the staff of the Ridgewood blog
Ridgewood Nj, in a major development following the collapse of cryptocurrency exchange FTX, Caroline Ellison, former CEO of Alameda Research, was sentenced to two years in federal prison on charges related to her involvement in the multi-billion-dollar fraud scheme. Ellison was also ordered to forfeit $11 billion for her role in defrauding investors and misusing FTX customer funds. The sentencing, which took place in New York yesterday, was more severe than what prosecutors had initially sought.
Ellison, 29, had pleaded guilty in December 2022 to seven federal charges, including wire fraud and money laundering. She played a pivotal role in the $8 billion fraud orchestrated by FTX founder Sam Bankman-Fried. Ellison admitted to conspiring with Bankman-Fried to deceive investors and create false financial statements by misappropriating customer funds from FTX to Alameda Research.
Her testimony during Bankman-Fried’s trial was crucial. Ellison not only exposed the illegal activities within FTX but also detailed her personal and professional relationship with Bankman-Fried, which added a dramatic element to the proceedings. Bankman-Fried was convicted in November 2023 and sentenced to 25 years in prison.
Two other key figures in the FTX scandal, former senior executives Nishad Singh and Gary Wang, have also pleaded guilty and are awaiting sentencing, scheduled for October 30 and November 20, respectively.
This case, which shook the cryptocurrency world, continues to be a cautionary tale about the risks of unchecked power and mismanagement in the rapidly evolving digital currency space.
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Forfeit $11bn and only 2 yrs.
She’ll be out in a year for good behavior during which time she will have written a book about her experience being a hapless victim of predatory men. She will also tell us about how her experience has also made her fearless advocate for women’s rights. She’ll get paid big time to give talks and probably even teach seminars. Which was the real payoff all along.
Probably already tanning herself on a beach in Tel Aviv next to Epstein.
And slowly withdraw the other $10bn from cayman accts