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FollowingThe U.S. Commodity Futures Trading Commission (CFTC) has announced consent orders in civil cases against former Alameda Research CEO Caroline Ellison and FTX co-founder Zixiao "Gary" Wang. The consent orders were filed in the U.S. District Court for the Southern District of New York on Tuesday, ordering Ellison and Gary Wang to continue to cooperate with the CFTC and impose a five-year trading ban on the two former executives. Ellison was also sentenced to a ten-year registration ban, while the commodity regulator imposed an eight-year registration ban on Gary Wang.
David Miller, CFTC Enforcement Director, said: "Ellison and Gary Wang are former executives who committed fraud in Alameda and FTX and are therefore found responsible. However, their sanctions reflect the substantial assistance they provided in the Commission's FTX-related investigations."
The CFTC's consent order resolved the agency's enforcement actions against Ellison and Gary Wang, who were listed as defendants in the original complaint in December 2022 along with former FTX CEO Sam Bankman-Fried (SBF). As part of its August 2024 ruling, the committee ordered FTX and Alameda to pay $12.7 billion in recovered illegal gains and compensation to affected users.
Ellison, Gary Wang and former FTX engineering director Nishad Singh were charged on fraud charges and testified at trial against Bankman-Fried in connection with their misuse of client funds at the now-defunct cryptocurrency exchange. The former FTX CEO was found guilty and sentenced to 25 years in prison, while Ellison was sentenced to two years in prison and was released early in January. Singer and Gary Wang were sentenced to serving their sentences.
