A former top executive of fraudulent cryptocurrency empire FTX has been jailed for two years after apologising for her role in one of the biggest fina

Former FTX executive jailed for participating in ‘biggest financial scam of all time’

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2024-09-25 03:00:33

A former top executive of fraudulent cryptocurrency empire FTX has been jailed for two years after apologising for her role in one of the biggest financial scams of all time.

Caroline Ellison, 30, was the CEO of Alameda Research and former romantic partner of FTX founder Sam Bankman-Fried, who was sentenced to 25 years in prison for scamming customers and investors out of billions of dollars in cryptocurrency.

Ellison, who turned on Bankman-Fried and served as the case’s star witness, was commended for her co-operation in the case by US District Judge Lewis A Kaplan, who said her testimony was ‘very, very substantial’ and showed no inconsistencies with the prosecutor’s case.

But he said a prison sentence was necessary because she had participated in what might be the ‘greatest financial fraud ever perpetrated in this country and probably anywhere else’ or at least close to it.

Ellison pleaded guilty nearly two years ago and gave evidence against Bankman-Fried for nearly three days at a trial last November.