The U.S. Commodity Futures Trading Commission said the U.S. District Court for the Southern District of New York has entered supplemental consent orders resolving its enforcement cases against former Alameda Research CEO Caroline Ellison and Alameda and FTX co-founder Gary Wang. Both remain obligated to cooperate with the CFTC’s ongoing investigation. 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. The bans are calculated from the effective date of the initial consent orders signed on Dec. 23, 2022. The CFTC said it is not currently seeking additional restitution, disgorgement, or civil monetary penalties from either defendant. Its Division of Enforcement said both provided substantial assistance in the investigation and related litigation, including pleading guilty in federal criminal cases and helping investigators examine matters tied to FTX. In 2022, the court found Ellison liable for two fraud violations alleged by the CFTC and Wang liable for one fraud charge. Both were also permanently barred from violating the Commodity Exchange Act and related CFTC anti-fraud provisions.
The U.S. Commodity Futures Trading Commission said the U.S. District Court for the Southern District of New York has entered supplemental consent orders that formally resolve the agency’s enforcement cases against former Alameda Research CEO Caroline Ellison and Alameda and FTX co-founder Gary Wang.
Under the orders, both must continue cooperating with the CFTC’s investigation. 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. The ban periods run from the effective date of the initial consent orders signed on Dec. 23, 2022.
The CFTC said it is not currently seeking additional disgorgement, restitution, or civil monetary penalties from either of them. The agency’s Division of Enforcement said both provided substantial assistance during the investigation and related litigation, including pleading guilty in federal criminal cases and assisting with the investigation into FTX-related matters.
In 2022, the court found Ellison liable for two fraud violations alleged by the CFTC, while Wang was found liable for one fraud charge. The court also permanently barred both from violating the Commodity Exchange Act and related CFTC anti-fraud rules.
In the related criminal cases, both admitted to multiple offenses, including conspiracy to commit commodities fraud, and they share responsibility for roughly $11.02 billion under a forfeiture order.
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