Caroline Ellison Sentenced to Two Years in FTX Fraud Case

Former FTX executive Caroline Ellison received a two-year prison sentence for her involvement in the fraud orchestrated by her ex-boyfriend, Sam Bankman-Fried. Convicted on seven counts, Ellison’s cooperation with prosecutors was hailed as critical in securing Bankman-Fried’s conviction. Despite her remorse, the court deemed jail time necessary.

Former cryptocurrency executive Caroline Ellison was sentenced to two years in prison on Tuesday for her role in the $8 billion fraud linked to FTX, the exchange founded by her ex-boyfriend Sam Bankman-Fried. Despite her cooperation with prosecutors, U.S. District Judge Lewis Kaplan deemed jail time necessary.

Ellison, 29, who pleaded guilty to seven counts of fraud and conspiracy, testified as a key witness in Bankman-Fried's trial. Bankman-Fried was convicted last year and is currently serving a 25-year sentence. The judge noted Ellison's significant contribution to the prosecution's case.

Ellison expressed deep remorse, stating she would have been brave to speak out against Bankman-Fried earlier. Her testimony was pivotal in revealing the extent of the fraud and ultimately helped bring down one of the largest financial frauds in U.S. history.

(With inputs from agencies.)