CFTC Bans Ex-Alameda and FTX Executives From Trading for 5 Years

The US Commodity Futures Trading Commission has finalized consent orders against former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang, imposing a five-year trading ban on both. The orders, filed Tuesday in the Southern District of New York, also require both executives to continue cooperating with regulators.

Additional Registration Bans Imposed

Beyond the trading ban, Ellison received a 10-year registration ban, while Wang was given an eight-year registration ban. CFTC enforcement director David Miller acknowledged both executives were found liable for fraud at Alameda and FTX, but said their sanctions reflect the substantial cooperation they provided during the agency’s investigation into the exchange’s collapse.

Part of the Broader FTX Fallout

These orders resolve the CFTC’s case against Ellison and Wang, who were originally named alongside former FTX CEO Sam Bankman-Fried in a December 2022 complaint. FTX and Alameda were previously ordered to pay $12.7 billion in disgorgement and restitution to affected customers as part of an August 2024 ruling.

Sentencing Outcomes for Key Figures

Ellison and Wang, along with former FTX engineering director Nishad Singh, testified against Bankman-Fried during his trial over the misuse of customer funds. Bankman Fried was convicted and sentenced to 25 years in prison. Ellison received a two-year sentence and was released early in January, while Singh and Wang were both credited with time served.