Caroline “Bird” Ellison to FORFEIT 11 BILLION

With that amount of money the first thing I would've done is run to the best plastic surgeon in the world.

Slap on the wrist

She got off easy.

THIS is the problem in America - no real punishment for MASSIVE financial crimes.

And she's not going to a 'hard' prison most likely.

People who fuck with money in massive sums need to also shoulder responsibility - with great punishment for crimes.

This should be 20-30 years. And there should be capital punishment for larger crimes. I'm serious - death penalty. Otherwise this is just a small price to pay - who knows where they hid some of this money after they get out.

I would like to see non violent criminals spend 10-12 hours a day/7 days a week cleaning up vomit and scrubbing toilets in hospitals and nursing homes rather than spending their days taking abs classes and learning a new language.

That's the first courtroom sketch to improve someone's looks that drastically.

R5 - or working with homeless and poor people. For oh 10-15 years.

2 years - and how much time reduced for good behavior? She'll see what 14 months? booohooo

While they deserve punishment no one actually lost any money due to their schemes. It wasn’t a Madoff type Ponzi scheme. No one lost a dime. I think 8 to 10 years is more than enough.

[quote]Alameda received much of the $8 billion in customer funds looted by Bankman-Fried from FTX. The stolen money was used for Alameda’s trading operation and other purposes.

If she's forfeiting $11 billion, that's more than they're saying was looted from the customers. I wonder whether the customers will actually be made whole or whether the government will just keep the $11 billion.

Sam Bankman-Fried sentenced to 25 years in federal prison, was also ordered to pay $11 billion in forfeiture.

R8 - what the fuck are you talking about? Investors lost 1.8 billion and customers lost 8 billion.

Do you just say things without looking them up?

How the hell did she only get 2 years and Friedman got 25? Makes no fucking sense. I don't care if she was a cooperating witness.

R11, so you would rather she didn't cooperate? And make the case against Sam more difficult? Do you really think you are smarter than a bunch of DA's?

A pound of flesh will do..

R12 - well, since I used to work at District Attorney's office in financial crimes, I do have a bit of insight into this.

Yes, a reduced sentence for cooperation is common - but not 1/10th the sentence of her co-conspirator.

Why are you calling her “bird”, birds are pretty.

An ugly awkward white girl with money? Prison is going to be hell for her, lots of broomstick action.

How the fuck did she still have control of 11 billion dollars after this massive fraud?

Why isn't she in prison for life?

R17 - because she's a young white woman, the former boyfriend of Friedman, and she squealed like a pig. Even though she was the CEO of the trading arm of FTX and admitted stealing billions for FTX executives.

Whoopsies! I'm only 30 and white! But but but he MADE ME DO IT!

[quote][R8] - what the fuck are you talking about? Investors lost 1.8 billion and customers lost 8 billion.

Alrighty, I'll play along.

Investors lost $1.8 billion + Customers $8 billion = $9.8 billion

She's forfeiting $11 billion.

Last I checked $11 billion > $9.8 billioin.

"Forfeit" implies she has the money in her possession in some form (like investments in other things or cash).

R19 - they're not going to see all of it - I presume it was a blanket cost so that any future incomes will also be forfeited.

I think they've found 5 billion in asset forfeiture so far. If it's been pushed around into off-shore companies and other shell company schemes, it may take some time to retrieve more of it. But most likely will never get all of it.

His $11 billion is separate from her $11 billion.

Hmmm...

[quote]Unlike restitution, where the money from seized assets goes directly to victims, the money from forfeiture is taken by the government and absorbed into the US Treasury.

Seems like a huge priority ought to be restitution to customers, then investors (obviously after customers are made whole).

[quote]As of December 2023, the Madoff Victim Fund (MVF) has paid out over $4.2 billion to more than 40,800 victims of Bernie Madoff's Ponzi scheme, which is about 91% of their total losses.

A lot of the money was Bitcoin and the valuation is all over the place. The recovered money goes back to the investors what they put in, not any extra profit though. Some of the real estate, purchases and other things would need to be liquidated and lawyers paid as well.

Sorry, I thought the money lost had all been repaid because it was in crypto which went up in value. I guess I was wrong and he was more a Madoff type than I thought. Although it looks like Bernie’s customers got most of their money back as well.

On top of this, she was swinging. And not off of a tree.