Caroline Ellison, former executive of Sam Bankman-Fried's defunct FTX crypto empire, began serving a two-year sentence on Thursday. Ellison, aged 30, reported to a federal prison in Danbury, Connecticut. She cooperated significantly with authorities by testifying against Bankman-Fried, her ex-boyfriend, aiding his conviction and subsequent 25-year sentence.
At her September sentencing in New York, Ellison expressed deep remorse, stating she was "deeply ashamed." Her cooperation with investigators played a key role in reducing her potential decades-long sentence. While serving as CEO of Alameda Research, a crypto hedge fund linked to Bankman-Fried, Ellison was implicated in the fraudulent collapse that cost billions.
The FTX exchange was previously renowned for its Super Bowl ad and lobbying efforts in Washington prior to its downfall in 2022. US prosecutors allege Bankman-Fried and his team misappropriated customer funds for high-stakes ventures, illegal political contributions, bribing Chinese officials, and acquiring extravagant real estate in the Caribbean. (This story was generated by Newser's AI chatbot. Source: the AP)
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