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The former head of Alameda Research will serve her sentence in a minimum-security prison.
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On Sept. 24, former Alameda Research CEO Caroline Ellison was sentenced to two years in a minimum-security prison for her role in FTX’s collapse.
The sentence was handed down by Judge Lewis Kaplan in the District Court of Southern New York, who determined that Ellison must also forfeit the roughly $11 billion she earned from FTX.
Kaplan said Ellison’s surrender date will be set on or after Nov. 7, 2024.
Ellison could have faced 110 years in prison for her crimes, but Lewis expressed considerable sympathy for her. According to Bloomberg, the judge told her:
“You’re a very strong person, Ms. Ellison, in some ways, but not inviolable. Mr. Bankman-Fried had your Kryptonite. […] You were vulnerable and you were exploited.”
The sentence points to the likelihood that co-defendants and former FTX executives Gary Wang and Nishad Singh will also serve jail time.
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
