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CFTC bans Ellison and Wang from trading for five years
The CFTC also imposed registration bans of 10 years for Ellison and eight years for Wang as part of consent orders tied to the FTX and Alameda resolution.
The US Commodity Futures Trading Commission has issued consent orders in civil cases against former Alameda Research CEO Caroline Ellison and FTX co-founder Zixiao “Gary” Wang, requiring the two to continue cooperating with the regulator and imposing a five year trading ban.
The CFTC said Ellison also received a 10 year registration ban, while Wang received an eight year registration ban, and it characterized the sanctions as reflecting both findings of liability and the executives’ material assistance in the FTX related investigations.
The orders ended the CFTC’s case against the two former executives after FTX and Alameda agreed to pay $12.7 billion in disgorgement and restitution to affected users in an August 2024 decision.
In the related criminal proceedings, Ellison and Wang were named as defendants in a December 2022 complaint and, along with Nishad Singh, were indicted on fraud charges tied to misuse of customer funds, with the former FTX CEO found guilty and sentenced to 25 years and Ellison receiving a two year sentence and early release in January.