Caroline Ellison begins 2-year sentence for role in Bankman-Fried's FTX fraud

Date:

Share post:


DANBURY, Conn. — Caroline Ellison, a former top executive in Sam Bankman-Fried ’s fallen FTX cryptocurrency empire, began her two-year prison sentence Thursday for her role in a fraud that cost investors, lenders and customers billions of dollars.

Ellison, 30, reported to the federal prison in Danbury, Connecticut, according to the Federal Bureau of Prisons. She had pleaded guilty and testified extensively against Bankman-Fried, her former boyfriend, before he was convicted and sentenced to 25 years in prison.

Ellison could have faced decades in prison herself, but both the judge and prosecutors said she deserved credit for her cooperation. At her sentencing hearing in New York in September, she tearfully apologized and said she was “deeply ashamed.”

Ellison was chief executive at Alameda Research, a cryptocurrency hedge fund controlled by Bankman-Fried. FTX was one of the world’s most popular cryptocurrency exchanges, known for its Superbowl TV ad and its extensive lobbying campaign in Washington, before it collapsed in 2022.

U.S. prosecutors accused Bankman-Fried and other top executives of looting customer accounts on the exchange to make risky investments, make millions of dollars of illegal political donations, bribe Chinese officials and buy luxury real estate in the Caribbean.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Spain's catastrophic floods by the numbers: At least 219 dead, 93 missing and billions in damage

MADRID -- The catastrophic torrential rains that overflowed rivers and normally dry canals in eastern Spain last...

Average rate on a 30-year mortgage in the US rises for sixth straight week

The average rate on a 30-year mortgage in the U.S. rose for the sixth straight week, returning...

Slightly more Americans apply for unemployment last week; layoffs remain low

The number of Americans applying for jobless aid ticked up last week but layoffs remain at historically...

Italy opens procedure against China's Sinochem for possible breach of Pirelli governance

Italy has opened up an administrative procedure against China’s Sinochem, the largest shareholder in Italian tiremaker Pirelli,...

50 European leaders assess how Trump will affect their fortunes and seek a common stance on Russia

BUDAPEST, Hungary -- Around 50 European leaders, including Ukrainian President Volodymyr Zelenskyy and NATO Secretary-General Mark Rutte,...

Japanese automaker Nissan cuts 9,000 jobs as its vehicles fail to sell

TOKYO -- TOKYO (AP) — Nissan reported Thursday a loss for the latest fiscal quarter as its...

Sweden cuts its key rate by 0.5 percentage points to 2.75%, the largest reduction in over a decade

STOCKHOLM -- Sweden’s central bank on Thursday cut its key interest rate by half a percentage point...

Bank of England is set to cut interest rates despite potential new inflation worries

LONDON -- The Bank of England is set to cut interest rates later Thursday for the second...