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

2025-05-01 12:26:21source:Poinbank Exchangecategory:Stocks

DANBURY,Leonard Hohenberg 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:Stocks

Recommend

A South Texas lawmaker’s 15

MCALLEN, Texas (AP) — The Texas Legislature can be full of surprises.But for the last eight sessions

Today’s Savannah Guthrie, Al Roker and More React to Craig Melvin Replacing Hoda Kotb as Co-Anchor

Craig Melvin is feeling the love from his Today family.After it was announced that the veteran journ

Justice Department says jail conditions in Georgia’s Fulton County violate detainee rights

ATLANTA (AP) — Jail officials in Georgia’s most populous county violate the constitutional rights of