Caroline Ellison, former chief executive officer of Alameda Research LLC, center, arrives at court in New York, US, on Tuesday, Oct. 10, 2023.
Yuki Iwamura | Bloomberg | Getty Images
Caroline Ellison was the star witness in the criminal case against disgraced FTX founder Sam Bankman-Fried. On Tuesday, she will face her own sentencing.
Ellison’s role in the implosion of the crypto empire run by her former boss and ex-boyfriend Sam Bankman-Fried was to lie to investors, help steal billions of dollars from FTX customers, and subsequently re-purpose those funds toward bets and debts accrued at Alameda Research, the digital asset hedge fund she helmed as CEO.
Bankman-Fried and Ellison are both, in the eyes of the U.S. judicial system, guilty of the same crimes.
Two counts of wire fraud, two counts of conspiracy to commit wire fraud, one count of conspiracy to commit securities fraud, one count of conspiracy to commit commodities fraud, and one count of conspiracy to commit money laundering. Those charges carry a statutory maximum sentence of around 110 years, but there’s a sliding scale that takes into account the scope of the crimes and the criminal history of the defendant.
CNBC spoke to former federal prosecutors, trial attorneys and legal experts to get their take on what may be in store for Ellison at Tuesday’s hearing. They agree that Ellison is likely to walk away without any jail time at all.
After a jury of twelve unanimously found Bankman-Fried guilty of all seven criminal charges against him in November, he was sentenced in March to 25 years for his crypto fraud and ordered to pay $11 billion in forfeiture.
Unlike Bankman-Fried, Ellison agreed to a plea deal in December 2022. She pled guilty to all charges against her and spent two years cooperating with the government, regulators and the FTX bankruptcy estate.
Meanwhile, Bankman-Fried continues to deny virtually all criminal wrongdoing and is attempting to get his case retried.
Lawyers for Ellison and Bankman-Fried did not immediately respond to requests for comment.
Government exhibit in the case against former FTX CEO Sam Bankman-Fried.
Ellison was the most important of the several insiders who testified for the government, said former Assistant U.S. Attorney Kevin J. O’Brien, who specializes in white-collar criminal defense in New York.
“Because of the closeness of her relationship to Sam, she was able to provide a personal portrait of Bankman-Fried, an elusive character to be sure, that was probably unique in the government’s case,” O’Brien said.
The federal Probation Department has recommended “time served with three years of supervised release” as a credit to Ellison’s “extraordinary cooperation with the government” and “her otherwise unblemished record.”
While District Judge Lewis Kaplan is under no obligation to accept the Probation Department’s recommendation, O’Brien said that, along with some sort of fine, that would be “a fair sentence” because it reflects the “enormous value” of Ellison’s cooperation.
The U.S. legal system tends to favor reduced sentences for those who assist in bringing down higher targets, said Braden Perry, a former senior trial lawyer for the Commodity Futures Trading Commission.
At most, Perry estimates that Ellison, who is the third executive tied to Bankman-Fried’s enterprise to be sentenced, faces 18 months in prison and three years of supervised release.
Though Ellison was deeply involved in the fraudulent activities, “she did not have the same control or directorial authority as SBF, which will likely influence the judge’s decision about imposing a light sentence,” Perry said.
Encouragement to cooperate
More than likely, Ellison’s conviction will entail several years of supervised release and community service with a slew of attached activity restrictions, such as no trading in both crypto and non-crypto markets or foreign travel, said Yesha Yadav, law professor and Associate Dean at Vanderbilt University.
Unlike Bankman-Fried who has faced public admonition and been portrayed by the government as a recidivist character, Ellison has been praised repeatedly by prosecutors and by new FTX CEO and bankruptcy administrator John Ray III.
“On the stand, she came across as someone who felt guilt and pain at what she had done,” Yadav said.
SBF’s defense team asked for no more than 6.5 years of incarceration, but Kaplan said Ellison’s testimony ultimately proved pivotal to his decision to sentence Bankman-Fried to nearly four times that.
Kaplan also sided with federal prosecutors when he revoked Bankman-Fried’s bail and sent him back to jail for witness tampering after he leaked private diary entries written by Ellison. Kaplan described the leak by Bankman-Fried as one designed to “hurt” and “discredit” Ellison.
Ellison “suffered very public humiliation over the last two years, often with sexist overtones,” Yadav said.
Most judges don’t like sending people to jail who aren’t a threat to harm others in the future, said former federal prosecutor Paul Tuchmann.
“The chance of Ellison ever harming anyone through criminal conduct in the future again are very low,” Tuchmann said.
If Kaplan ends up foregoing jail time in Ellison’s sentence, that could bode well for former FTX engineering chief Nishad Singh and Gary Wang, the co-founder and chief technology officer of FTX. Singh and Wang will be sentenced Oct. 30 and Nov. 20, respectively.
“I do think that if he wants to, Judge Kaplan can ‘afford’ to give all of these people no prison time,” said Tuchmann, adding that “Most judges want to encourage people like that to cooperate, and a sentence of time served and probation is the best way to do that.”
Enbridge, a Canadian energy company, just announced it’s moving forward with an 815-megawatt (MW) solar project called Sequoia in Texas. When it’s done, it’ll be one of the largest solar farms in North America. The project’s price tag is a hefty $1.1 billion.
Enbridge’s Sequoia, around 150 miles west of Dallas, has already landed long-term power purchase agreements (PPAs) with AT&T and Toyota, ensuring most of its output is sold for years to come. This deal was highlighted in Enbridge’s third-quarter report on Friday.
Sequoia will be built in two phases, with power expected to start flowing in 2025 and 2026. Enbridge says it’s taken steps to reduce risks by securing equipment and procurement contracts in advance. Permits and purchase orders are also locked down.
Toyota’s PPA with Enbridge’s Texas solar project is part of Toyota’s broader push toward sustainability, as the automaker aims to achieve net zero by 2035 and match 45% of its purchased power with renewable electricity by 2026 as it still clings to its “diverse powertrain strategy.”
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
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With its new electric SUV rolling out, NIO’s (NIO) sales topped the 20,000 mark again in Oct, its sixth straight month hitting the milestone.
NIO sold 20,976 vehicles last month, up 30.5% from October 2023. The NIO brand sold 16,657 vehicles, while its new “family-oriented smart vehicle brand,” Onvo, contributed 4,319 in its first full sales month.
After launching its new mid-size Onvo L60 electric SUV in September, NIO said production and deliveries are steadily ramping up.
At the end of October, NIO’s Onvo had 166 Centers and Spaces throughout 60 cities. Onvo plans to continue expanding its network to drive future growth.
NIO’s new electric SUV starts at around $21,200 (149,900) and is a direct rival to Tesla’s Model Y. The base $21K model is if you rent the battery. Even with the battery included, Onvo L60 prices still start at under $30,000 (206,900 yuan), with a CLTC range of up to 341 miles (555 km). That’s still less than the Model Y.
Tesla’s Model Y RWD starts at around $35,000 (249,900 yuan) with 344 mi (554 km) CLTC range in China.
NIO’s new Onvo brand drives higher Oct sales
NIO has often compared its new electric SUV to the Model Y, claiming it’s superior in many ways. The L60 has better consumption at 12.1 kWh/100km compared to the Model Y at 12.5 kWh/100km).
With a longer wheelbase (2,950 mm vs 2,890 mm), NIO’s electric SUV also provides slightly more interior space.
Despite the L60’s success so far, NIO believes its second Onvo model will be an even bigger hit. It could be a potential game-changer.
“If you think the L60 is good, then this new model is a much more competitive product,” NIO’s CEO William Li told CnEVPost after launching the L60. Onvo will launch a new EV every year. Following the L60, Onvo will launch a new mid-to-large-size electric SUV next year.
NIO’s leader claims the new model will be revolutionary. According to Li, it will offer even more surprises than the L60. Deliveries are planned to begin in Q3 2025.
NIO Onvo L60 vs Tesla Model Y trims
Range (CLTC)
Starting Price
NIO Onvo L60 (Battery rental)
555 km (341 mi) 730 km (454 mi)
149,900 yuan ($21,200)
NIO Onvo L60 (60 kWh)
555 km (341 mi)
206,900 yuan ($29,300)
NIO Onvo L60 (85 kWh)
730 km (454 mi)
235,900 yuan ($33,400)
NIO Onvo L60 (150 kWh)
+1,000 km (+621 mi)
TBD
Tesla Model Y RWD
554 km (344 mi)
249,900 yuan ($34,600)
Tesla Model Y AWD Long Range
688 km (427 mi)
290,900 yuan ($40,300)
Tesla Model Y AWD Performance
615 km (382 mi)
354,900 yuan ($49,100)
NIO Onvo L60 compared to Tesla Model Y prices and range in China
Local reports suggest a six-or seven-seat electric SUV could hit the market even sooner. With rumors of a launch around Q1 2025, deliveries could happen as soon as May 2025.
According to sources close to the matter, the L60 is just a “stepping stone” with even more exciting EVs on the way. The source claimed the new six-seat option will start at around $42,100 (300,000 yuan).
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Velotric Ebikes are designed by some of the most brilliant minds in the business. And now, you have the opportunity to own one (or two!) of these high-performance, elegant, reliable rides. You won’t want to miss these fantastic early-bird Black Friday deals running from November 1-14, and, also get a sneak peek at special offers that start on November 8.
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Velotric Black Friday deals – give to get back
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Velotric Discover 1 Plus Ebike
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It can carry up to 440 pounds and has a 176-pound rear cargo carry capacity, plus hydraulic suspension with 80 mm of travel for a smooth ride. If you’re running a child to school every day, this would be a fantastic choice. Be sure to check out all the great accessories.