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Home » Caroline Ellison Sentenced to Two Years in Prison for Role in FTX Collapse

Caroline Ellison Sentenced to Two Years in Prison for Role in FTX Collapse

Van Tran by Van Tran
September 26, 2024
in Business
FTT Rises 50% After Court Approves FTX’s Plan to Repay Customers in Full
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Former Alameda Research CEO Caroline Ellison was sentenced to two years in a minimum-security prison on Sept. 24 for her involvement in the collapse of FTX. The ruling came from Judge Lewis Kaplan of the Southern District of New York, who also ordered Ellison to forfeit about $11 billion earned from her role in the company. Her prison surrender date is scheduled for Nov. 7, 2024, or later.

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Despite facing a potential sentence of 110 years, Ellison received a lighter punishment due to the court’s recognition of her vulnerability and the influence of Sam Bankman-Fried, her former colleague and romantic partner. Judge Kaplan expressed sympathy, noting Ellison had been exploited. During sentencing, Ellison appeared emotional, with her family visibly upset. She had previously spoken about harassment from the crypto community, which led her to avoid public appearances.

Source: Autism Capital

Ellison cooperated extensively with prosecutors, who advocated for leniency in her sentencing. Her defense team had sought a sentence of time served, but Kaplan rejected that request.

Other former FTX executives, including Gary Wang and Nishad Singh, are also expected to receive prison sentences. Singh’s sentencing is set for Oct. 30, and Wang’s for Nov. 20. Both have pleaded guilty. Earlier in the year, former FTX executive Ryan Salame received a seven-and-a-half-year sentence, and FTX founder Sam Bankman-Fried was sentenced to 25 years in March.

Tags: Crypto ExchangeFeature
Van Tran

Van Tran


EDUCATION
Bachelor of Finance, University of Virginia
SUMARY Van Tran brings over a decade of experience in the financial services industry, with a specialisation in cryptocurrency. She used to serve as a Senior Crypto Writer at Coin68, where she managed ecosystem and trading guide columns and led the trading department. Her expertise includes trade review, compliance, suitability evaluation, and supervisory programs.
EXPERIENCE
Senior Crypto Writer, Coin68 (2020-2022) Managed ecosystem and trading guide columns. Led the trading department, overseeing trade review and compliance. Evaluated suitability and ensured compliance with education requirements. Implemented and supervised compliance programs for representatives.

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