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Caroline Ellison, the ex-CEO of Alameda Research, is about to dodge prison time for her role in the collapse of FTX.&nbsp;
Her involvement? She helped steal billions from customers, lied to investors, and redirected those funds to cover the losses racked up by Alameda Research.
While Sam Bankman-Fried, her ex-boyfriend and FTX’s founder, was found guilty on all charges and sentenced to 25 years in prison, Ellison struck a deal. She pled guilty to all charges and testified against him.
<h3 id="span-style-font-weight-400-ellison-s-part-in-ftx-s-downfall-span">Ellison’s part in FTX’s downfall</h3>
Ellison had a big role in the crimes that took down FTX, which include two counts of wire fraud, two counts of conspiracy to commit wire fraud, and one count each for conspiracy to commit securities fraud, commodities fraud, and money laundering.
If we look at the numbers, these charges could have landed her behind bars for up to 110 years. But she’s being rewarded for helping the prosecution take down the bigger fish—her ex.
Ellison’s relationship with Bankman-Fried gave her unique insight into his operations. She was able to paint a personal image of the former crypto mogul for the court, something no one else could do apparently.
Ellison agreed to her plea deal in December 2022 and began working closely with regulators, the FTX bankruptcy estate, and the US government.
Bankman-Fried is still trying to prove his innocence from prison. Meanwhile, Ellison’s cooperation has earned her praise from prosecutors.
She was the most important insider in the government’s case, according to former Assistant U.S. Attorney Kevin J. O’Brien.
The federal Probation Department has already recommended a “time served” sentence with three years of supervised release.&nbsp;
According to the department, Ellison’s cooperation has been nothing short of “extraordinary.”&nbsp;
Former federal prosecutor Paul Tuchmann backed this, saying that it’s unlikely Ellison will ever harm anyone through criminal conduct again.
Braden Perry, a former senior trial lawyer for the Commodity Futures Trading Commission, estimates that Ellison could face up to 18 months in prison, but even that seems like a long shot.
Most likely, she’ll be handed a sentence involving supervised release, community service, and some restrictions on her activities.
These restrictions will probably include a ban on trading in the crypto or noncrypto markets and limitations on foreign travel.
Ellison hasn’t exactly had it easy though. Over the last two years, she’s been humiliated in public, with her personal life becoming fodder for tabloid headlines and even sexist commentaries.
Bankman-Fried’s defense team leaked her private diary entries in efforts to hurt and discredit her, but it only seemed to strengthen the case against him.
Judge Lewis Kaplan sided with prosecutors when he revoked Bankman-Fried’s bail over this witness tampering.
His team had asked for a 6½-year sentence, but Bankman-Fried ended up with a sentence almost four times longer.

Caroline Ellison to dodge jail time in FTX case

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2024년 9월 24일에 게재된 다른 기사

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