News
Caroline Ellison Sentenced to Two Years in Prison, Ordered to Forfeit $11 Billion in FTX Fraud Case
Caroline Ellison, the former CEO of Alameda Research and a key figure in the collapse of FTX, was sentenced to two years in prison and ordered to forfeit $11 billion on Tuesday by a federal judge in New York. Ellison, who played a central role in the massive fraud scheme alongside her former boyfriend, FTX founder Sam Bankman-Fried, had previously cooperated extensively with prosecutors, providing testimony that led to Bankman-Fried’s conviction.
The sentence, handed down by U.S. District Judge Lewis Kaplan, was harsher than the recommendation from the federal Probation Department, which had advocated for a sentence of three years of supervised release with no prison time. Despite Ellison’s cooperation and expressed remorse, Judge Kaplan emphasized that a prison term was necessary to deter future financial crimes, calling the FTX fraud likely the largest financial fraud in U.S. history.
While acknowledging Ellison’s emotional toll and sincere regret, Kaplan stated, “A literal get-out-of-jail-free card I can’t agree to.” He added that her cooperation had been invaluable but did not absolve her of responsibility for her role in defrauding FTX customers of billions of dollars.
Ellison, visibly emotional during the sentencing, apologized for her actions and expressed deep regret for not walking away from FTX and Bankman-Fried sooner. She remains free on bail until her surrender date, which is set for November 7.
In a devastating incident in eastern India, at least 46 people, including 37 children and seven women, have drowned while celebrating the Hindu Jivitputrika festival. The fatalities, which occurred across 15 districts within the past 24 hours, resulted from victims ritually bathing in rivers and ponds swollen by recent flooding.
The three-day festival, which honors children’s wellbeing, is traditionally marked by mothers fasting and families participating in ritual baths. This year, the swollen water bodies, exacerbated by recent floods, have turned the celebratory ritual into a deadly disaster.
Local disaster management officials have expressed fears that the death toll could rise further. State authorities have promised compensation for the families and relatives of the victims.
Fatal accidents during religious festivals are not uncommon in India, where large gatherings often take place with insufficient safety measures. This tragic incident serves as a stark reminder of the dangers posed by such gatherings, especially during adverse weather conditions.
The Israel Defense Forces (IDF) have conducted airstrikes in Beirut, reportedly killing Mohammad Hussein Surur, a senior Hezbollah air unit leader. The Lebanese health ministry confirmed two deaths and 15 injuries from the attack. The strikes come amid escalating violence between Israel and Hezbollah, with both sides exchanging fire throughout the night and into the morning.
Israeli Prime Minister Benjamin Netanyahu stated that the IDF would continue to fight “with full force” against Hezbollah, aiming to dismantle the Iran-backed militant group. This marks a significant intensification of hostilities between the two sides, which have been exchanging rockets and airstrikes for days. The Lebanese health ministry also reported that 28 people were killed today by Israeli airstrikes.
In retaliation, Hezbollah launched 80 missiles targeting northern Israeli cities, including Safed. Israeli authorities have reported no casualties but noted significant property damage in Safed and Rosh Pina.
Amid the intensifying conflict, U.S. Defense Secretary Lloyd Austin renewed calls for a diplomatic solution. The U.S., along with 11 other allied nations, has urged both Israel and Hezbollah to agree to a ceasefire to prevent further escalation and civilian casualties.
Ferry travel between the Isle of Man and Lancashire continues to face disruption due to strong winds over the Irish Sea. The Isle of Man Steam Packet Company has cancelled Thursday’s 08:45 BST sailing of the Manxman to Heysham and its scheduled 14:15 return journey. This follows the cancellation of the vessel’s return trip from the Lancashire port on Wednesday evening.
The disruptions have affected postal services, with the Isle of Man Post Office reporting delays in deliveries from the UK. While local deliveries within the island remain unaffected, items posted on Wednesday for UK delivery may not reach Royal Mail’s network in time for Friday delivery.
Additionally, the ferry cancellations have caused a delay in newspaper deliveries, with no papers available on the island on Thursday, as confirmed by the island’s wholesale distributor.
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