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Caroline Ellison sentenced to two years in prison for her role in FTX fraud case

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Caroline Ellison, the former girlfriend of FTX co-founder Sam Bankman-Fried and the former CEO of Alameda Research, was sentenced to 24 months in prison for her role in covering up Bankman-Fried's fraud at FTX. Ellison pleaded guilty to seven felony counts of fraud and conspiracy, which carry a maximum sentence of 110 years in prison. She cooperated with prosecutors and served as a witness in the case. Ellison expressed remorse for her actions, stating that she couldn't fully comprehend the scale of the harm caused by the fraud. The government had recommended a lighter sentence, but the judge ultimately imposed a 24-month sentence.

  1. US
    Caroline Ellison
    Alameda Research
    1. I want to start by saying how sorry I am.
    2. The human brain is truly bad at understanding big numbers.
    3. Parsing Alameda Research's poor internal records was complicated by vague titles and unlabeled calculations on any documents reflecting misuse of customer funds.
    4. I am deeply ashamed of what we had done.
    5. I think on some level my brain can't even truly comprehend the scale of the harm it caused. That doesn't mean I don't try. I am so so sorry.
    6. I participated in a criminal conspiracy that ultimately stole billions of dollars from people who entrusted their money with us.
  2. US
    Damian Williams
    US Attorney's Office
    1. The Government cannot think of another cooperating witness in recent history who has received a greater level of attention and harassment.
    2. As Alameda's nominal CEO and Bankman-Fried's former girlfriend, Ellison was uniquely positioned to explain not only the what and how of Bankman-Fried's crimes, but also the why.
  3. US
    Lewis Kaplan
    US Department of Justice
    1. I've seen a lot of cooperators in 30 years. I've never seen one quite like Ms Ellison.
    2. I've never seen one quite like Ms. Ellison.

FTX Collapse

  1. Sam Bankman-Fried appeals FTX fraud conviction and 25-year sentence
  2. Sam Bankman-Fried sentenced to 25 years in prison for FTX fraud
  3. Sam Bankman-Fried will not face a second trial, prosecutors say

sources

  1. 1.The Guardian
  2. 2.CTV News
  3. 3.The Times
  4. 4.Ars Technica
  5. 5.Bloomberg News
  6. 6.CNN
  7. 7.New York Times

perspectives

  1. 1.Lawsuit
  2. 2.Fraud
  3. 3.Banking industry
  4. 4.Cryptocurrencies
  5. 5.Bankruptcy

countries

  1. 1.United StatesUS

organizations

  1. 1.Alameda Research
  2. 2.FTX
  3. 3.Better Markets
  4. 4.Kramer Levin
  5. 5.Massachusetts Institute of Technology
  6. 6.Pallas Partners LLP
  7. 7.TechScape
  8. 8.Tumblr

persons

  1. 1.Sam Bankman-Fried
  2. 2.Lewis KaplanUS
  3. 3.Caroline EllisonUS
  4. 4.Ryan Salame
  5. 5.Damian WilliamsUS
  6. 6.Danielle Sassoon
  7. 7.Dennis Kelleher
  8. 8.Gary Wong
  9. 9.Jordan Estes
  10. 10.Josh Naftalis
  11. 11.Nishad Singh