Monday, November 11, 2024
spot_imgspot_img

Top 5 This Week

spot_imgspot_img

Related Posts

Caroline Ellison, ex-FTX executive, given two-year sentence for fraudulent activities in Crypto industry


Caroline Ellison, former business partner and girlfriend of cryptocurrency fraudster Sam Bankman-Fried, has been sentenced to two years in prison for her role in a major financial fraud case. Ellison, who was also the CEO of Alameda Research, cooperated with investigators and testified against Bankman-Fried, who was sentenced to 25 years in prison last year. Despite facing a maximum sentence of 110 years for seven charges including fraud, Ellison received leniency from the judge and prosecutors due to her cooperation.

United States District Judge Lewis A Kaplan acknowledged Ellison’s substantial cooperation but deemed a prison term necessary given the magnitude of the fraud. Kaplan recommended that Ellison be held in a minimum-security prison. During Bankman-Fried’s trial, Ellison testified that he instructed her to use FTX customers’ funds for risky transactions, real estate purchases, and political donations through Alameda Research.

Bankman-Fried has filed an appeal against his conviction, alleging that the judge prevented his legal team from introducing evidence that could have helped his defence. In his trial, he portrayed himself as a well-meaning entrepreneur who was misled by Ellison, whom he accused of being a poor manager. Despite the ongoing legal battles, the case involving Ellison, Bankman-Fried, and the collapse of FTX remains one of the most significant financial fraud cases in recent history.

Source
Photo credit www.aljazeera.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular Articles