The CFTC has ended its enforcement cases against former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang, imposing five-year trading bans on both.
The agency also extended registration bans while giving credit for their cooperation in investigations into the collapse of FTX and Alameda.
CFTC Imposes Trading and Registration Bans
The U.S. District Court for the Southern District of New York entered supplemental consent orders against Ellison and Wang on 19 August, 2026. Both must continue cooperating with the CFTC.
Ellison received a five-year trading ban and a 10-year registration ban. Wang also received a five-year trading ban, along with an eight-year registration ban.
The restrictions are counted from their original consent orders entered on Dec. 23, 2022. This means their five-year trading bans are expected to end in late 2027.
The CFTC said both executives were found liable for fraud at Alameda and FTX. However, the agency did not impose new civil fines, restitution or disgorgement because of their help with its investigations.
David I. Miller, the CFTC’s director of enforcement, said that “Ellison and Wang were senior executives who committed fraud at Alameda and FTX for which they were found liable.”
He added that their sanctions reflected their “material assistance” in the agency’s FTX-related investigations.
Cooperation Helped Avoid New CFTC Penalties
Ellison and Wang were added to the CFTC’s FTX case in December 2022, alongside former FTX CEO Sam Bankman-Fried. Both later cooperated with authorities and testified against Bankman-Fried during his criminal trial.
Bankman Fried was convicted and sentenced to 25 years in prison. Ellison received a two-year sentence, while Wang and former FTX engineering chief Nishad Singh received time served.
Despite avoiding new CFTC financial penalties, Ellison and Wang still face major financial consequences from the wider case. They are jointly and severally liable for an $11.02 billion criminal forfeiture order linked to their fraud convictions.
CFTC’s $12.7B FTX Judgment
The latest orders are separate from the CFTC’s $12.7 billion judgment against FTX and Alameda in August 2024. That order included $8.7 billion in restitution and $4 billion in disgorgement for affected customers.
The CFTC said the latest resolution closes its enforcement actions against Ellison and Wang while highlighting the importance of cooperation in major investigations. The decision leaves both former executives under long term restrictions even after their direct CFTC cases are resolved.
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