I'm not the one invoking conspiracy here.

SBF has been charged with the following crimes in a U.S. federal court.

    Conspiracy to commit wire fraud on customers
    Wire fraud on customers
    Conspiracy to commit wire fraud on lenders
    Wire fraud on lenders
    Conspiracy to commit commodities fraud
    Conspiracy to commit securities fraud
    Conspiracy to commit money laundering
    Conspiracy to defraud the United States and violate the campaign finance law.

With the limited information we currently have, to assume that he is the biggest player in this and that him, Ellison, and Wang were the only ones involved is naive at best. The discovery process for these cases will be extremely interesting.