The U.S. Commodity Futures Trading Commission has imposed consent orders against former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang, formally closing civil enforcement actions that had been open since December 2022. The orders were filed in the U.S. District Court for the Southern District of New York.
Under the settlements, both Ellison and Wang are barred from trading for five years. Ellison also faces a 10-year registration ban, while Wang received an eight-year registration restriction. The CFTC did not seek fines or disgorgement, citing their cooperation. Enforcement Director David Miller said the sanctions “reflect the material assistance they provided in the investigations related to FTX,” while stressing that both were senior executives who committed fraud.
The measures add to the wider FTX fallout. In August 2024, FTX and Alameda Research were ordered to pay $12.7 billion in disgorgement and restitution to affected users. Ellison was sentenced to two years and released early in January 2026; Wang and former engineering director Nishad Singh received sentences equivalent to time served. Former CEO Sam Bankman-Fried, by contrast, was sentenced to 25 years in prison after trial.
