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Technology|Caroline Ellison, Star Witness at FTX Trial, Is Sentenced
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caroline-ellison-ftx-sentence.html

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Caroline Ellison, Star Witness at FTX Trial, Is Sentenced to 2 Years
in Prison

A top adviser to Sam Bankman-Fried, the disgraced founder of FTX, Ms.
Ellison pleaded guilty to conspiring with him to steal $8 billion and
became a crucial witness for the prosecution.

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A somber Caroline Ellison in glasses in front of courthouse doors is
seen over the shoulder of another woman standing in front of her.
Caroline Ellison, rear, at the trial of Sam Bankman-Fried in
Manhattan last year.Credit...Jeenah Moon for The New York Times
David Yaffe-BellanyMatthew Goldstein

By David Yaffe-Bellany and Matthew Goldstein

Reporting from U.S. District Court in Manhattan

Sept. 24, 2024Updated 5:54 p.m. ET

Caroline Ellison, a former top adviser to the cryptocurrency mogul
Sam Bankman-Fried, was sentenced to two years in prison on Tuesday
for her role in the $8 billion fraud that led to the implosion of the
once high-flying FTX crypto exchange.

Judge Lewis A. Kaplan of U.S. District Court in Manhattan said that
he believed Ms. Ellison was genuinely remorseful and that her
cooperation with the government had been substantial. But given the
severity of the fraud, he added, he could not give her a "'get out of
jail free' card."

Ms. Ellison is set to report to a minimum security prison in the
Boston area by around Nov. 7, almost exactly two years after FTX
collapsed.

Soon after the downfall of FTX in 2022, Ms. Ellison, who was Mr.
Bankman-Fried's on-and-off girlfriend, pleaded guilty to conspiring
with him to steal $8 billion in savings that customers had deposited
on the exchange. She became a crucial witness for the prosecution,
testifying against Mr. Bankman-Fried at a trial last year that ended
in his conviction on seven counts of fraud and conspiracy.

Wearing a dark jacket over a mauve-colored dress, Ms. Ellison, 29,
fought back tears as she told Judge Kaplan that she was sorry for all
the pain she had caused to the customers and employees of FTX, as
well as her family and friends.

"Not a day goes by that I don't think of the people I hurt," Ms.
Ellison said before she was sentenced, with her parents and two
sisters in the courtroom. "I am deeply ashamed of what I have done."

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