What Caroline Ellison's sentence means for her net worth as FTX fraudster prepares for two years in prison By James Cirrone For Dailymail.Com Published: 14:24 EDT, 25 September 2024 | Updated: 14:26 EDT, 25 September 2024 e-mail 3 View comments As Caroline Ellison sobbed in court, she knew that the life-shattering consequences of the crimes she once thought she could get away with were about to be laid bare. Moments later, the former CEO of Alameda Research learned she'd be spending two years in prison, a sentence far stricter than experienced observers were expecting .
But what about the riches she amassed by defrauding her victims? Ellison, the ex-girlfriend of former FTX boss Sam Bankman-Fried, had previously admitted that she conspired with him and others to steal $8 billion from customers who traded cryptocurrency on the FTX exchange. She will likely serve out her time in a federal prison near Boston - close to where her MIT professor parents live - but Ellison will never be a financially free woman after she gets out, let alone the multi-millionaire she was before FTX collapsed in November 2022. As part of her sentence, she's required to forfeit $11.
02 billion to the US government, which has plans to redistribute that money to victims. Mitchell Epner, a former federal prosecutor now practicing at New York law firm Kudman Trachten Aloe Posner, said this staggering amount can't be wiped away through bankruptcy. Ellison, 29, will be paying what is essentially a never-endin.