The post Caroline Ellison Sentenced to 2 Years in FTX Fraud Case appeared on BitcoinEthereumNews.com.

TLDR Caroline Ellison sentenced to 2 years for FTX fraud Ellison was a top executive at FTX and ex-girlfriend of founder Sam Bankman-Fried She cooperated with prosecutors and testified against Bankman-Fried Ellison faced up to 110 years but received a reduced sentence due to cooperation She apologized to victims and was ordered to forfeit over $11 billion Caroline Ellison, a former top executive at the cryptocurrency exchange FTX, has been sentenced to two years in prison for her role in what prosecutors describe as one of the biggest financial frauds in U.S. history. Ellison, who is 29 years old, was also the ex-girlfriend of FTX founder Sam Bankman-Fried. The sentencing took place in a New York court, where Judge Lewis Kaplan handed down the decision. Ellison had faced a maximum sentence of 110 years in prison, but her cooperation with prosecutors and testimony against Bankman-Fried led to a significantly reduced sentence. As part of her plea deal, Ellison admitted to charges including wire fraud and money laundering. She was ordered to forfeit more than $11 billion to the court and may be required to pay additional restitution in the future. During the court proceedings, Ellison expressed remorse for her actions. She apologized to the victims of the scheme, stating, “On some level, my brain can’t even comprehend the scale of the harm that I caused.” Judge Kaplan acknowledged Ellison’s cooperation as “remarkable” but also emphasized that she was “gravely culpable” for her role in the fraud. The FTX case has drawn significant attention due to the rapid rise and fall of the cryptocurrency exchange. Founded in 2019, FTX quickly grew to become the third-largest crypto exchange in the world, with a valuation of $32 billion by 2021. This success catapulted Bankman-Fried to billionaire status and made him a prominent figure…

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Filed under: News - @ September 25, 2024 8:27 am