Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • Can the US-China agreement to restore trade truce ease long-standing tensions?
    • Russian drone attacks kill three, wound 60 in Ukraine’s Kharkiv | Russia-Ukraine war News
    • Game on: New CBB rules aim to speed up game flow
    • South Korea Turns Off Speakers Blasting K-Pop Into North Korea
    • Michigan Dem Candidate for Gov. Sued, Impeached, over Hidden Documents from 2020 Election, Far-Left Jocelyn Benson says Election Integrity Just a “Political Stunt” | The Gateway Pundit
    • Blake Lively’s Court Victory May Be Short-Lived
    • China says ready to ‘strengthen cooperation’ with US in future talks: Report
    • Which teams have qualified for the 2026 FIFA World Cup and who are out? | Football News
    News Study
    Wednesday, June 11
    • Home
    • World News
    • Latest News
    • Sports
    • Politics
    • Tech News
    • World Economy
    • More
      • Trending News
      • Entertainment News
      • Travel
    News Study
    Home»Tech News

    Caroline Ellison sentenced to 2 years in FTX crypto fraud

    Team_NewsStudyBy Team_NewsStudySeptember 25, 2024 Tech News No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Caroline Ellison has been sentenced to 2 years in jail for her function within the collapse of the cryptocurrency trade FTX, which has been described as one in every of largest monetary frauds in US historical past.

    Ellison was a prime govt on the agency and can also be the ex-girlfriend of its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing greater than $8bn (£6.3bn) from prospects.

    As a part of a plea deal, Ellison admitted costs together with wire fraud and cash laundering, and testified in opposition to Bankman-Fried. She was additionally ordered to forfeit greater than $11bn (£8.2bn) to the court docket and will pay extra if she’s ordered at hand over any restitution.

    She had confronted a most sentence 55 occasions what she was given – 110 years in jail.

    Whereas Decide Lewis Kaplan known as her cooperation with prosecutors “outstanding”, he mentioned she was “gravely culpable” and that her assist and regret for the crimes shouldn’t be a “get out of jail free card”, in response to Reuters.

    FTX was based in 2019. Simply two years later it had grown into the third largest crypto trade on the planet, valued at $32bn (£26bn).

    Its obvious success turned Bankman-Fried right into a billionaire and enterprise celeb.

    However, in 2022, rumours of monetary bother sparked a run on its deposits, precipitating the agency’s implosion and exposing Bankman-Fried’s crimes.

    He was convicted by a New York jury final yr on costs together with wire fraud and conspiracy to commit cash laundering, after a trial that detailed how he had used customers’ money for property purchases, investments and political donations.

    Ellison was one in every of Bankman-Fried’s closest lieutenants and lived and labored within the firm’s places of work and luxurious flats in The Bahamas. The on-and-off couple constructed the twin empire of FTX and Alameda Analysis.

    Whereas Bankman-Fried was arrested and hung out in jail earlier than his trial, Ellison remained free and agreed to assist the prison investigations

    The revelation that she would testify in opposition to her former boyfriend and boss added to the drama of the high-profile trial.

    Ellison testified over three days, telling the jury that Bankman-Fried directed her and others to take cash from FTX’s prospects with out their data.

    In tearful testimony, she mentioned she felt “indescribably dangerous” in regards to the fraud.

    Prosecutors mentioned Ellison met them about 20 occasions to assist them piece collectively FTX’s unravelling, and make their case in opposition to Bankman-Fried.

    Previous to the sentencing, Ellison’s authorized workforce had argued the assistance she offered meant she shouldn’t be despatched to jail.

    The US Lawyer’s workplace in Manhattan, which introduced the costs, had declined to name for a selected sentence, however acknowledged what it known as her “extraordinary” cooperation and expression of regret.

    In Could, Ryan Salame, the co-CEO of FTX’s Bahamian subsidiary, was sentenced to 90 months in jail.

    Salame pleaded responsible in September final yr to violating political marketing campaign finance legal guidelines and working an unlawful money-transmitting enterprise.



    Source link

    Team_NewsStudy
    • Website

    Keep Reading

    This A.I. Company Wants to Take Your Job

    John L. Young, 89, Dies; Pioneered Posting Classified Documents Online

    Los Angeles Protests Amplified by Influencers and Online Creators

    IBM Tackles New Approach to Quantum Error Correction

    The Dual-Use Dilemma in Open-Source Robotics

    4chan and porn sites investigated by Ofcom

    Add A Comment
    Leave A Reply Cancel Reply

    Editors Picks

    Can the US-China agreement to restore trade truce ease long-standing tensions?

    June 11, 2025

    Russian drone attacks kill three, wound 60 in Ukraine’s Kharkiv | Russia-Ukraine war News

    June 11, 2025

    Game on: New CBB rules aim to speed up game flow

    June 11, 2025

    South Korea Turns Off Speakers Blasting K-Pop Into North Korea

    June 11, 2025

    Michigan Dem Candidate for Gov. Sued, Impeached, over Hidden Documents from 2020 Election, Far-Left Jocelyn Benson says Election Integrity Just a “Political Stunt” | The Gateway Pundit

    June 11, 2025
    Categories
    • Entertainment News
    • Latest News
    • Politics
    • Sports
    • Tech News
    • Travel
    • Trending News
    • World Economy
    • World News
    About us

    Welcome to NewsStudy.xyz – your go-to source for comprehensive and up-to-date news coverage from around the globe. Our mission is to provide our readers with insightful, reliable, and engaging content on a wide range of topics, ensuring you stay informed about the world around you.

    Stay updated with the latest happenings from every corner of the globe. From international politics to global crises, we bring you in-depth analysis and factual reporting.

    At NewsStudy.xyz, we are committed to delivering high-quality content that matters to you. Our team of dedicated writers and journalists work tirelessly to ensure that you receive the most accurate and engaging news coverage. Join us in our journey to stay informed, inspired, and connected.

    Editors Picks

    Sharp rise in problematic teenage social media use, study says

    September 24, 2024

    UK retail sales boosted by warm weather in August, data shows

    September 3, 2024

    Japan, Philippines to boost military ties amid ‘severe’ environment | Conflict News

    February 24, 2025

    Why Chargers stars are ‘buying in’ to Jim Harbaugh’s vision

    September 11, 2024
    Categories
    • Entertainment News
    • Latest News
    • Politics
    • Sports
    • Tech News
    • Travel
    • Trending News
    • World Economy
    • World News
    • Privacy Policy
    • Disclaimer
    • Terms & Conditions
    • About us
    • Contact us
    Copyright © 2024 Newsstudy.xyz All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.