Alameda’s Caroline Ellison may escape 110 years in prison through plea deal
Alameda’s Caroline Ellison may escape 110 years in prison through plea deal
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One of the key witnesses in the ongoing FTX investigation was able to avoid all seven allegations against them with a plea deal. Former Alameda Research CEO Caroline Ellison would only be prosecuted for criminal tax violations and can be released immediately on bail of $250,000.
A plea deal between Ellison and the United States Attorney’s Office for the Southern District of New York was released December 21. According to the document, the former Alameda executive will be spared any major charges, which could have cost her up to 110 years in prison.
Ellison was charged by the attorney on seven counts. Two of them for being involved in a conspiracy to defraud customers of FTX and the wire scam itself. Another two for involvement in a conspiracy to commit wire fraud at Alameda Research lenders and the wire fraud itself. Count five charged her with conspiring to commit commodity fraud, count six of conspiring to commit securities fraud against FTX stock investors. On the seventh count, she could be charged with conspiracy to launder money.
Prosecutors agree not to prosecute Ellison on any of the seven counts in exchange for their cooperation — full disclosure of all information and documents requested by prosecutors.
Related: The outcome of SBF’s prosecution could determine how the IRS treats your FTX losses
The agreement does not protect Ellison from further charges Ellison may face from other authorities. It also precludes possible criminal prosecution for tax crimes should they be uncovered through the court proceedings.
The office will not oppose Ellison’s release due to the bail conditions, which are $250,000 bail, restriction on leaving the United States and surrender of all travel documents.
Meanwhile, former FTX CEO Sam Bankman-Fried is now in Federal Bureau of Investigation (FBI) custody and en route back to the United States, where he will be transported directly to the Southern District of New York to appear before a judge.
