CFTC settles civil cases against former FTX and Alameda executives

The Commodity Futures Trading Commission (CFTC) has settled its civil enforcement cases against former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang. A New York federal court entered supplemental consent orders on August 19, resolving the agency’s actions following the 2022 collapse of the FTX cryptocurrency exchange.

Under the terms of the settlement, both individuals face multi-year bans. Ellison received a five-year trading ban and a 10-year registration ban, while Wang received a five-year trading ban and an eight-year registration ban. These restriction periods are retroactive to December 2022.

The CFTC opted not to seek restitution, disgorgement, or civil monetary penalties from either party. The agency cited their extensive cooperation with investigators and the fact that they already face an $11.02 billion forfeiture from their related criminal cases. David I. Miller, CFTC Director of Enforcement, stated the resolution underscores the value placed on robust cooperation during investigations into the FTX-related fraud.