Caroline Ellison, former CEO of Alameda Research and ex-girlfriend of disgraced FTX founder Sam Bankman-Fried, was sentenced to two years in prison for her role in FTX’s collapse. U.S. District Judge Lewis A. Kaplan also ordered her to forfeit $11 billion, reflecting the massive losses tied to the fraud. Her testimony was critical in securing Bankman-Fried’s conviction on all seven fraud charges, leading to his 25-year sentence.

Caroline Ellison exits the New York courthouse on October 12.

Ellison, 29, accepted a plea deal in 2022, admitting to conspiracy and fraud charges after FTX and Alameda Research misused billions in customer funds for risky investments and personal expenses. Despite her lawyers’ request for time served, Kaplan refused leniency, calling FTX’s collapse one of the biggest financial frauds in U.S. history. Ellison must surrender to authorities by November 7.

Her cooperation played a pivotal role in exposing the scale of FTX’s fraud, helping investigators recover assets and leading to Bankman-Fried’s downfall. Other former FTX executives, including Ryan Salame, Nishad Singh, and Gary Wang, also face prison time for their involvement in the company’s collapse.