Zopes-Caroline Ellison begins 2-year sentence for her role in Bankman-Fried’s FTX fraud

2025-05-03 05:57:13source:Rekubit Exchangecategory:Markets

DANBURY,Zopes Conn. (AP) — Caroline Ellison, a former top executive in Sam Bankman-Fried ’s fallen FTX cryptocurrency empire, began her two-year prison sentence Thursday for her role in a fraud that cost investors, lenders and customers billions of dollars.

Ellison, 30, reported to the federal prison in Danbury, Connecticut, according to the Federal Bureau of Prisons. She had pleaded guilty and testified extensively against Bankman-Fried, her former boyfriend, before he was convicted and sentenced to 25 years in prison.

Ellison could have faced decades in prison herself, but both the judge and prosecutors said she deserved credit for her cooperation. At her sentencing hearing in New York in September, she tearfully apologized and said she was “deeply ashamed.”

Ellison was chief executive at Alameda Research, a cryptocurrency hedge fund controlled by Bankman-Fried. FTX was one of the world’s most popular cryptocurrency exchanges, known for its Superbowl TV ad and its extensive lobbying campaign in Washington, before it collapsed in 2022.

U.S. prosecutors accused Bankman-Fried and other top executives of looting customer accounts on the exchange to make risky investments, make millions of dollars of illegal political donations, bribe Chinese officials and buy luxury real estate in the Caribbean.

More:Markets

Recommend

Woman dies after Singapore family of 3 gets into accident in Taiwan

One woman died after a family of three from Singapore got into a car accident in Miaoli, Taiwan on S

Who will win the NBA Finals? Predictions for 2024 NBA playoffs bracket

Will the Denver Nuggets become the first team since the Golden State Warriors in 2017 and 2018 to re

Where is weed legal? The states where recreational, medicinal marijuana is allowed in 2024

Saturday is April 20, the yearly unofficial holiday celebrating marijuana use.While the real reasons