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The post Caroline Ellison Breaks Down in Court: Guilt and Regret Over FTX Fraud appeared first on Coinpedia Fintech News
Caroline Ellison, who is a key figure in the FTX collapse, voiced her deep remorse in her sentencing hearing over her role in the FTX fraud. In a cracking voice, she admitted the massive damage caused by her actions and her inability to grasp the scale of damage fully. She claimed that it was Sam Bankman-Fried’s voice in her head, that prevented her from speaking out sooner.
Ellison also served as the CEO of Alameda Research, which was heavily involved in the FTX fraud. She made known her constant weight of guilt and her desire to congress the truth.
Ellison Guilty Over Actions
During her hearing before the sentence, Ellison had the chance to read out a prepared text to Judge Lewis Kaplan. People attending the courtroom indicated that Ellison read it quickly and with tears. She also told the judge that on some level her brain couldn’t even comprehend the scale of the harm it caused. She further added
“That doesn’t mean I don’t try. I am so sorry. I am deeply ashamed of what we had done,”
she added, with a breaking voice.
She expressed that it had been on her mind every day, worrying about what could happen when the truth was revealed. She shared that she was relieved that she didn’t have to lie anymore.
“Not a day goes by when I don’t think about all the people I hurt,” stated Ellison. “Every time I thought about it, I heard Sam’s voice in my head,” Ellison told the judge, as she mentioned her ex-boyfriend Sam Bankman-Fried for the first time during the hearing. Notably, Last March, Bankman-Fried got a 25-year sentence after his conviction on several charges.
Consumed by guilt, Ellison spoke out that ignoring that voice in her head and speaking out would have been brave of her but she apologized that she was not.
Previous Hearings
Earlier, In December 2022, Ellison had testified against Bankman-Fried, stating that she knew Alameda was given access to a borrowing facility on FTX.com from 2019 through 2022. Ellison had also pleaded guilty to seven counts of fraud and conspiracy in connection with the fall of FTX. She had revealed to the US District Judge in Manhattan federal court that certain quarterly balance sheets were prepared that concealed the extent of Alameda’s borrowing and the billion-dollar loans that Alameda had made to FTX executives and related parties.
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