline Ellison has taken the stand at the trial of Sam Bankman Freed. They are currently on a break, but just before then, she testified that he directed her to commit crimes. Bloomberg's Shonali Basak is outside the New York courthouse and joins us live. So Shonali, what do we know? We know that Caroline Ellison, who has been a pivotal witness, both for the sake of the prosecution, as well as someone who's come up in the sake of the defense, she has come up and immediately said, yes, we did commit crimes, Sam and I and others. And she said that Sam Bankman Freed directed her as the CEO of Alameda to commit those crimes. She said, we ultimately took around $14 billion, some of which we were able to pay back. She said that Alameda took several billion dollars from FTX customers and used it for its own investments and to pay off lenders. Now, remember, we expect some critical evidence to be coming up in the sake of her testimony, particularly from the prosecution. Things like her personal diaries that described her state of mind and relationship to Sam Bankman Freed, who was her on and off, on again, off again, boyfriend throughout a period of time, who she met back at her time at Jane Street. And also we expect that there will be a recording from a November meeting when FTX was facing serious dire straits. Now, only 10 minutes of testimony had started afternoon. They are on a break, as you're saying. We expect this to go on now for more hours. She follows Gary Wang, who was also an FTX co-founder, who had also pled guilty to a lot of these crimes. So very pivotal testimony coming out of the courthouse today. Shanali, should we expect that she will testify for as many days as Gary Wang did, considering it was, what, three days and change for him? Oh, well, we don't know how long the testimony, of course, will go on for. I think it's pretty good news that it's happened so early in the trial. This is only the start of the second week of what we expect to be a six-week trial. There's a third person here who had pled guilty as well and has been cooperating with the prosecution, and that is Nisad Shing, who was in charge of a lot of engineering operations over at FTX. So the three taken together, along with many others, such as Anthony Scaramucci, or even potentially Sam Bankman Freed's own brother, who had been in charge of his political donations and had led a lot of his foundation work, are also expected to testify over the course of six weeks. So, of course, this is among the most pivotal of testimonies that we will see. The tension is palpable. You had had her take a while to stand up and identify who Sam Bankman Freed was in the room, and you also have Sam Bankman Freed inside the courtroom, typing furiously as she speaks. And so, certainly, a pivotal moment in this trial and between the relationships of these people who had started out as friends, rode the crypto wave to the top, and then fractured as it fell apart in that November, where billions were lost on behalf of customers, and these three people themselves. What has Sam Bankman Freed's behavior been like? You point out that he's typing a lot. I believe that's on a laptop that is not connected to the internet. He's gotten, obviously, as we know, a haircut and lost a lot of weight in the MDC. What's he been like in the courthouse? Yeah, remember, a lot of the early things that had come out about this trial focused on his appearance, this idea here that he was more clean-cut. He had chopped off a lot of his hair, where he had been known for kind of this messy, curly hair that was very, you know, pivotal to kind of who he came and presented himself as to the world. He had reportedly, according to The Wall Street Journal, had bought in suits on discount over at Macy's. Caroline Ellison herself came in to the courtroom at about a quarter to 10 a.m. this morning wearing a blue cap, a T-shirt, sunglasses, and a blazer, so certainly tense, buttoned up. And, you know, he's seeing his friends who he's known, Gary Wong, who testified earlier, he's known him since high school. And so you could imagine that this is a highly personal trial to these people, as well as one of the largest white-collar crime cases in history that he's trying to defend himself against.

U.S. President Donald Trump’s top-down diplomacy has experts in Ukraine skeptical about whether there has been enough preparation for proposed talks to actually end the war between Russia and Ukraine.

Moscow

Ukraine Invasion

Russia signals more talks needed before Zelenskyy-Putin meeting

The Texas House on Wednesday night passed a controversial, Republican-backed proposal to redraw the state's congressional maps. The bill now moves onto the Texas Senate. CBS News reporter Erica Brown has more.

Texas

Texas House approves GOP congressional redistricting map

Israel's military has called up tens of thousands of reservists in preparation for an expected assault on Gaza City, as the Israeli government considered a new proposal for a ceasefire after nearly two years of war.

Jerusalem

Middle East Conflict

Israel calls up 60,000 reservists ahead of Gaza City operation

The Trump administration says it is adding 407 items to the list of "derivative" steel and aluminum products subject to higher tariffs. The list includes products like car parts, household appliances, baby strollers, fire extinguishers and spray deodorants.

Washington

Global Tariffs

Trump expanding steel and aluminum tariffs

NATO military chiefs met virtually Wednesday for what was described as a candid discussion about security guarantees the alliance would be willing to provide to Ukraine in an effort to end Russia's war in the region.

Brussels

NATO chiefs meet virtually about potential Ukraine security guarantees

Israel's military leaders approved the next phase of their ongoing offensive in the territory. The operation will shift focus to Gaza City, targeting areas where Hamas is believed to still be active and where Israeli forces have not yet operated.

Israel approves next phase of Gaza offensive, focus on Gaza City

Despite not making landfall, Hurricane Erin is forcing mandatory evacuation orders in parts of North Carolina and is expected to cause rip currents for days along the U.S. East Coast.

North Carolina

Hurricane Erin forces evacuations on U.S. East Coast

The White House says it is working to secure a meeting between the presidents of Russia and Ukraine, which both have agreed to, while plans continue to create security guarantees for Ukraine.

Trump says no U.S. ground troops will be sent to Ukraine

Hamas has agreed to a ceasefire proposal for Gaza, but mediators are still waiting for an official response from Israel. CBS News contributor Robert Berger has the latest from Jerusalem.

Mediators await Israeli response to Gaza ceasefire proposal

Indian Prime Minister Narendra Modi met China’s top diplomat on Tuesday and hailed the “steady progress” made in improving the bilateral relationship after a yearslong standoff between the nuclear-armed Asian powers.

New Delhi

India's Modi meets China's foreign minister to rebuild ties

Texas Democrats who ended a walkout found themselves shadowed by law enforcement officers to keep them from repeating the protest that stalled Republican efforts to redraw congressional districts and fulfill President Donald Trump's desire to reshape U.S. House maps.

Austin

Police escort Texas Democrats to prevent new redistricting walkout

Air Canada has reached a tentative agreement with the Canada Industrial Relations Board (CIRB), ending the strike that began over the weekend involving 10,000 members and disrupted travel for more than 100,000 travelers per day.

Toronto

Air Canada reaches tentative agreement with flight attendant union

Exiled former Hong Kong lawmaker Ted Hui hailed Australia's grant of asylum status as a key acknowledgement of the territory's human rights infringements since its authorities quelled massive pro-democracy protests in 2019.

Hong Kong Island

Ex-Hong Kong lawmaker granted asylum by Australia

Forecasters are giving urgent warnings to millions of people who live along the East Coast as Hurricane Erin churns in the Atlantic. The storm will not make direct landfall but is expected to bring dangerous rip currents.

East Coast of the United States

Hurricane Erin to bring dangerous rip currents to U.S. East Coast

Jasveen Sangha, a Los Angeles woman known as the "Ketamine Queen," has agreed to plead guilty to federal charges in connection with the death of actor Matthew Perry. Sangha could face up to 45 years in prison.

Los Angeles

"Ketamine Queen" to plead guilty in Matthew Perry's death

European leaders who converged on the White House for talks on the Russia-Ukraine war demonstrated a united front regarding Ukraine's security on Monday, underscoring the issue as pivotal for the entire continent, not just Ukraine.

EU leaders show cautious optimism following Zelenskyy, Trump talks

As Hamas reportedly agreed to some ceasefire terms that would include the return of more hostages, Israeli Prime Minister Benjamin Netanyahu ordered troops to take more of Gaza.

Israel digs in on Gaza takeover as Hamas softens on ceasefire

President Donald Trump said that the United States would help Europe in providing security for Ukraine as part of any deal to end Russia's war in Ukraine.

Trump tells Zelenskyy U.S. would help with security in a peace deal

Bolivia's presidential vote headed to an unprecedented runoff after elections Sunday that ended more than two decades of left-wing dominance in the Andean nation but signaled voters' trepidation about a major lurch to the right.

La Paz

Bolivia heads to runoff after historic defeat for the left

All Air Canada planes were grounded on Monday (August 18) after its 10,000 flight attendants refused a return-to-work mandate from the Canadian government.

Air Canada delays plans to resume operations

Ukrainian President Volodymyr Zelenskyy arrived at the White House Monday (August 18) for his meeting with President Donald Trump and other European leaders about Russia's war in Ukraine. CBS News White House reporter Taurean Small has more.

Trump meeting with Zelenskiy, European leaders at White House

Hamas on Monday informed mediators that it had accepted a ceasefire deal proposal submitted to it the day before, according to international and Israeli outlets.

Reports: Hamas accepts latest Gaza ceasefire proposal

Hurricane Erin will bring dangerously rough surf to parts of the U.S. East Coast. Over the weekend, Erin's outer bands lashed Puerto Rico with up to 7 inches of rain and flooding parts of the island.

Erin expected to bring dangerous conditions to U.S. East Coast

Ahead of his Monday meeting with President Trump, Ukrainian President Volodymry Zelenksyy says his country will not give up any territory to Russia, even as the White House insists potential land swaps will be necessary. Willie James Inman reports.

Kyiv

Ahead of Trump meeting, Zelenskyy says won't give territory to Russia

Thousands of Israeli protesters demanded a deal to secure the release of hostages still held by Hamas in one of the biggest demonstrations since the war in Gaza began. Debora Patta reports.

Thousands of Israelis protest in Gaza, call for end to fighting

Ukrainian President Volodymyr Zelenskyy flies to Washington on Monday under heavy U.S. pressure to agree to a swift end to Russia's war in his country, but determined to defend Kyiv's interests — without sparking a second Oval Office dust-up with Donald Trump.

Zelenskyy, European allies to meet with Trump to discuss peace

European leaders voiced strong support for Ukraine ahead of a Washington summit with U.S President Donald Trump. They emphasized unity, territorial integrity and security guarantees as essential to any peace deal.

Paris

European leaders stress unity with Ukraine ahead of peace talks

International condemnation and pressure from allies have done nothing to stop Israel's plan to displace the people of northern Gaza. Israel on Saturday (August 16) said it is preparing to move Palestinians from combat zones to southern Gaza.

Israeli military prepares to move Palestinians to southern Gaza

Thousands of people took to the streets on Sunday in a nationwide strike amid fears further fighting could endanger the 50 hostages believed to still be in Gaza.

Tel Aviv-Yafo

Dozens of Israelis arrested in protest to demand end to Gaza war

Russia continues to target Ukrainian cities firing hundreds of missiles and projectiles daily despite ongoing peace efforts, led by the United States. Ukrainian officials say their unwillingness to dial back their offensive reflects their lack of sincere interest in peace.

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Bankman-Fried Guilty