SEC confirms years-long director bans for former Alameda, FTX executives
The U.S. Securities and Exchange Commission (SEC) has obtained final consent judgments against former Alameda Research CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh. They are barred from holding company leadership roles for eight to 10 years due to their involvement in misusing FTX investor funds from 2019 to 2022. Ellison received a 10-year ban, while Wang and Singh each accepted eight-year bans. All three are also subject to five-year conduct-based injunctions. The SEC alleged that, with Ellison's knowledge, FTX co-founder Sam Bankman-Fried and the other executives exempted Alameda from risk measures and provided it with an unlimited line of credit using FTX customer funds. Ellison, who testified against Bankman-Fried, was sentenced to two years in prison and is scheduled for early release on February 20. Wang and Singh also cooperated with authorities and received time-served sentences. Bankman-Fried was sentenced to 25 years for his central role in the exchange’s collapse.
cointelegraph12/19 21:31
