Caroline Ellison And Gary Wang Spend Decades In Prison, Detail

Key Points:

• The maximum penalties are presented for informational purposes only, plea deals often include agreements between prosecutors and defendants to decrease the amount of jail time cooperation defendants face.
• Ellison pled guilty to seven charges of fraud, leading to a penalty of more than 100 years in prison, while Wang was charged with 4 fraud which carries a maximum penalty of 50 years in jail.

U.S. authorities have provided further information regarding the criminal accusations that Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, the co-founder and former CTO of FTX, pleaded guilty to earlier this week.

According to the United States Attorney‘s Office for the Southern District of New York, the maximum penalties are presented for informational purposes only, with any punishment set by a court. Plea bargains often include agreements between prosecutors and defendants to decrease the amount of jail time cooperation defendants face.

CAROLINE ELLISON,28, is charged with and has pled guilty to:

• Two counts of conspiracy to commit wire fraud, each of which carries a maximum sentence of 20 years in prison;
• Two counts of wire fraud, each of which carries a maximum sentence of 20 years in prison;
• One count of conspiracy to commit commodities fraud, which carries a maximum sentence of five years in prison;
• One count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison;
• One count of conspiracy to commit money laundering, which carries a maximum sentence of 20 years in prison.

GARY WANG,29, is charged with and has pled guilty to:

• One count of conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison;
• One count of wire fraud, which carries a maximum sentence of 20 years in prison;
• One count of conspiracy to commit commodities fraud, which carries a maximum sentence of five years in prison;
• One count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison.

The amount of fraud both admitted to technically comes with the possibility of spending decades in prison. But neither is likely to serve close to the maximum sentencing for their crimes after pleading guilty and cooperating with investigators.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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