Convicted FTX fraudster Sam Bankman-Fried’s former on-again, off-again girlfriend will serve much less jail time than her unique sentence, in accordance with a report.
Caroline Ellison, who ran Bankman-Fried’s Alameda Analysis cryptocurrency hedge fund, reported to Danbury Federal Correctional Institute in Connecticut on Nov. 7 to start serving a two-year sentence after she pleaded responsible to wire fraud, securities fraud and cash laundering linked to the collapse of FTX.
However Federal Bureau of Prisons data point out that her launch date is scheduled for July 20, 2026 — or three months wanting two years, in accordance with Enterprise Insider.
The Put up has sought remark from Ellison’s lawyer.
In 2018, then-President Donald Trump signed into legislation the First Step Act, which permits incarcerated people to earn time without work their sentence for good conduct.
“Every incarcerated individual earns Good Conduct Time (GCT), which is projected on their release date,” a federal jail official advised Enterprise Insider.
These serving time “will be eligible to earn up to 54 days of GCT time for each year of the sentence imposed by the court,” in accordance with the spokesperson.
In accordance with federal legislation, the Bureau of Prisons “continues to pro-rate the amount of GCT earned for the final year of service of the sentence,” the spokesman mentioned.
Ellison, 30, was sentenced in September after agreeing to cooperate with prosecutors who oversaw the Bankman-Fried case.
Throughout trial, Ellison testified that she and Bankman-Fried used Alameda Analysis to speculate billions of {dollars}’ value of buyer deposits into dangerous bets.
Ellison’s attorneys requested US District Decide Lewis Kaplan to not give her any jail time, citing her cooperation.
However Kaplan advised Ellison at her sentencing listening to that “for it to be a case this serious, to be a literal get-out-of-jail-free card — I cannot see a way to it.”
Kaplan mentioned Ellison’s cooperation was “very, very substantial” and “remarkable.”
However he mentioned a jail sentence was mandatory as a result of she had participated in what could be the “greatest financial fraud ever perpetrated in this country and probably anywhere else” or at the least near it.
“I’m deeply ashamed with what I’ve done,” she mentioned on the sentencing listening to, combating by tears to say she was “so so sorry” to everybody she had harmed instantly or not directly.
Bankman-Fried, 32, stays jailed on the infamous Metropolitan Detention Heart in Brooklyn after interesting his conviction.
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