A federal judge sentenced FTX co-founder Sam Bankman-Fried鈥檚 former girlfriend to two years in prison, citing her extensive cooperation with prosecutors that led to the conviction of the former face of the cryptocurrency industry in one of the largest financial frauds in U.S. history.
Judge Lewis Kaplan cited Caroline Ellison鈥檚 鈥渧ery, very substantial cooperation.鈥
Ellison told the judge, 鈥淚 think on some level my brain can鈥檛 even truly comprehend the scale of the harm it caused. That doesn鈥檛 mean I don鈥檛 try. I am so so sorry.鈥
鈥淚 am deeply ashamed of what we had done,鈥 she added, sniffling and with her voice cracking. Ellison鈥檚 parents and two sisters sat behind her during the sentencing.
A quick recap:
Ellison鈥檚 testimony at Bankman-Fried鈥檚 trial last fall was crucial.
In a memo to Judge Lewis Kaplan last week, prosecutors praised Ellison鈥檚 candor and 鈥渟ubstantial assistance鈥 in the investigation 鈥 a fact that played a role in her sentencing despite facing a similar list of charges as Bankman-Fried.
And on Tuesday, Kaplan noted Ellison incriminated herself while testifying and 鈥減ulled no punches.鈥 He also drew comparisons with Bankman-Fried, who he sentenced to 25 years in prison, noting Ellison was culpable in the fraud, but said what distinguished them is Ellison鈥檚 鈥渞emarkable cooperation.鈥
From the start, Ellison was the 鈥 someone who worked hand in glove with Bankman-Fried and who kept a contemporaneous diary chronicling the ups and downs of their business and their often-rocky romantic relationship. And in a trial that centred on technical, complex topics like digital assets and decentralized finance, Ellison鈥檚 testimony offered an emotional and relatable narrative.
Over three days on the stand, Ellison, who is 29, repeatedly reinforced that throughout her years at Alameda, the buck stopped with Bankman-Fried. When asked who directed her to carry out various actions, criminal or otherwise, she frequently replied
Of course, some critics, including Bankman-Fried鈥檚 defence lawyers, have noted that Ellison might have been a compelling witness, but she was not a whistleblower.
鈥淭here is no question she deserves leniency,鈥 Dennis Kelleher, president of the nonprofit organization Better Markets. But at the same time, he said, 鈥渟he could have single-handedly stopped this fraud at any time, long before billions of dollars were lost, hundreds of investors were defrauded, and tens of thousands of customers were ripped off.鈥
When FTX collapsed, customers were locked out from their trading accounts. But in a surprise outcome for a bankruptcy, FTX estate overseers assets to pay most of its creditors back in full, with interest, thanks to a surge in the value of its crypto holdings.
Legal experts had previously told CNN it was unlikely Ellison would end up in prison.
In the Southern District of New York, where the case was tried, 鈥渢he large majority of white-collar cooperators receive zero jail time,鈥 said Jordan Estes, a former federal prosecutor who is now a partner at Kramer Levin. And that鈥檚 particularly true when they have otherwise led a law-abiding life, she added.
Josh Naftalis, also a former federal prosecutor, noted that 鈥渁 key issue that Kaplan will consider in sentencing Ellison is whether the size of the fraud 鈥 billions of dollars in losses 鈥 nonetheless requires some term of imprisonment.鈥 Though Naftalis, now a white-collar defence attorney at New York law firm Pallas, added that prosecutors鈥 description of her cooperation as 鈥渆xtraordinary,鈥 suggested prison was unlikely.
However, at Tuesday鈥檚 sentencing, the judge said in a case this serious he could not give her a get out of jail free card.
Other FTX executives鈥 cases are still in progress.
Ryan Salame, a former FTX executive, was in prison after pleading guilty to a campaign finance violation and running an unlicensed money transmission business. Two other former executives, Nishad Singh and Gary Wang, who took plea deals and testified against Bankman-Fried, are due to be
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