Topic: Prosecution to use Caroline Ellison notes as evidence against SBF (Read 707 times)

https://www.theblock.co/post/317984/former-alameda-ceo-caroline-ellison-sentenced-to-two-years-for-her-role-in-the-collapse-of-ftx-reports
Former Alameda CEO Caroline Ellison sentenced to two years for her role in the collapse of FTX: Reports

Caroline Ellison, who is also the ex-girlfriend of former FTX CEO Sam Bankman Fried, pled guilty in December 2022.
Ellison told the court in March during Bankman-Fried’s criminal trial that he directed her to commit the crimes that led to the downfall of FTX.

Former co-CEO of Alameda Research Caroline Ellison was sentenced on Tuesday to two years for her role in the collapse of crypto exchange FTX which caused consumers to lose billions of dollars.

Ellison, who is also the ex-girlfriend of former FTX CEO Sam Bankman Fried, pled guilty in December 2022 to two counts of conspiracy to commit wire fraud, two counts of actual wire fraud, one count of conspiracy to commit commodities fraud, one count of conspiracy to commit securities fraud and one count of conspiracy to commit money laundering. Alameda Research had close ties to FTX, and both were founded by Bankman-Fried.

Ellison will also have to forfeit about $11 billion and can serve her sentence at a "minimum- security facility," according to Bloomberg.

Ellison addressed the court on Tuesday and said she wanted to apologize to those who lost money because of her actions. She said “not a day goes by that I don’t think about all of the people I hurt,” according to reporting from Bloomberg.

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"Long live the fairest and most humane court in the world."(C)
2 years of pioneer camp for such crimes..

A smart investor will never store, trade, or invest money on one exchange.
The risks of centralized exchanges have long been known to everyone.
And his investments in real estate are not that big when compared to the total losses of investors. Investors may receive part of the money after the sale of real estate.
I think the worst thing is to be awaiting punishment.

Personally I just feel he's not good at business administration because with the way he looted those funds and channeled them into Alameda, you'd think that he'd have something to fall back on when things go south, but it turned out that not even the donations he made to the US political campaigns or even the money in which he used in investing in real estate can be accounted for. Seriously, he deserves the time he'd be given to spend in jail cause when you think of how many customers funds; most of them hard earned that just went down the drain, you would even wish the judge sped up the process.

SBF used money from clients of the FTX exchange to save its partner business and failed very badly.
And then we see posts like this
https://twitter.com/Travis_Kling/status/1721985690496291064
"Today marks the one year anniversary of the worst day of my career and one of the worst days of my life - the day FTX froze withdrawals."

If you watch the latest SBF movie, you will know why he wore those shorts

It's not news of what he did to the public but I'm beginning to feel that although he was sentenced to a 100+ years in prison, there's also the possibility of him not getting up to that number of years according to what some legal expert believe, citing that federal sentencing guidelines are sky-high.
What I got here suggests he may spend that amount, citing the case of Bernie Madoff . When he eventually gets imprisoned, I know another case will come up to sweep his under the carpet. Maybe they'd only use it as a reference just as they've done with this Bernie Madoff person.

Thank you @bbc.reporter and @zazad. It's just that they have been prolonging the case and I would really like to see it put to bed. I'm beginning to get tired of the whole drama, but lets see the appeal the defence counsel would come up with.

SBF didn't just scam US citizens alone but users from all nooks and crannies of the world who had funds on FTX. The fact that he's a US citizen makes the case more interesting, and everyone wants to see the outcome and I'm hoping they would do the right thing.

Further charges? Do you think they'd think it necessary seeing as he has that number of years to stay in prison? I'm just saying that considering how much he has caused his customers to lose funds, it won't matter if he gets to 50years or 25, give him 3 years in prison and everything is forgotten and those who lost may have moved on with their lives.

 I'm curious though, if he gets this amount of jail time as the principal culprit in this fraud case, what does our dear Carol get? Or has a plea helped to reduce the punishment?

"Jurors reached a decision to convict on all seven counts in under five hours on Thursday, a judgment as surprisingly swift and decisive as the trial itself.
Bankman-Fried’s sentencing will take place March 28, 2024. He faces as much as 110 years in prison. The final sentence may be more like 25-50 years, but his deceptive testimony will do him no favors.
The government has until February 1 to decide whether to pursue a second trial for further charges, including campaign finance fraud and bribery."
https://protos.com/sam-bankman-frieds-trial-is-over-what-now/

In this article I found the latest news about Sam Bankman-Fried's stay in prison:

What to know about Sam Bankman-Fried's time in jail
https://www.reuters.com/legal/what-we-know-about-sam-bankman-frieds-time-notorious-brooklyn-jail-2023-09-27/

This criminal case has a strong political connotation, which is why it is dragging on. There are also cases in prisons when a defendant does not live to see trial due to health problems.

Don't be too optimistic about SBF's prison sentence, this is a financial crime and he's no Bernie Madoff so I don't think that he will be serving that long because there was some post back then that says that SBF was able to give gifts to some people on both the democratic and republican party of the US government which can only mean that SBF has probably secured some sort of contact that's going to help him big time in this trial. Regards to the diary, I'm not sure about it being a solid evidence but it can be argued that diaries are mostly consisting of truth so there's a possibility that it's going to hold up in court despite what other replies says.

You are asking the right question, but the answer is obvious, because there are people in politics who do not want SBF to go to prison, so the case will drag on. At the end of March 2024, new circumstances may again appear in the case and the trial will be postponed again. SBF rarely makes news anymore, and over time he will be forgotten.

@sokani. I have always assumed that the time between the verdict and the sentence for the defendant to be given time to make an appeal because what if the defendant is really innocent? I am not telling you that Sam Bankrupt-Fraud is innocent, however, there certainly are people who were wrongfully given the guilty verdict.

Another reason might be to give the defendant time to prepare. Similar to Sam, he will be going in for 110 years. I reckon it is fair to give him his time for preparation.

The 110 years is the maximum sentence he could get for his crimes. I know he's certainly not going to be slammed with that number of years, but I wish he could get more that what Zasad wrote.

Since the trial has come to an end, they jury have found him guilty of the seven count charges leveled against him and they've also reached a verdict. My question is, why waiting until March 28, 2024 before passing a verdict against him? Why not do it now that the trial has just ended and the case is still fresh in the hearts of everyone?

https://crypto.news/lawyer-expects-around-20-years-of-jail-time-for-sam-bankman-fried/
Bankman-Fried could face 15 to 20 years of jail time
"If the jury convicts Bankman-Fried, the judge will be responsible for deciding the duration of his sentence, according to Lesperance. He says the sentencing will hinge on the specific charges for which he is found guilty and the relevant sentencing guidelines.

Furthermore, the judge will take into account the fact that Bankman-Fried has no prior criminal record. The sum of money involved in the alleged wrongdoings is another vital aspect that will be considered, Lesperance says.
“If the U.S. Justice Department feels that any U.S. politicians on either side of the aisle have committed either campaign finance violations or honest services fraud (i.e. a scheme to defraud another of the intangible right to honest services through a scheme to violate a fiduciary duty by bribery or kickbacks), then we might see future indictments.”

“In reality, with US federal charges he would serve only 85% of that time […] being to 12.75 to 17 years. Given that SBF is currently 31, he could be out in his mid to late 40s.”

David Lesperance, managing director at Lesperance & Associates told crypto.news. "

Whoever steals billions will serve a short term in prison.

@zasad@. Sam is found guilty of all charges.

In any case, Sam Tabasco was liquidated and retired on his yacht with more money held than all of the executives from Alameda and FTX. Caroline and Wang might get a slap on the wrist and a jackpot of cryptocoins held in hidden wallets. Sam goes to prison quietly for 110 years without Adderall and the politicians who laundered their money in FTX can relax hehe.

Nobody will return the money, and even if you look at the history of such scams, it was always possible to return only a small part of the money. SBF is a clown who played his part and he is more likely to get a prison sentence. But in the USA there are different prisons, and in some the conditions are better than those of people outside. We need to see what prison he will be sent to after the court verdict.

So are you saying whoever wins the election will kindly donate back $9bn back to help pay customers their lost money? Nah, I don't think so. That would be raising too much eyebrows if you ask me. This will get people talking and they'd be like; "ooh, here's the dude that was in cohorts with Sam that made him cart all our funds away just to support his campaign". I feel whoever wins will be forever indebted to him for his generous donations and that will just be it.
 It's painful but if I were these customers, I'd move on and accept the fact that I'm not getting my money back instead of holding up hope. I guess this the bitter lesson one learns when  they leave their funds in centralized exchanges.

Here you need to keep an eye on 2 points.
If the exchange returns money to clients, then the charges will not be so severe. Although 9 billion is a large amount and I have not yet understood this plan.


https://www.coindesk.com/policy/2023/10/17/ftx-plans-to-return-90-of-customer-funds-but-theres-a-catch/
FTX Plans to Return 90% of Customer Funds, but There's a Catch
"An amended proposal released early Tuesday will be filed by the FTX Debtors by mid-December if approved."


And it is very important who wins the elections, because part of the money is used to finance politicians.

She could be pardoned after her tell all, but since she pleaded to two counts of fraud and five counts of conspiracy, probably she too could serve time only hers could be short compared to Sam's. Honestly, I feel sorry for her because prior to working for Alameda she said she'd never believe she would help falsify records and give to her clients but overtime, and with continuous practice, it became like second nature to her..pfft! So, she's the ggid girl gone bad of Alameda, yeah. I am just waiting to see how all these ends.

Yes, and I think even though she pleaded guilty, but being the star witness, for sure her lawyer has work out something and she could be out of the jail very early. So he is telling everything in court just to save face.

But I do agree that there could be a lot of drama, pointing finger and accusations, kind of manipulation and this for sure will be used by Carol on his side that somewhat all the blame is to be put on SBF. Also I like to see CZ getting on the witness stand, hehehe.