We use essential cookies and third-party cookies for content.

The National Times - Crypto CEO and Bankman-Fried ex Caroline Ellison gets two-year sentence

Crypto CEO and Bankman-Fried ex Caroline Ellison gets two-year sentence

BOULEVARD 24.09.2024
Crypto CEO and Bankman-Fried ex Caroline Ellison gets two-year sentence
Crypto CEO and Bankman-Fried ex Caroline Ellison gets two-year sentence / Photo: © GETTY IMAGES NORTH AMERICA/AFP/File

Caroline Ellison, who testified against her former boyfriend and FTX founder Sam Bankman-Fried at his crypto fraud trial, was sentenced Tuesday to two years in prison for her role in the case, New York prosecutors told AFP.

Change text size:

Ellison, the former CEO of cryptocurrency firm Alameda Research, received a much lighter sentence than the maximum 110 years she faced after pleading guilty to seven charges, including fraud.

Her defense team had argued against prison time. Prosecutors with the Manhattan District Attorney's Office said they had not requested Judge Lewis Kaplan issue a specific sentence, instead simply suggesting he take her earlier cooperation into account.

Ellison served as a key witness in the trial of cryptocurrency superstar Bankman-Fried -- known by his initials "SBF" -- who was sentenced to 25 years in March for one of the largest financial fraud cases in history.

He is serving his sentence in prison and has appealed his conviction.

During her court testimony, Ellison accused Bankman-Fried of dipping into customers' funds to drive his more risky projects. He countered by attempting to pin the blame on Ellison, describing her as a bad manager.

A billionaire before he turned 30, Bankman-Fried had been a poster boy for the cryptocurrency boom.

Within the span of a few months, he had turned his small start-up FTX, first launched in 2019, into the world's second largest cryptocurrency trading platform.

However, as exposed by the Bankman-Fried trial, the company had used the assets deposited into FTX to perform riskier transactions via sister company Alameda Research, as well as purchase real estate and make political donations.

FTX imploded in November 2022, reporting more than $8 billion in debt by the time the company filed for bankruptcy.

H.Davies--TNT

Featured

Todd Rundgren Brings 'Damned If I Do' Tour to Phoenix's Celebrity Theatre

Todd Rundgren is set to perform at Phoenix’s Celebrity Theatre on Thursday, November 12, as part of his ongoing Damned If I Do tour. The multi-instrumentalist and producer, known for his work with Utopia and solo hits like “Hello, It’s Me,” brings a reputation for musical complexity to the stage. Recent attendees have described his live performances as energetic and engaging.

Durban Court Appoints Liquidator for MaMkhize and Mpisane Joint Estate

The Durban High Court has appointed Eugen Nel to administer the division of the joint estate between socialite Shauwn "MaMkhize" Mkhize and her ex-husband, Sbu Mpisane. The appointment follows Mkhize’s failure to nominate a liquidator as previously ordered by the court.

Gypsy Rose Blanchard Leaves Ken Urker Memorial After Sibling Tension

Gypsy Rose Blanchard attended the Celebration of Life for Ken Urker in Austin on Saturday but left shortly after arriving when she saw Urker’s sister, Autumn. Blanchard had delivered a speech at the service before stepping out to avoid an encounter with Autumn, who has publicly criticized her following Urker's death.

Jon Tickle Reunites with Big Brother Co-Stars Following MND Diagnosis

Big Brother legend Jon Tickle has shared a rare reunion with his former co-stars from the show’s fourth series, more than twenty years after their initial run. The gathering occurred shortly after the 52-year-old physicist publicly confirmed his diagnosis of Motor Neurone Disease, prompting an outpouring of support from his former television colleagues.

Change text size: