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Caroline Ellison was sentenced to two years in prison for her role in the $11 billion collapse of the FTX cryptocurrency exchange that was co-founded by boyfriend Sam Bankman-Fried.
The sentence came despite what Judge Lewis Kaplan called her ”remarkable” cooperation with prosecutors in testifying against Bankman-Fried, who was earlier jailed for 25 years after being convicted on seven counts of fraud and conspiracy for his role in the exchange’s collapse.
“I’ve seen a lot of cooperators in 30 years here, I’ve never seen one quite like Miss Ellison,” the Judge said. Still, her sentence was necessary because of the scale of the fraud, he added.
“For it to be a case this serious, to be a literal get-out-of-jail-free card — I cannot see a way to it,” he said
Ellison had faced a maximum sentence of 110 years in prison, but her defense attorneys called for leniency based on her cooperation, saying it was a ”cornerstone” in Bankman-Fried’s conviction.
Ellison looked stunned by the sentence after her attorneys had called for her to be sentenced to time already served and just three years probation.
Ellison could serve the sentence in a minimum-security facility near Boston, near her family home, and will also be required to be supervised for three years after she is released from prison.
Caroline Ellison Apologizes
Ellison apologized to the victims of the exchange’s collapse during her sentencing appearance.
“On some level, my brain can’t even comprehend the scale of harm that I caused,” she said. “That doesn’t mean I don’t try.”
She added that ”not a day goes by that I don’t think about all of the people I hurt. I’m sorry I wasn’t brave.”
Judge Kaplan seemed sympathetic towards Ellison, and told her before the sentencing that she was “vulnerable” and “exploited” by her former boyfriend and FTX CEO, Bankman-Fried.
Sam Bankman-Fried got 25 years after FTX went under — but Caroline Ellison, CEO of sister firm Alameda Research, got two years.
Why?
A thread. pic.twitter.com/ZW1PYuEvmm
— Connor Sephton (@ConnorSephton) September 24, 2024
Ellison was also ordered to forfeit $11 billion, as was Bankman-Fried earlier, though analysts say it’s highly unlikely either will be able to repay such a sum.
Despite the prison sentence, assistant US Attorney Danielle Sassoon framed the outcome in a positive light. She said that Ellison’s sentence was meant to reflect her cooperation, and to deter others from committing future similar crimes
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