Caroline Ellison, former co-CEO of Alameda Research, is seeking a sentence of time served and supervised release instead of prison as her sentencing approaches on September 24.
In their recent court filing, her attorneys highlighted her
“extraordinary cooperation with the government”.
They argued that a sentence of time served, followed by three years of supervised release, would be a fitting outcome.
Ellison, who admitted guilt to charges of fraud related to FTX’s multibillion-dollar collapse, played a key role in the investigation by testifying against Sam Bankman-Fried during court proceedings last November. Ellison’s cooperation was instrumental in securing Bankman-Fried’s conviction on seven counts of fraud and conspiracy, which resulted in his 25-year prison sentence.
Ellison’s legal team argued that she “poses no risk of recidivism and presents no threat to public safety,” emphasising that granting leniency would “promote respect for the law.” They highlighted her early disclosure of the crimes, full acceptance of responsibility, and significant cooperation with the government as key reasons for a more lenient sentence.
The court filing also featured statements from John J. Ray III, CEO of the FTX bankruptcy estate, and Robert J. Cleary, the court-appointed examiner. Both praised Ellison for her significant contributions in helping to recover assets and for offering credible, reliable information during the investigation.
FTX collapsed in November 2022 amid allegations of embezzlement involving billions in customer funds and its hedge fund affiliate, Alameda Research. Since then, the company has faced complex legal, regulatory, and criminal challenges in recovering its assets, valued in the billions. The court-appointed management team has struggled with the difficult task of locating and reclaiming these assets. Meanwhile, Bankman-Fried, the exchange’s founder, who was sentenced to 25 years in prison, was also ordered to repay $11 billion.
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