The post Why Caroline Ellison Wants Zero Prison Time in FTX Scandal appeared on BitcoinEthereumNews.com.

Caroline Ellison’s legal team is calling for leniency as the former Alameda Research CEO faces sentencing for her involvement in the FTX exchange collapse. Meanwhile, FTX founder Sam Bankman-Fried (SBF) is serving his 25-year prison term following a court determination in March 2024. This sentence placed him at the high end for sentence length in prominent white-collar fraud cases, begging the question — what is Caroline Ellison’s fate? Caroline Ellison Wants No Prison Time Based on the sentencing memorandum submitted on Tuesday, the legal experts indicated that the US Probation Department recommended time served with three years of supervised release. However, Ellison’s legal defense team wants the court to forego prison time altogether. The lawyers cited her cooperation with authorities, which led to the sentencing of Sam Bankman-Fried. The lawyers also highlighted Ellison’s role in recovering hundreds of millions of dollars in creditor assets. They said this was a demonstration of accountability, adding that leniency acknowledging her cooperation would promote respect for the law. In an interesting twist, both John Ray III, CEO of the FTX bankruptcy estate, and Robert Cleary, the bankruptcy examiner, are backing the legal team’s call for leniency in Ellison’s sentencing. “Caroline Ellison’s lawyers want to redact parts of her sentencing submission because she has been the focus of intense media scrutiny and Internet fascination,” legal correspondent Jacob Shamsian said. Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell Ellison’s Legal Team Address to Judge Kaplan, Source:  Court Filing Indeed, Ellison’s testimony was pivotal during SBF’s trial. On October 10, 2023, she used her time in court to secure a deal with authorities, shifting all responsibility to the FTX executive. She testified that SBF “directed” her to commit financial crimes, leading to his conviction on seven counts of fraud and conspiracy. Ellison admitted to misappropriating billions of dollars…

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Filed under: News - @ September 12, 2024 1:27 pm