Caroline Ellison and Gary Wang received multiyear CFTC bans under final orders resolving their FTX-related civil cases. The regulator cited extensive cooperation and declined to seek restitution, disgorgement or civil penalties at this time.
Key Takeaways
Ellison received five-year trading and 10-year registration bans.Wang received five-year trading and eight-year registration bans.Cooperation helped avert CFTC monetary claims at this time.CFTC Director of Enforcement David I. Miller said: “Today’s resolution further underscores the high value this Division places on robust cooperation. Ellison and Wang were senior executives who committed fraud at Alameda and FTX for which they were found liable.” He added:
“Their sanctions, however, reflect their material assistance in the Commission’s FTX-related investigations.”
Consent Orders Trace Fraud at FTX and Alameda FTX Collapse and Criminal OutcomesNeither supplemental order seeks restitution, disgorgement or civil monetary penalties from Ellison or Wang at this time. Both defendants must continue assisting the commission, while earlier permanent injunctions against future violations remain effective. The CFTC also cited a $11.02 billion criminal forfeiture order for which Ellison and Wang were jointly and severally liable.
