Is Caroline Ellison going to prison?

According to media reports, the sentencing hearing for Caroline Ellison, the former head of Alameda Research, the hedge fund tied to FTX, is scheduled for September 24, 2024.

According to media reports is the sentencing hearing for the conviction of Caroline Ellison, the former CEO of the hedge fund Alameda Research, which has ties to FTX, scheduled for September 24, 2024. There, the judges will announce the penalties for the former close confidante of Sam Bankman-Fried.

Caroline Ellison is considered one of the key figures in the fraud case around FTX. She is the third main defendant to be convicted in this case. Earlier this year, the CEO of FTX Digital Markets, Ryan Salame, was sentenced to 7.5 years in prison. The sentences for other FTX executives Nishad Singh and Gary Wang will be handed down on October 30 and November 20, respectively.

Sam Bankman-Fried himself was found guilty on all seven counts and sentenced to 25 years in prison. In the trial against the former CEO of the crypto exchange, Caroline Ellison testified as one of the prosecutor's key witnesses. Bankman-Fried instructed her to obscure the true financial condition of FTX and Alameda from lenders by manipulating results. Alameda also pulled billions of US dollars from customer funds at FTX.

Ellison's lawyers are seeking acquittal. As the crown witness, she cooperated extensively with authorities and contributed to the investigation. This means the former girlfriend of SBF is likely to face only a minimal prison sentence. Without her cooperation, she could have faced decades in prison.