Former Alameda Research CEO Caroline Ellison receives a lighter sentence than federal guidelines due to her cooperation with authorities in the case against Sam Bankman-Fried.
A Manhattan federal judge on Tuesday handed down a two-year prison sentence to Caroline Ellison , who assisted one of the largest financial crimes in U.S. history while overseeing a trading firm connected to the FTX cryptocurrency exchange but then served as a key government witness in the trial of FTX founder Sam Bankman-Fried .
Ellison pleaded guilty to seven felony counts of conspiracy and fraud and the federal sentencing guidelines called for 110 years behind bars, but in handing down the much lighter sentence Judge Lewis Kaplan pointed to her complete cooperation with prosecutors and reliable testimony during Bankman-Fried’s trial. In addition to the prison time, Ellison was ordered to forfeit $11 billion, the same amount the court ordered Bankman-Fried to turn over. “I’ve seen a lot of cooperators in 30 years. I’ve never seen one quite like Ms. Ellison,” Kaplan said, according to Bloomberg’s. Federal prosecutors recommended lenient sentencing for Ellison, who they said met with government investigators more than 20 times and provided valuable document review in addition toagainst Bankman-Fried. Her testimony, the prosecutors wrote, was “critical to indict and convict Bankman-Fried, and to understanding both the timeline of the fraud schemes, and the various layers of wrongdoing.” They noted that Ellison agreed to cooperate with investigators within days of FTX’s bankruptcy declaration and that throughout the trial she was subjected to “extremely personal and probing” public scrutiny after Bankman-Fried Speaking during the sentencing hearing, Ellison apologized for not being brave and said that “since the collapse of FTX, it’s been a relief to be completely honest and open with prosecutors and investigators,” according to Bloomberg
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