Former FTX executive Caroline Ellison was sentenced to two years in prison on Tuesday for her role in the cryptocurrency exchange's collapse. Ellison, who pleaded guilty and testified against former CEO Sam Bankman-Fried, received a lighter sentence due to her cooperation with federal investigators.
In this courtroom sketch, Caroline Ellison gives her sentencing statement, Tuesday, Sept. 24, 2024, at Manhattan federal court in New York. , was sentenced to two years in prison on Tuesday after she apologized to everyone hurt by a fraud that stole billions of dollars from investors, lenders and customers.
But he said a prison sentence was necessary because she had participated in what might be the “greatest financial fraud ever perpetrated in this country and probably anywhere else” or at least close to it.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.
“I’m deeply ashamed with what I’ve done,” she said at the sentencing hearing, fighting through tears to say she was “so so sorry” to everyone she had harmed directly or indirectly.In court Tuesday, Assistant U.S. Attorney Danielle Sassoon called for leniency, saying Ellison's testimony was “devastating and powerful proof” against Bankman-Fried, 32, who was found guilty of fraud and sentenced to 25 years in prison.
FTX Caroline Ellison Sam Bankman-Fried Cryptocurrency Fraud
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