The U.S. Commodity Futures Trading Commission said on its website that the Southern District of New York has entered supplemental consent orders against Caroline Ellison, former CEO of Alameda, and Gary Wang, co-founder of FTX. Ellison received a five-year trading ban and a 10-year registration ban, while Wang was barred from trading for five years and from registration for eight years. Both must continue cooperating with the CFTC’s investigation. The agency said it is not seeking disgorgement, restitution or civil monetary penalties at this time, citing their substantial cooperation and a criminal forfeiture order of $11.02 billion in the related criminal case. The article is for market information only and does not constitute investment advice.
CFTC settles enforcement actions with Caroline Ellison and Gary Wang
On Aug. 19, PANews reported that the U.S. Commodity Futures Trading Commission said on its website that the Southern District of New York has entered supplemental consent orders against Caroline Ellison, former CEO of Alameda, and Gary Wang, co-founder of FTX.
Under the orders, Ellison was given a five-year trading ban and a 10-year registration ban. Wang received a five-year trading ban and an eight-year registration ban. Both are also required to keep cooperating with the CFTC’s investigation.
The CFTC said it is not currently seeking disgorgement, restitution or civil monetary penalties, partly because both individuals have cooperated extensively with the investigation and because the related criminal case has already resulted in an $11.02 billion forfeiture order.
This content is for market information only and does not constitute investment advice.
Case context
Ellison previously served as CEO of Alameda, while Wang was a co-founder of FTX. The supplemental consent orders were issued by the Southern District of New York in connection with the CFTC’s enforcement settlement.
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