The Commodity Futures Trading Commission has imposed five-year trading bans on Caroline Ellison and Gary Wang, the former CEO and co-founder of Alameda Research and FTX, respectively. The CFTC entered supplemental consent orders on August 19, 2023, against Ellison and Wang, who must assist the regulator and refrain from trading or registering with the CFTC for the specified periods.
Ellison, who led Alameda Research, cannot trade for five years and is barred from registering with the CFTC for 10 years. Wang, who co-founded Alameda and FTX, received a five-year trading ban and an eight-year registration ban. The restrictions did not begin with the latest ruling, as each period runs from December 23, 2022, when the court entered the initial consent orders against the pair.
The CFTC is not seeking restitution, disgorgement, or civil monetary penalties from Ellison and Wang at present. The agency pointed to their assistance in its investigation, their cooperation in connected proceedings, and the financial consequences imposed through the parallel criminal case.
Both pleaded guilty to several federal charges, including conspiracy to commit commodities fraud, in December 2022. Their criminal cases also carried an $11.02 billion forfeiture order for which they were jointly and severally liable.
The CFTC treated their cooperation as a central factor when setting the civil sanctions. 'Ellison and Wang were senior executives who committed fraud at Alameda and FTX for which they were found liable,' said CFTC Enforcement Director David I. Miller. 'Their sanctions, however, reflect their material assistance in the Commission’s FTX-related investigations.'
The resolution shows the value that the enforcement division placed on 'robust cooperation.' Although the financial remedies differ from those originally requested, the trading and registration restrictions prevent both defendants from participating in CFTC-regulated markets or registering with the agency during the stated periods.
The cases began after FTX collapsed in November 2022, and the CFTC expanded its fraud lawsuit against founder Sam Bankman-Fried and his companies. Ellison and Wang were found liable on fraud counts involving digital asset commodities and interstate commerce, respectively.
The CFTC accused Ellison of taking part in a scheme that caused more than $8 billion in FTX customer deposits to be lost. Wang helped create code that gave Alameda an essentially unlimited credit line on FTX, allowing the trading firm to withdraw billions of dollars in customer assets without disclosing the special treatment to FTX users.
Ellison and Wang did not contest their liability under the Commodity Exchange Act and CFTC Regulation 180.1. Their December 23, 2022 consent orders formalized those findings while leaving the court to determine the remaining sanctions later.
The supplemental CFTC orders follow separate criminal sentences that also consider how extensively each defendant assisted U.S. prosecutors. Ellison received a two-year prison sentence in September 2024 after serving as a key government witness at Bankman-Fried’s trial. Wang avoided an additional prison term.
The CFTC’s resolution demonstrates the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
As the crypto market continues to evolve, it is crucial for regulators to prioritize cooperation and robust enforcement to maintain market integrity.
The CFTC’s actions serve as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The resolution also highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
As the crypto market continues to grow and mature, it is essential for regulators to prioritize cooperation and robust enforcement to maintain market integrity.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators, law enforcement, and the private sector to prevent and respond to market manipulation and other forms of misconduct.
The CFTC’s actions demonstrate the importance of cooperation in the enforcement division’s efforts to deter fraud and hold accountable those who commit it.
The resolution serves as a reminder that the consequences of fraud can be severe, and that cooperation with regulators is essential for mitigating those consequences.
The CFTC’s efforts to prioritize cooperation and robust enforcement are crucial for maintaining market integrity and preventing market manipulation and other forms of misconduct.
The resolution highlights the need for continued vigilance and cooperation between regulators
