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Caroline Ellison, the former chief executive of Alameda Research and ex-girlfriend of disgraced crypto entrepreneur Sam Bankman-Fried (SBF), received a two-year prison sentence and was ordered to forfeit $11 billion for her role in the collapse of FTX.

The Sept. 24 court ruling comes despite Ellison’s request for no prison time on the basis that her testimony played a crucial part in securing SBF’s conviction, which resulted in a 25-year prison term for multiple fraud-related offenses.

Request for no prison time

Ellison’s legal team sought to avoid prison time by arguing for a sentence of time served, emphasizing her substantial cooperation with federal authorities following the collapse of FTX.

The lawyers highlighted her voluntary return to the US from the Bahamas and her critical assistance in understanding the financial mismanagement at both FTX and Alameda Research, which helped in asset recovery.

In a court document submitted on Sept. 10, John Ray, the CEO of FTX who oversees its bankruptcy proceedings, acknowledged the significance of Ellison’s cooperation in recovering substantial assets.

Ellison’s lawyers also emphasized her previously clean record and provided character testimonials attesting to her integrity. They further contended that SBF’s manipulative behavior skewed her moral judgment, leading her to partake in unlawful activities while feeling trapped in a complicated personal and professional dynamic with him.

Plea deal

Ellison accepted a plea deal in December 2022 after FTX filed for bankruptcy. Prosecutors charged her with conspiracy and financial fraud, and she testified for nearly three days during SBF’s trial in November, revealing extensive details about the operations of both FTX and Alameda Research.

Prosecutors described her testimony as the “cornerstone” of the case, which significantly contributed to the jury’s guilty verdict against SBF on all seven counts.

Before its dramatic collapse, FTX stood as one of the largest cryptocurrency exchanges globally, recognized for aggressive lobbying in Washington and prominent advertising, including a Super Bowl spot. SBF and other executives face serious allegations of diverting customer funds for personal use, high-risk investments, and extravagant spending.

Ellison’s sentencing forms part of a broader series of legal actions against former FTX executives. In Mayplea8, a judge sentenced Ryan Salame to seven and a half years in prison, while fellow executives Nishad Singh and Gary Wang await sentencing in the coming months.

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