Our thanks to Jeff for this. Excerpts from the BBC piece:
“Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history…
As part of a plea deal, Ellison admitted charges including wire fraud and money laundering, and testified against Bankman-Fried. She was also ordered to forfeit more than $11bn (£8.2bn) to the court and could pay more if she’s ordered to hand over any restitution.
She had faced a maximum sentence 55 times what she was given – 110 years in prison.
While Judge Lewis Kaplan called her cooperation with prosecutors “remarkable”, he said she was “gravely culpable” and that her help and remorse for the crimes should not be a “get out of jail free card”, according to Reuters.
In court, Ellison apologised to the victims of the scheme, according US media reports.
“On some level, my brain can’t even comprehend the scale of the harm that I caused,” she said. [J4MB: What a statement of female unaccountability!]…
Ellison testified over three days, telling the jury that Bankman-Fried directed her and others to take money from FTX’s customers without their knowledge.
In tearful testimony, she said she felt “indescribably bad” about the fraud.”
—————————-
If you’d like email notifications of our new blog pieces, please enter your email address in the box near the top of the right-hand column and click ‘Subscribe’.
We shall shortly be posting this piece on our X channel.
Our YouTube channel is here.