The CFTC closed civil cases against Caroline Ellison and Gary Wang. Both received trading and registration bans and must continue cooperating. The orders cap the regulator's enforcement against FTX and Alameda executives.
Alpha Score of 42 reflects weak overall profile with weak momentum, poor value, weak quality, weak sentiment.
The Commodity Futures Trading Commission filed consent orders that end its civil enforcement actions against former Alameda Research CEO Caroline Ellison and FTX co-founder Zixiao “Gary” Wang. The orders, entered with the U.S. District Court for the Southern District of New York, close cases the regulator had kept open since December 2022.
Both executives must continue cooperating with the CFTC. Each received a five-year trading ban. Ellison also faces a 10-year registration ban; Wang got an eight-year restriction on registration.
“Ellison and Wang were senior executives who committed fraud at Alameda and FTX, for which they were held accountable,” CFTC enforcement director David Miller said. “Their sanctions reflect the material assistance they provided in the investigations related to FTX.”
The civil penalties are a fraction of the 25-year prison sentence Sam Bankman-Fried received after his criminal conviction. Ellison, Wang and former FTX engineering director Nishad Singh all testified against Bankman-Fried. Ellison served two years and was released in January 2026. Singh and Wang received sentences equivalent to time already served.
In August 2024, the CFTC ordered FTX and Alameda Research to pay $12.7 billion in disgorgement and restitution to affected users. With the consent orders, the regulator considers its civil action closed against the key collaborators in the fraud that brought down one of the largest crypto exchanges.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.