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The ex-girlfriend of the head of FTX was sentenced to only two years in prison (traders.lt)

Buvusi FTX vadovo mergina nuteista kalėti tik dvejus metus (traders.lt)

Caroline Ellison, the ex-girlfriend and accomplice of scandalous FTX cryptocurrency exchange founder Sam Bankman-Fried, has been sentenced by a New York court to just two years in a minimum security prison.

It will also have to repay 11 billion. US dollars embezzled through the activities of the FTX exchange. Her sentence was handed down by Lewis Kaplan, the same judge who previously sentenced Sam Bankman-Fried to 25 years in prison. The fact that Ellison's sentence was relatively lenient resulted in her reaching a plea deal with prosecutors in which she pleaded guilty to charges of money laundering and so-called communications fraud. She also gave detailed testimony incriminating her ex-boyfriend.

"Over 30 years, I've seen a lot of people cooperating with investigators. None of them did it the way Ms. Ellison did,” Judge Kaplan said.

During the trial, Caroline Ellison carefully analyzed the FTX and Alameda documents, explaining the fraud mechanisms. She revealed, among other things, how she prepared seven different versions of documents showing her fund balance, which she had to show lenders, depending on the situation.

She said Alameda had a "virtually unlimited line of credit" with FTX that was fueled by money from the exchange's customers. According to her, FTX owed $12 billion to clients just before the collapse, but at that time they had only $4 billion in their accounts with this exchange.

In May, Ryan Salame, the former director of FTX's Bahamas branch, was sentenced to 90 months in prison. He also cooperated with investigators. Gary Wang and Nishad Singh, directors of FTX who were close associates of Bankman-Fried (against whom they testified), also agreed to plea deals with prosecutors. However, verdicts have not yet been passed in their cases. It is due to be announced on October 30 in Singh's case and November 20 in Wang's case. They will also likely be sentenced to several years in prison.

Caroline Ellison ran the Alameda Research fund, which was closely linked to the FTX cryptocurrency exchange. With his help, among other things, the money of the customers of this exchange was transferred, which then passed through a tangle of companies registered in tax havens. Ellison knew the mechanism of this crime in great detail. Alameda Research was supposed to receive $8 billion from FTX clients. dollars that were used for trading in the cryptocurrency market.

The FTX exchange was considered the third largest cryptocurrency exchange in the world, and its value rose to as much as 32 billion. dollars. It collapsed in November 2022. The FTX case was perhaps the biggest financial crime in US history.

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