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cbsnews.com_5 / CBS News U.S. by Layer3.news
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2024-09-24 20:15:34
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Bullet points of Caroline Ellison, former FTX executive, sentenced to 24 months in prison

Bullet points of Caroline Ellison, former FTX executive, sentenced to 24 months in prison
- Caroline Ellison, a former top executive at FTX, was sentenced to 24 months in prison for her role in a multibillion-dollar fraud.
- Ellison pleaded guilty nearly two years ago and testified against Sam Bankman-Fried for nearly three days at his trial.
- She blamed Bankman-Fried for justifying FTX's illegal conduct and said she felt relief when the company collapsed because she 'didn't have to lie anymore'.
- Ellison was chief executive at Alameda Research, a cryptocurrency hedge fund controlled by Bankman-Fried, and altered balance sheets to hide Alameda's borrowing from FTX customers.
- Bankman-Fried was sentenced to 25 years in prison for his role in the fraud, described as one of the largest financial frauds in U.S. history.
- Ellison's lawyers cited her testimony and the trauma of her romantic relationship with Bankman-Fried in asking for leniency, but stressed she wasn't trying to evade responsibility.
- Judge Lewis A. Kaplan praised Ellison as 'vulnerable' and 'exploited' and said she could serve her sentence at a minimum-security facility.
- Ellison will also have to forfeit $11 billion
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