(5MinNewsBreak.com) – The bombshell cryptocurrency saga has reached a new point as FTX former executive Caroline Ellison has begun serving a two-year prison sentence for her role in a massive fraud scheme.
Ellison reported to the federal prison in Danbury, Connecticut, to start her sentence after pleading guilty and testifying against her former boyfriend Sam Bankman-Fried.
While Bankman-Fried received a 25-year sentence, Ellison’s punishment seems light in comparison.
Ellison previously served as CEO of Alameda Research, a hedge fund linked to FTX. The lenient treatment toward her raises suspicions about potential political connections.
The whole ordeal began after FTX’s collapse in 2022, which revealed a web of deceit involving misuse of customer funds, illegal political donations and luxury purchases.
U.S. prosecutors accused Bankman-Fried and his cronies of orchestrating a scheme that resulted in billions of dollars in losses for investors, lenders and customers.
However, the justice system seems content with a mere two-year sentence for one of the key players in what Judge Lewis Kaplan described as “the largest financial fraud in U.S. history.”
“I’ve seen a lot of cooperators over the years and I’ve never seen one quite like Miss Ellison,” Judge Kaplan said.
The federal Probation Department even recommended no prison time for Ellison, suggesting only three years of supervised release. The move further fueled suspicions of a rigged system.
In response, Judge Kaplan remarked that it was a “literal get-out-of-jail-free card I can’t agree to.”
During her sentencing, Ellison was teary and her voice was shaky while reading from a statement.
She apologized to fraud victims and claimed to be “deeply ashamed.” She also mentioned that she should have ditched both FTX and Bankman-Fried.
The fact that Ellison was ordered to forfeit $11 billion but received such a light sentence is a slap in the face to hard-working people who were swindled out of their money.
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