Posted on 09/25/2024 5:48:33 AM PDT by zeestephen
Caroline Ellison, the star witness in the prosecution of FTX founder Sam Bankman-Fried...Judge Lewis Kaplan said a "literal get-out-of-jail-free card I can't agree to" as he sentenced Ellison while praising her extensive cooperation...The prison term was significantly stiffer than the recommendation by the federal Probation Department...FTX was once valued at $32 billion.
(Excerpt) Read more at cnbc.com ...
Okay, so she does the 24 months.
This is not like being in the Big House @ Lewisburg or Sing Sing.
She will be at a “farm” type prison. Her daddy will make sure she has plenty of money in her account to buy whatever she is allowed to have in her room/cell.
Her total ugliness and as a GF tells me that Friedman is certainly not the smarts-level to pull off that Ponzi scheme of theirs. It was her doings, IMO.
Normally, the payer gives money to a branch office of "The House" and gets a chit with a number on it.
The payer gives the chit number to the payee.
The payee gives the chit number to a different branch office of "The House" and retrieves the money (minus 10% for "The House").
$11 billion is 10% of $110 billion. That's either a lot commissions on high-dollar transactions or an agent of "The House" cashed in the chits worth $11B because they were payoffs. Since the government grabbed the money in the court settlement, it's likely it wasn't from cartels but government employees moving taxpayer money in illicit funds for corrupt purposes.
FTX and Alameda Research both have undistributed funds.
A court will decide how those funds are distributed to former clients.
I assume the $11 billion price tag for Caroline Ellison means that she is not eligible for any money until every former customer is made whole.
She’s a Hobbit...
Or maybe a Goblin, like Gringotts Wizarding Bank, in Harry Potter?
I have passed that onto family and friends, and women and men both agree with it, and laugh.
Thank you for sharing it.
Out in less then 2 years and she will have access to billions hidden away.
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