Key Points:
Read more: Bankman-Fried Appeal Promoted To Protest 25-Year Prison Sentence
Ellison, 29, had been integral to an $8 billion fraud that led to the bankruptcy of FTX, a company once controlled by Sam Bankman-Fried.
In a court filing submitted late Tuesday, Ellison’s lawyers urged U.S. District Judge Lewis Kaplan to spare her from prison, citing her cooperation with prosecutors in their case against Bankman-Fried, who was once her boyfriend.
“From her first meeting with prosecutors, Caroline unflinchingly acknowledged her own wrongdoing,” her lawyer Anjan Sahni said in the filing, adding that she had been a “credible and important” witness.
The former Alameda Research CEO will be sentenced on September 24. Her testimony at Bankman-Fried’s trial was important because she and two other former FTX executives testified to how they had fraudulently used customer funds at Bankman-Fried’s instruction in an attempt to stem losses at Alameda Research. FTX’s collapse in late 2022 shook financial markets, and its rise and fall made Bankman-Fried one of the most stunning reversals of fortune in history.
Bankman-Fried, 32, was sentenced last week to 25 years in prison for orchestrating one of the largest financial frauds in U.S. history. He has appealed the conviction. In her testimony, Ellison gave a personal glimpse into Bankman-Fried’s philosophy, explaining how his utilitarian worldview put what he saw as the greater good over ethical rules.
Two other former executives, Nishad Singh and Gary Wang, who also pleaded guilty, are to be sentenced later this year. A third executive, Ryan Salame, who did not cooperate with prosecutors, was sentenced in May to 7.5 years in prison for unlawful campaign donations tied to the case.
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. |
Smart investors have chosen Solana, Cardano, and Rexas Finance among several clearly profitable cryptocurrencies to…
Industry experts predict spot Solana ETFs may gain approval by late 2025, buoyed by a…
Wall Street financial services giant Cantor Fitzgerald is all set to purchase a 5% stake…
The XRP price recently surpassed $1 after rumors sparked about Donald Trump meeting its CEO;…
Discover why Qubetics, Monero, and Celestia are among the best cryptos to buy in November…
Discover the best altcoins to buy now: Qubetics soars with a weekly 10% rise, Polygon…
This website uses cookies.