FTX fraud case: Caroline Ellison sentenced to two years in prison

Transcript:

I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re on TheStreet lately.

Housing is in give attention to Wall Street as investors keep watch over falling interest rates. Mortgage applications for the week ended September 20th jumped eleven %, in step with the Mortgage Bankers Association. The mortgage rate on a traditional 30-year fixed loan fell to 6.13 %. Meanwhile, new home sales dropped four.7 % in August, in step with data from the Commerce Department, but are up nearly 10 % from a year ago. The median sales prices dropped to $420,600. And, KB Home posted mixed quarterly results. Earnings missed forecasts but sales beat analysts targets.

Related: Sam Bankman-Fried sentenced to 25 years in prison

In other news: Caroline Ellison, the ex-female friend of infamous FTX founder Sam Bankman-Fried, whose testimony helped put him at the back of bars- is going to detention center herself.

Ellison became sentenced to 2 years in prison and ordered to forfeit $eleven billion for her role in the big fraud that brought down the cryptocurrency exchange once worth $32 billion.

The judge had stern words for Ellison, telling her that her cooperation in the case may per chance now not be used as a “get out of detention center free card.” He told her, “There’s no way you’re ever going to do something like this again, I'm persuaded. But here’s the object: this became, if now not the very greatest financial fraud ever perpetrated on this usa or anywhere else, nearly it.”

Ellison ran Alameda Research, an arm of Bankman-Fried’s crypto empire, and helped him steal $eight billion in customer money. She pled guilty to seven felony counts of fraud and conspiracy, which carried a maximum prison term of 110 years. She’ll be allowed to stay out on bail until she reports to prison in early November.

For his role, Bankman-Fried, is currently serving a 25-year sentence.

That’ll do it on your On a regular basis Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.

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