Former FTX cryptocurrency exchange executive Caroline Ellison – and the ex-girlfriend of its founder Sam Bankman-Fried – has been sent to prison for two years and ordered to pay $11 billion by a New York court, the BBC reported.
Described as one of biggest financial frauds in US history, Ellison admitted charges of wire fraud and money laundering, and testified against Bankman-Fried who was sentenced to 25 years in prison for stealing more than $8 billion from customers, the story continued.
FTX had grown into the third biggest crypto exchange in the world by 2021 when it was valued at $32 billion (£26bn) but a year later rumours of financial trouble sparked a run on its deposits, leading to the firm’s implosion and exposing Bankman-Fried’s crimes, the report went on.
He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had used customers’ money for property purchases, investments and political donations.
- By Sean O’Meara
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