A year ago, Caroline Ellison was preparing to testify against her former boss and ex-boyfriend in one of the biggest fraud trials in US history. On Tuesday, she’ll learn whether her own gamble — cooperating with prosecutors in the hopes of staying out of prison — will pay off.
A quick recap: Ellison’s testimony at Bankman-Fried’s trial last fall was crucial. In a memo to Judge Lewis Kaplan last week, prosecutors praised Ellison’s candor and “substantial assistance” in the investigation — a fact that could help her duck jail time despite facing a similar list of charges as Bankman-Fried.
” When FTX collapsed, customers were locked out from their trading accounts. But in a surprise outcome for a bankruptcy, FTX estate overseers said they had recovered enough assets to pay most of its creditors back in full, with interest, thanks to a surge in the value of its crypto holdings. While sentencing is entirely up to Judge Kaplan’s discretion, legal experts say it’s highly unlikely Ellison will end up in prison.
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