The U.S. Commodity Futures Trading Commission (CFTC) announced consent orders for civil actions against former Alameda Research CEO Caroline Ellison and FTX co-founder Zixiao "Gary" Wang.
The orders, filed Tuesday in the U.S. District Court for the Southern District of New York, require Ellison and Wang to continue cooperating with the CFTC and impose a five-year trading ban on both former executives. Ellison also received a 10-year registration ban, and the regulator imposed an eight-year registration ban on Wang.
"Ellison and Wang held senior positions and committed fraud at Alameda and FTX, for which the court held them accountable," said David Miller, Director of the CFTC's Division of Enforcement. "The sanctions imposed on them reflect their substantial assistance in the Commission's investigations related to FTX."
The CFTC orders conclude the regulator's enforcement actions against Ellison and Wang. They were named as defendants in the initial complaint filed in December 2022, alongside former FTX CEO Sam "SBF" Bankman-Fried. The Commission had ordered FTX and Alameda to pay $12.7 billion in disgorgement and restitution to affected customers under a judgment entered in August 2024.
Ellison and Wang, along with former FTX engineering director Nishad Singh, were charged with fraud and testified against Bankman-Fried at the trial regarding the misuse of customer funds from the now-defunct crypto exchange. The former FTX CEO was found guilty and sentenced to 25 years in prison. Ellison received a two-year sentence and was released early in January. Singh and Wang had their time in custody credited.
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