Caroline Ellison thanked for helping take down FTX supremo, ordered to surrender her own billions
The former CEO of Alameda Research, Caroline Ellison, has been sentenced to two years in a minimum-security prison after pleading guilty to helping her former boyfriend Sam Bankman-Fried siphon billions out of the FTX exchange.
In three days of damning testimony in October last year, Ellison described how she and SBF agreed to use fake quarterly balance sheets to hide the billions that FTX was lending Alameda. SBF denied he had known about this, but Ellison provided the spreadsheets – and the metadata to show that he had perused them.
The judge praised Ellison for singing like a canary, remarking that her candor and decisions not to shift blame or minimize her own role in the fraud was unique in his judicial experience. The judge agreed that the maximum sentence was not appropriate, but argued that cooperating with authorities should not be"a get out of jail free card" given the magnitude of the fraud. He instructed that Ellison would still face a custodial sentence because she was"by no means free of culpability." She will also have to forfeit $11 billion of her FTX holdings – which she has made no attempt to withdraw – and will begin her sentence on November 7.
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Ex-FTX Executive Caroline Ellison Sentenced To Two Years In Prison For Role In Cryptocurrency FraudCaroline Ellison, former CEO of Alameda Research and ex-partner of FTX founder Sam Bankman-Fried, has been sentenced to two years in prison for her role in the cryptocurrency empire's collapse. Ellison, who turned on Bankman-Fried and testified against him, was praised by the judge for her cooperation but still received a prison sentence due to the severity of the fraud.
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