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Universal Global Hub Inc

News

Guidance

PRGS

Progress Software Expects Q4 Adj Revenue Of $207M - $217M, Adj EPS Of $1.15 - $1.25

Macro Notification

General

iShares MSCI Israel Capped Investable Market Index Fund

FLSA

ISRA

Iran Brokering Secret Talks To Send Russian Anti-Ship Missiles To Yemen's Houthis; Moscow Has Yet To Decide To Send Missiles In Iran-arranged Talks; Missiles Would Increase Houthis' Ability To Strike Red Sea Commercial Shipping And Increase Threat To U.S. And Allied Warships; Houthis Could Use Missiles On Land To Threaten Saudi Arabia

Primerica, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRI#NYSE">PRI</a>), a leading provider of financial services and products to middle-income families in the United States and Canada, today announced the appointment of Robert H. Peterman Jr. to the role of Executive Vice President and Chief Operating Officer, reporting to the company's Chief Executive Officer, Glenn Williams, beginning on October 1, 2024. Gregory C. Pitts, the Company's current Executive Vice President and Chief Operating Officer, informed the Company of his intention to retire after forty years of service on or about April 1, 2025, and he will relinquish the Chief Operating Officer title effective October 1, 2024.

Management

Primerica Names Robert H. Peterman, Jr. As Successor To Chief Operating Officer, Beginning On October 1, 2024.

American Healthcare REIT Acquires Remaining 24% Membership Interest in Trilogy REIT Holdings For Purchase Price Of ~$258M

Progress Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) reported quarterly earnings of $1.26 per share which beat the analyst consensus estimate of $1.14 by 10.53 percent. This is a 16.67 percent increase over earnings of $1.08 per share from the same period last year. The company reported quarterly Adj sales of $178.69 million which beat the analyst consensus estimate of $175.94 million by 1.56 percent. This is a 1.65 percent increase over sales of $175.78 million the same period last year.

Earnings

Earnings Beats

Progress Software Q3 2024 Adj EPS $1.26 Beats $1.14 Estimate, Adj Sales $178.69M Beat $175.94M Estimate

Financial giants have made a conspicuous bullish move on Robinhood Markets. Our analysis of options history for Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) revealed 9 unusual trades.
Delving into the details, we found 55% of traders were bullish, while 44% showed bearish tendencies. Out of all the trades we spotted, 6 were puts, with a value of $545,046, and 3 were calls, valued at $622,402.
<h3>Projected Price Targets</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $12.0 and $25.0 for Robinhood Markets, spanning the last three months.
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Robinhood Markets's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Robinhood Markets's whale trades within a strike price range from $12.0 to $25.0 in the last 30 days. 
<h3>Robinhood Markets Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727208938_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>HOOD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$11.1</td>
<td>$10.9</td>
<td>$11.02</td>
<td>$12.00</td>
<td>$551.0K</td>
<td>17.3K</td>
<td>507</td>
</tr>
<tr>
<td>HOOD</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$6.75</td>
<td>$6.65</td>
<td>$6.75</td>
<td>$25.00</td>
<td>$189.6K</td>
<td>655</td>
<td>283</td>
</tr>
<tr>
<td>HOOD</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$6.75</td>
<td>$6.65</td>
<td>$6.75</td>
<td>$25.00</td>
<td>$147.8K</td>
<td>655</td>
<td>283</td>
</tr>
<tr>
<td>HOOD</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$0.32</td>
<td>$0.3</td>
<td>$0.3</td>
<td>$15.00</td>
<td>$113.2K</td>
<td>10.1K</td>
<td>3.7K</td>
</tr>
<tr>
<td>HOOD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$6.1</td>
<td>$6.05</td>
<td>$6.15</td>
<td>$17.00</td>
<td>$42.3K</td>
<td>1.2K</td>
<td>113</td>
</tr>
</tbody>
</table>

<h3>About Robinhood Markets</h3>
Robinhood Markets Inc is creating a modern financial services platform. It designs its own products and services and delivers them through a single, app-based cloud platform supported by proprietary technology. Its vertically integrated platform has enabled the introduction of new products and services such as cryptocurrency trading, dividend reinvestment, fractional shares, recurring investments, and IPO Access. It earns transaction-based revenues from routing user orders for options, equities, and cryptocurrencies to market makers when a routed order is executed.
After a thorough review of the options trading surrounding Robinhood Markets, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Current Position of Robinhood Markets</h3>
<ul>
<li>With a volume of 7,383,875, the price of HOOD is up 0.31% at $22.77. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 42 days.</li>
</ul>
<h3>What The Experts Say On Robinhood Markets</h3>
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $23.5.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Robinhood Markets, targeting a price of $27. 
&#x2A; An analyst from Barclays has elevated its stance to Equal-Weight, setting a new price target at $20. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Robinhood Markets options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Markets

HOOD

Market Whales and Their Recent Bets on HOOD Options

Financial giants have made a conspicuous bullish move on CarMax. Our analysis of options history for CarMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) revealed 11 unusual trades.
Delving into the details, we found 45% of traders were bullish, while 36% showed bearish tendencies. Out of all the trades we spotted, 8 were puts, with a value of $537,122, and 3 were calls, valued at $127,050.
<h3>Predicted Price Range</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $75.0 to $85.0 for CarMax over the last 3 months. 
<h3>Volume &amp; Open Interest Trends</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for CarMax's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of CarMax's whale activity within a strike price range from $75.0 to $85.0 in the last 30 days. 
<h3>CarMax Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727208933_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>KMX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>10/18/24</td>
<td>$8.1</td>
<td>$7.8</td>
<td>$7.95</td>
<td>$82.50</td>
<td>$190.0K</td>
<td>2.7K</td>
<td>1.4K</td>
</tr>
<tr>
<td>KMX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>10/18/24</td>
<td>$4.9</td>
<td>$4.6</td>
<td>$4.75</td>
<td>$77.50</td>
<td>$113.5K</td>
<td>3.4K</td>
<td>1.7K</td>
</tr>
<tr>
<td>KMX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$2.6</td>
<td>$2.55</td>
<td>$2.55</td>
<td>$80.00</td>
<td>$53.5K</td>
<td>699</td>
<td>274</td>
</tr>
<tr>
<td>KMX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$4.7</td>
<td>$4.6</td>
<td>$4.6</td>
<td>$77.50</td>
<td>$46.0K</td>
<td>3.4K</td>
<td>114</td>
</tr>
<tr>
<td>KMX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$10.4</td>
<td>$10.2</td>
<td>$10.4</td>
<td>$82.50</td>
<td>$40.5K</td>
<td>467</td>
<td>39</td>
</tr>
</tbody>
</table>

<h3>About CarMax</h3>
CarMax sells, finances, and services used and new cars through a chain of around 250 used retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales typically account for about 83% of revenue (79% in fiscal 2024 due to the chip shortage) and wholesale about 13% (19% in fiscal 2024), with the remaining portion composed of extended service plans and repair. In fiscal 2024, the company retailed and wholesaled 765,572, and 546,331 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the US but still estimates that it had only about 3.7% US market share of vehicles 0-10 years old in 2023. It seeks over 5% share a few years from now. CarMax is based in Richmond, Virginia.
After a thorough review of the options trading surrounding CarMax, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Present Market Standing of CarMax</h3>
<ul>
<li>With a trading volume of 2,442,796, the price of KMX is up by 0.07%, reaching $76.5.</li>
<li>Current RSI values indicate that the stock is may be approaching oversold.</li>
<li>Next earnings report is scheduled for 2 days from now.</li>
</ul>
<h3>What The Experts Say On CarMax</h3>
3 market experts have recently issued ratings for this stock, with a consensus target price of $78.33333333333333.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Wedbush has revised its rating downward to Outperform, adjusting the price target to $95. 
&#x2A; An analyst from JP Morgan persists with their Underweight rating on CarMax, maintaining a target price of $65. 
&#x2A; An analyst from Truist Securities persists with their Hold rating on CarMax, maintaining a target price of $75. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for CarMax with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Decoding CarMax's Options Activity: What's the Big Picture?

Investors with a lot of money to spend have taken a bullish stance on Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with LMT, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 14 options trades for Lockheed Martin.
This isn't normal.
The overall sentiment of these big-money traders is split between 35% bullish and 35%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $39,000, and 13, calls, for a total amount of $2,204,930.
<h3>Predicted Price Range</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $520.0 and $600.0 for Lockheed Martin, spanning the last three months.
<h3>Volume &amp; Open Interest Development</h3>
In terms of liquidity and interest, the mean open interest for Lockheed Martin options trades today is 301.27 with a total volume of 916.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Lockheed Martin's big money trades within a strike price range of $520.0 to $600.0 over the last 30 days.
<h3>Lockheed Martin Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727208927_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>LMT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$57.4</td>
<td>$54.1</td>
<td>$56.35</td>
<td>$525.00</td>
<td>$1.6M</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">300</td>
</tr>
<tr>
<td>LMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$31.4</td>
<td>$30.8</td>
<td>$30.8</td>
<td>$570.00</td>
<td>$138.6K</td>
<td style="text-align: right;">560</td>
<td style="text-align: right;">100</td>
</tr>
<tr>
<td>LMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$15.2</td>
<td>$15.0</td>
<td>$15.2</td>
<td>$570.00</td>
<td>$60.8K</td>
<td style="text-align: right;">284</td>
<td style="text-align: right;">45</td>
</tr>
<tr>
<td>LMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$10.5</td>
<td>$10.0</td>
<td>$10.0</td>
<td>$577.50</td>
<td>$50.0K</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">57</td>
</tr>
<tr>
<td>LMT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$8.3</td>
<td>$7.8</td>
<td>$7.8</td>
<td>$577.50</td>
<td>$39.0K</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">53</td>
</tr>
</tbody>
</table>

<h3>About Lockheed Martin</h3>
Lockheed Martin is the world's largest defense contractor and has dominated the Western market for high-end fighter aircraft since it won the F-35 Joint Strike Fighter program in 2001. Lockheed's largest segment is aeronautics, which derives upward of two-thirds of its revenue from the F-35. Lockheed's remaining segments are rotary and mission systems, mainly encompassing the Sikorsky helicopter business; missiles and fire control, which creates missiles and missile defense systems; and space systems, which produces satellites and receives equity income from the United Launch Alliance joint venture.
After a thorough review of the options trading surrounding Lockheed Martin, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Present Market Standing of Lockheed Martin</h3>
<ul>
<li>Currently trading with a volume of 701,991, the LMT's price is down by -0.32%, now at $578.63. </li>
<li>RSI readings suggest the stock is currently may be approaching overbought.</li>
<li>Anticipated earnings release is in 21 days.</li>
</ul>
<h3>What The Experts Say On Lockheed Martin</h3>
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $635.0.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from B of A Securities continues to hold a Buy rating for Lockheed Martin, targeting a price of $635. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Lockheed Martin with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Spotlight on Lockheed Martin: Analyzing the Surge in Options Activity

Offerings

BlackSky Technology Inc. Class A Common Stock

BKSY

Blacksky Technology Files For Class A Common Stock Offering; Size Not Disclosed

KB Home Says 'Net orders were flat with the year ago quarter. We experienced variability in demand across the quarter, with softening in late June through July, as buyers continued to evaluate elevated mortgage interest rates, and general economic concerns were rising'

WIIM

KB Home shares are trading lower following Q3 financial results.

Fulcrum expects to incur one-time costs of approximately $2.0 million in connection with this workforce reduction, primarily related to cash payments for severance.
The Company communicated the workforce reduction on September 24, 2024, and expects the majority of the costs associated with the reduction to be incurred during the third quarter ending September 30, 2024.
The workforce reduction is expected to result in annual operating expense savings of approximately $10.0 million beginning in the first quarter of 2025.

FULC

Fulcrum Plans To Reduce Its Workforce From 80 To 51 Full-time Employees; Expects Workforce Reduction To Result In Annual Operating Expense Savings Of $10M Beginning In Q1 Of 2025 - Filing

KB Home Sees FY24 Housing Revenue $6.85B-$6.95B, Average Selling Price Around $490,000, Homebuilding Operating Income Margin Expected at 11.1%-11.2%

Huntsman International Files For Offering Of $350M 5.700% Senior Notes Due 2034

Paul Kasowski, Who Has Served as Chief Compliance and Transformation Officer, Named New Chief Financial Officer
The Board of Directors Has Retained Independent Advisors to Support an Investigation Into Financial Reporting for Fiscal Years 2020-2023
SCOTTSDALE, Ariz., Sept. 24, 2024 (GLOBE NEWSWIRE) -- AMMO, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POWW#NASDAQ">POWW</a>, POWWP)))) ("AMMO" or the "Company"), the owner of&nbsp;GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components,&nbsp;today announced that Paul Kasowski, who has served as the Company's Chief Compliance and Transformation Officer, has been appointed by AMMO's Board of Directors (the "Board") as the Company's new Chief Financial Officer, effective immediately. Mr. Kasowski succeeds Rob Wiley, who resigned on September 19, 2024 at the request of the Board.
After due consideration, the Company's Board determined that Mr. Kasowski possesses the requisite experience and qualifications to serve as CFO. Mr. Kasowski most recently served as Chief Compliance and Transformation Officer since January 2024.

POWW

AMMO, Inc. Appoints Paul Kasowski As New Chief Financial Officer And Provides Corporate Update; The Board Of Directors Has Retained Independent Advisors To Support An Investigation Into Financial Reporting For Fiscal Years 2020-2023

KB Home (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBH#NYSE">KBH</a>) reported quarterly earnings of $2.04 per share which beat the analyst consensus estimate of $2.02 by 0.99 percent. The company reported quarterly sales of $1.750 billion which beat the analyst consensus estimate of $1.728 billion by 1.29 percent. This is a 10.27 percent increase over sales of $1.587 billion the same period last year.

KB Home Q3 2024 GAAP EPS $2.04 Beats $2.02 Estimate, Sales $1.75B Beat $1.728B Estimate

PRZO

ParaZero Technologies shares are trading higher after the company announced it received a $187K purchase order from a US-based advanced air mobility company in the aerial vehicle industry.

-Metabolomics Diagnostics, a deep-tech machine learning diagnostic platform developer, has developed an innovative test, PrePsia, to accurately predict the risk of preeclampsia in pregnant women- &nbsp;
-The PrePsia test can predict preeclampsia risk as early as in the 12th week of pregnancy, allowing for early interventions to prevent serious health issues for mothers and their babies-
-PrepSia will be commercialized in the U.S. market in 2025 through Trinity Biotech's New York-based Immco reference laboratory-
DUBLIN, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRIB#NASDAQ">TRIB</a>), a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, today announced that it has acquired privately held Metabolomics Diagnostics, an Irish deep-tech company, specialized in the development of novel biomarker-based diagnostic solutions for complex diseases. The deal values Metabolomics Diagnostics with an enterprise value of approximately $1.3 million with the consideration consisting of just over 270,000 Trinity Biotech plc's ADS with the balance of consideration being in cash and the assumption of liabilities.
This acquisition provides Trinity Biotech with a strategically important deep-tech platform of mass spectrometry combined with machine learning powered bioinformatics. Trinity Biotech will initially leverage its New York State-based Immco reference laboratory to rapidly commercialise the PrePsia test in the U.S. market, while examining the launch of this test in international markets. This technology platform represents another long-term growth driver alongside Trinity Biotech's continuous glucose monitoring (CGM) technology.

TRIB

Trinity Biotech's Deal Values Metabolomics Diagnostics With An Enterprise Value Of ~$1.3M With The Consideration Consisting Of Just Over 270,000 Trinity Biotech's ADS With The Balance Of Consideration Being In Cash And The Assumption Of Liabilities

Caroline Ellison, the former CEO of Alameda Research and a <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35168021/caroline-ellison-points-finger-at-ftxs-sam-bankman-fried-in-crypto-fraud-trial">central figure in the downfall of FTX</a>, has been sentenced to 24 months in Manhattan federal court on Tuesday.
What Happened: Once a trusted ally and romantic partner of FTX founder Sam Bankman-Fried, Ellison's cooperation with prosecutors played a crucial role in securing his conviction in the $8 billion fraud case.
Judge Lewis Kaplan, praised Ellison for her cooperation but said there cannot be a get out of jail free card and sentenced Ellison to 24 months at a minimum security facility, Bloomberg <a href="https://www.bloomberg.com/news/live-blog/2024-09-24/caroline-ellison-sentencing">reported</a>. Ellison also has to forfeit about $11 billion.
Why It Matters: Alameda Research, the hedge fund Ellison led, was tightly intertwined with FTX, the cryptocurrency exchange valued at $32 billion <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35445270/the-true-cost-of-the-ftx-collapse-how-much-did-sam-bankman-fried-really-make">before its collapse</a>.
FTX's downfall was tied to revelations of a scheme where billions in customer funds were secretly used to cover Alameda's risky trades and lavish expenditures. 
As a result, both firms crumbled, leaving customers and creditors in the lurch.
Ellison, who pleaded guilty to seven charges including wire fraud and money laundering, became a <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35169634/caroline-ellison-drops-bombshell-bankman-fried-wanted-to-be-president">key witness for the prosecution</a>.
During Bankman-Fried's trial, she admitted to engaging in fraudulent activities under his direction, notably misusing FTX customer <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35226787/caroline-ellison-testifies-on-ftxs-complex-financial-practices-in-bankman-frieds-ongoing-t">funds without their consent</a>.
Her testimony painted a detailed picture of Bankman-Fried's influence and shifted much of the blame for the collapse onto him.
Judge Lewis Kaplan also oversaw Bankman-Fried's trial and <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37988324/sam-bankman-fried-sentenced-to-25-years-judge-points-to-ambition-political-manipulation#:~:text=Ultimately%2C%20Kaplan%20sentenced%20Bankman%2DFried,the%20eyes%20of%20the%20public.">sentenced him to 25 years in prison</a>.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41011761/former-coinbase-cto-balaji-srinivasan-says-bitcoin-is-about-stopping-the-state-from-slowly">Former Coinbase CTO Balaji Srinivasan Says Bitcoin Is About Stopping The State From Slowly Draining Your Wealth</a>
Prosecutors lauded her cooperation, describing it as "exemplary" in court filings and refraining from recommending a specific sentence.
Her legal team has requested three years of supervised release without prison time, citing her substantial assistance in the case and the intense public scrutiny she has faced since the FTX collapse.
Ellison's cooperation came at a personal cost. 
In addition to media attention around the trial, her relationship with Bankman-Fried and her personal writings—leaked by Bankman-Fried to the New York Times—became tabloid fodder. 
Her private diary entries revealed feelings of self-doubt about leading Alameda and internal struggles over her relationship with Bankman-Fried, adding to the media storm that followed the FTX scandal.
Prosecutors acknowledged the unique challenges Ellison faced, stating, "The Government cannot think of another cooperating witness in recent history who has received a greater level of attention and harassment." 
Despite the intense scrutiny, her testimony was invaluable in bringing the <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35199443/caroline-ellison-reveals-manipulated-alameda-balance-sheets-in-bankman-fried-trial">facts of the FTX case to light</a>.
As the cryptocurrency industry continues to grapple with the fallout from FTX's implosion, the focus on safeguarding user funds and maintaining transparency is stronger than ever. 
Ellison's sentencing may serve as a reminder of the need for stricter oversight in the industry, especially as digital assets gain more mainstream attention.
What&#8217;s Next: In light of these developments, the upcoming Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19 will be a crucial gathering for leaders in the crypto space to discuss the future of the industry and how to prevent such catastrophic failures from occurring again.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41009150/gary-gensler-led-sec-moved-forward-with-enforcing-crypto-regulation-despite-legal-problems">Gary Gensler-Led SEC Moved Forward With Enforcing Crypto Regulation &#8216;Despite Legal Problems,&#8217; Commissioner Admits In Hearing</a></li>
</ul>

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