Ellison’s sentencing hearing is scheduled for 3 p.m. EDT before U.S. District Judge Lewis Kaplan in Manhattan. Her cooperation with prosecutors is expected to significantly reduce her potential prison sentence, which could theoretically reach a maximum of 110 years depending on the charges against her. Ellison’s attorneys have argued for her to avoid prison because of her extensive cooperation, while the U.S. Attorney’s Office in Manhattan has not suggested a specific term but has recommended leniency, noting Ellison’s “extraordinary” cooperation and expression of remorse.
Ellison’s role in the case has been crucial. She met with prosecutors about 20 times to help unravel the details of FTX’s collapse and build the case against Bankman-Fried. She testified against Bankman-Fried, who was convicted last year and is now serving a 25-year sentence.
In her testimony, Ellison recounted how Bankman-Fried directed her and others to embezzle FTX customer funds. Her emotional testimony described a sense of relief when the fraud was exposed, eliminating the need to perpetuate lies.
Bankman-Fried, whose net worth reached $26 billion at the height of the crypto boom, lost his fortune when FTX collapsed in November 2022, a company once considered a bastion of stability in the volatile crypto industry.
Other former FTX executives, Nishad Singh and Gary Wang, who have also cooperated with prosecutors, are scheduled to be sentenced on October 30 and November 20, respectively.
Reuters contributed to this article.
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