Caroline Ellison, a key figure in the collapse of FTX, expressed deep remorse at her sentencing hearing for her role in the fraud. During the session, Ellison shared her thoughts on Sam Bankman-Fried’s influence in the situation.
Ellison Guilty Over Actions
During her sentencing hearing, Caroline Ellison had the chance to read out a prepared text to Judge Lewis Kaplan. Attendees in the courtroom noted that Ellison read it quickly, with a cracking voice and tears. She admitted that on some level her mind couldn't fully comprehend the extent of the harm caused. However, she tried and expressed deep regret. 'I worry about it every day. It was on my mind constantly,' said Ellison.
Previous Hearings
Earlier, in December 2022, Ellison testified against Bankman-Fried, stating that she knew Alameda Research had been given access to a borrowing facility on FTX.com from 2019 through 2022. She also pleaded guilty to seven counts of fraud and conspiracy related to the FTX collapse. Ellison revealed to the US District Judge in Manhattan federal court that certain quarterly balance sheets had been prepared to conceal the level of Alameda's borrowing and the billion-dollar loans made to FTX executives and related parties.
Admission and Aftermath
Ellison spoke of her constant guilt and desire to reveal the truth. She noted that her main worry was about the potential consequences, but she felt relieved when she no longer had to lie. For the first time during the hearing, Ellison mentioned her ex-boyfriend Sam Bankman-Fried, who received a 25-year sentence last March after his conviction on several charges.
Caroline Ellison expressed deep remorse for her role in the collapse of FTX, noting that it was on her mind every day. Her admissions and testimonies became a crucial part of the legal process, providing transparency and understanding of the fraud's scale.
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