The Spectre of Sam Bankman-Fried Overshadowed Caroline Ellison’s Sentencing

Even though the FTX founder was not a part of last week’s proceedings, his role in the Alameda CEO’s life loomed large.

Caroline Ellison, flanked by her attorneys, was sentenced to two years in prison and three years of supervised release for her role in propping up FTX and Alameda Research last week.

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24 months

Caroline Ellison was not the main character at her own sentencing hearing.

When a federal prosecutor and a defense attorney took the stand to discuss Caroline Ellison’s conduct before and after the collapse of FTX, her former boss – and yes, former boyfriend – Sam Bankman-Fried took center stage.

Bankman-Fried was convicted a year ago and sentenced more than six months ago. Neither he nor any of his representatives had a role in Ellison’s hearing last Tuesday. And yet, much of Ellison’s actions were presented through the frame of Bankman-Fried’s conduct.

Assistant U.S. Attorney Danielle Sassoon, the prosecutor who toyed with Bankman-Fried during his cross-examination last year, leading to some indelibly awkward interactions, contrasted Ellison with the FTX founder on Tuesday.

Bankman-Fried showed no remorse, while Ellison did. Bankman-Fried posed a threat, while Ellison was not a recidivism risk. Bankman-Fried masterminded FTX’s sketchy actions, while Ellison merely carried out her former boss’s bidding, Sassoon stressed in her opening statement.

“Your Honor had the opportunity to observe Ms. Ellison’s demeanor when she testified on the stand,” she said. “She was the same person who came to proffer with [the DOJ in 2022 and 2023] … just from a standpoint of demeanor, this was a sharp contrast with Bankman-Fried.”

Anjan Sahni, the Wilmer Hale partner representing Ellison on the stand, spoke a bit more about Ellison as a person, but still contrasted her with Bankman-Fried. Her role at Alameda was due to Bankman-Fried, her concealing Alameda’s financial situation was at the request of Bankman-Fried, indeed the central question of how Ellison came to a sentencing hearing having pled guilty to fraud and conspiracy charges came down to “why did Caroline go along with Sam Bankman-Fried,” he said.

The true tragedy, Sahni said, was “how rapidly and needlessly the trajectory of Miss Ellison unraveled,” when she came into contact with Bankman-Fried.

“Over time, her whole professional and personal life revolved around Bankman-Fried,” he said. Ellison’s primary concern was being “good enough” for the one-time golden boy of crypto. When he expressed romantic interest in Ellison, it was “genuinely thrilling” for her.

She had the opportunity to walk away at several points, her lawyer told the court, but she didn’t. “She could not bring herself to leave Bankman-Fried’s orbit…in hindsight, she sees it was crazy to stay.”

Ellison blinked rapidly throughout the hearing, frequently wringing her hands and wrapping her arms around herself as she listened to her attorney speak, cried as she spoke to the judge.

“At each stage of the process, it became harder and harder to extricate myself,” the 29-year-old said, her voice wavering. “I’m sorry I wasn’t brave.”

Even Judge Lewis Kaplan referenced Bankman-Fried as he read out his sentence, saying the FTX founder had Ellison’s “kryptonite” and noting that the guidelines recommendation for the two were identical.

Ellison cooperated, while Bankman-Fried “denied the whole thing,” he said.

“While you were greatly culpable in this fraud, no doubt about it, that remarkable cooperation…is a fundamental distinction between you and Mr. Bankman-Fried,” Kaplan said.

The judge seemed sympathetic to Ellison, and praised her extensive cooperation with prosecutors.

“You’re a very strong person in some ways, Miss Ellison. You were vulnerable and you were exploited,” Kaplan said. “You are genuinely remorseful … your testimony was honest. Mr. Bankman-Fried, as I said at his sentencing, perjured himself. There’s no way you’re ever going to do something like this again, I am persuaded.”

But her remorse, it seems, wasn’t enough to spare Ellison a custodial sentence.

“In a case this serious, to be literally a get-out-of-jail-free-card is not something I can see my way through to,” Kaplan said.

Ellison was sentenced to 24 months in prison, and will serve at least 1.5 years before being eligible for parole.

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Meet the British women modernising classical theatre

In partnership with Media City, Qatar

SCENES shines a spotlight on youth worldwide, breaking down barriers and creating change. The character-driven short films will inspire and amaze as these young change-makers tell their remarkable stories.

British classical theatre is celebrated worldwide for its rich history, enthralling stories and enduring influence. Yet, despite its vibrant heritage, the genre has traditionally been a challenging field for black actors to enter. One London-based theatre company aims to change that by encouraging women of colour to embrace classical texts.

Mawa Theatre Company is the UK’s first all-black, all-female theatre group. The company examines the works of renowned English playwright William Shakespeare and makes him accessible to a new audience.

Maisey wants to see more representation of black and black mixed-race women in classical theatre

“Traditionally, classical theatre is a white male-dominated industry,” says Maisey Bawden, Mawa Theatre’s Artistic Director. “We want to see more representation of black and black mixed-race women in classical theatre,” she explains.

‘Shakespeare is not going away.

Despite being dead for over 400 years, Shakespeare’s work remains very much alive. His plays are featured in cinema, television, school curriculums and, of course, theatre productions.

“Shakespeare is always going to be commissioned in theatres. So as long as that’s happening, it is important for us to lean into that as Black women because Shakespeare is not going away,” says Maisey.

Gabrielle Brooks (left), says that they try to change people’s unfavourable views towards Shakespeare and classical theatre

Gabrielle Brooks, Creative Director of Mawa Theatre, says that some people in her peer group view Shakespeare negatively. The theatre aspires to alter those hardened perceptions and highlight the finest aspects of his work.

“One of the biggest challenges is how people feel that Shakespeare is not for them because of how it’s been presented to them through traditional education,” she says.

Danielle says schools have students read Shakespeare but don’t encourage them to perform it

According to Danielle, Mawa’s executive director, school curriculums often ask pupils to read Shakespeare but rarely encourage them to explore the work as a performance. “Academically, we need to start looking at how Shakespeare is, at its core, a show,” she says.

‘Shakespeare was a revolutionary’

Mawa Theatre encourages black actors to push boundaries and experiment with Shakespeare’s famous texts. “Shakespeare was a revolutionary, so we’d like to think that he would encourage us to move with the times as well,” she explains.

Mawa recently held a drama competition called ‘The Monologue Slam’ at Shakespeare’s Globe Theatre. The esteemed writer wrote and directed plays there dating back to the 1500s. The famous theatre has been reconstructed several times but has kept its unique round shape.

Participating in Mawa’s Monologue Slam can jumpstart an actor’s career

“Doing a monologue is a great way to explore the company’s vision in an environment that is all Shakespeare,” explains Danielle. A competition like The Monologue Slam can be a fantastic way for an actor to launch their career, as a wide variety of talent agencies attend.

‘People who look like us’

Although Mawa is a new company, it has already won an Industry Minds award for its mental health approach. They have also been nominated for a Black Tech Achievement (BTA) Award for innovative use of technology.

Despite these accolades, the women behind the theatre company consider their ability to give black women autonomy their most significant achievement. “Inserting ourselves into a space that is normally not for people who look like us, we’re doing that every single day we put something on,” Gabrielle explains.

The theatre company’s founders believe their greatest accomplishment is empowering black women with autonomy

Limited opportunities

Danielle says she faced many challenges as a black actor and was inspired to join the company. “The opportunities for us can feel limited sometimes,” says Danielle. “I want other actors to feel that they have the space I never got to have,” she adds.

According to actor Tracey Dominique, the obstacles that Danielle encountered in her early acting career still exist. She says black women are frequently limited to roles that perpetuate negative stereotypes or are used solely as props.

By incorporating the work of William Shakespeare, the group is giving new life to timeless classics

“It’s a challenge just getting past that initial preconception of, ‘well, we can’t have two black girls in the play’,” explains Tracey. “How do we get out of that angry black woman trope and be seen for the range of what we can actually do?” she asks rhetorically.

Mawa Theatre Company is a progressive organisation providing black women a solid place to grow and flourish. By incorporating the work of William Shakespeare, the group is giving new life to timeless classics. As the company grows, there is little doubt that the theatre landscape will change and that black and black-mixed-race women will find the recognition and opportunities offered to everyone.