Alameda Research CEO Caroline Ellison sentenced to two years in prison

-

Caroline Ellison has been sentenced to two years in federal prison for her role in the FTX fraud, and was also ordered to forfeit $11 billion that she earned through her connection with the now-defunct crypto exchange.

Cooperation acknowledged by the court

Judge Lewis A. Kaplan praised Ellison’s cooperation with the prosecution, but despite this, he stressed that the extensive nature of the FTX fraud meant she couldn’t escape prison time.

“Cooperation isn’t a ‘get out of jail free’ card in a case of this magnitude.”

In addition to her prison term, Ellison will serve three years of supervised release after her sentence.

She may serve her time at a minimum-security facility near Boston and must complete at least 75% of her sentence before becoming eligible for parole.

Ellison’s testimony was important to the conviction of Sam Bankman-Fried, calling it the cornerstone of their case in a memo submitted before her sentencing. Assistant U.S.

Attorney Danielle Sassoon also highlighted Ellison’s remorse in contrast to Bankman-Fried’s lack of accountability.

Her legal team argued that her extraordinary cooperation and low risk of reoffending should lead to a lighter sentence.

They had recommended that she serve time already served plus three years of probation.

Ellison’s lawyer, Anjan Sahni, claimed that she was manipulated by Bankman-Fried, with whom she had previously been romantically involved, and stated that she has since recovered her moral compass.

Bankman-Fried seeks new trial

In related news, FTX founder Sam Bankman-Fried is pursuing a new trial with a different judge, alleging bias during his previous case.

His legal team filed an appeal claiming that Judge Kaplan displayed a prejudicial attitude that affected the outcome of the trial.

Furthermore, a group of doctors has submitted a brief supporting his appeal, pointing out his neurodivergent conditions such as autism spectrum disorder (ASD) and ADHD.

They argue that these conditions, along with his lack of access to necessary medication during the trial, impaired his ability to communicate effectively and contributed to his conviction.

Mistakes can’t be undone

Ellison expressed deep remorse for her actions. She apologized to former FTX customers, her family, and colleagues.

“The human brain is bad at comprehending big numbers. I can’t even begin to imagine the pain I’ve caused. If you had told me back in 2018 that I would end up pleading guilty to fraud, I would have told you you were crazy… At each stage of the process, it became harder and harder to extricate myself… I’m sorry I wasn’t brave.”

Have you read it yet? Chainlink’s graph looks promising, a rally is coming?

LATEST POSTS

Russia’s Rostec rolls out RUBx, a ruble-backed stablecoin on TRON

Russia’s defense and tech giant, Rostec, is stepping into the crypto ring with a new player. Meet RUBx, a stablecoin pegged one-to-one with the Russian...

The Brazilian job, or how to buy $140 million cash for $2,700?

Brazil just got hit with one of the nastiest cyber heists in its history. We’re talkin’ about a cool $140 million gone in the blink...

Gemini’s tokenized stocks are here, and the lineup is impressive

Gemini just dropped a big move, and it’s not your grandma’s stock market update. They’ve unleashed a whole new lineup of tokenized stocks on the...

Banks are scammers? $20 million cryptovictim says so

Michael Zidell, a guy who got played for $20 million in a crypto romance scam, is now pointing fingers at not one, but three banks....

Most Popular

Guest posts