15 May 2025

An ex-SEC expert to counsel Caroline Ellison in court

Alameda Research’s CEO will be represented by Stephanie Avakian in the federal investigation. She is a partner at the international law firm and the former Director of the US Securities and Exchange Commission’s Division of Enforcement.

Caroline Ellison, ex-Alameda's CEO, hired a qualified lawyer with a long track record of digital assets cases. People familiar with the details of the investigation provided this information to Bloomberg under the condition of anonymity.

Ellison, who has not yet made a statement regarding the situation with FTX and Alameda Research, will be represented in court by WilmerHale partner Stephanie Avakian. She has extensive experience working for both private and government organizations, including the US Securities and Exchange Commission.

Avakian has held many positions with the SEC throughout her career, including investigator, commissioner's adviser, and director of enforcement. Under her leadership, over 1,400 professionals initiated more than 3,000 enforcement actions that resulted in collecting nearly $17 million in fines and returning $3.6 billion to harmed investors. Most investigations were related to cryptocurrencies, financial fraud, accounting and auditing, insider trading, and cybersecurity.

While working for the SEC, Avakian oversaw enforcement actions against Ripple Labs, Telegram, and Elon Musk. She chairs the Securities and Financial Services Department at WilmerHale.

Another WilmerHale partner, Anjan Sahni, a former US attorney for the Southern District of New York, is also working on Ellison's case, according to the sources. Sahni and Avakian were spotted together at the Southern District prosecutors’ office in Manhattan. However, there is no trustworthy evidence that their visit was related to Ellison. 

Anjan Sahni specializes in the prosecution of securities and commodities fraud, including market manipulation, accounting fraud, money laundering, and violation of economic sanctions laws. One of his recent high-profile cases was a criminal antitrust trial, in which he obtained an acquittal.

The WilmerHale partners have not made any comments on their involvement in Caroline Ellison’s case. If this information is accurate, there is no doubt that a gifted mathematician from a respectable family is in good care.

SBF, with whom Ellison had more than just professional ties, has reportedly retained Mark S. Cohen as an attorney. The managing partner of Cohen & Gresser is known for working with Donald Trump and defending Ghislaine Maxwell, who was accused of sex trafficking.

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