The agency declined to seek restitution, disgorgement or civil penalties from the two cooperating FTX executives, pointing to their assistance and the $11.020 billion criminal forfeiture order.
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Posted August 20, 2026 at 6:18 am EST.
The Commodity Futures Trading Commission said Wednesday that the U.S. District Court for the Southern District of New York entered supplemental consent orders against Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, who co-founded Alameda and FTX. The orders resolve the agency’s enforcement actions against both, and the CFTC is not seeking any money from either.
Ellison received a five-year trading ban and a 10-year registration ban. Wang received a five-year trading ban and an eight-year registration ban. Both run from the entry of the initial consent orders on December 23, 2022, which puts the trading prohibitions’ expiry at the end of 2027, Ellison’s registration ban at the end of 2032, and Wang’s at the end of 2030. Both must continue cooperating with the Commission.
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The CFTC said it is not seeking restitution, disgorgement or civil monetary penalties at this time, based in part on the level of cooperation the two provided in its FTX investigations and related proceedings, and on the $11.020 billion forfeiture order in the parallel criminal cases, “for which they are jointly and severally liable.”
The initial orders, entered the same day in December 2022, found Ellison liable on both fraud counts in the CFTC’s amended complaint and Wang liable on the single count charged against him, and permanently enjoined both from violating the antifraud provisions of the Commodity Exchange Act. In the criminal cases in the same court, both pleaded guilty in December 2022 to several charges, including conspiracy to commit commodities fraud.
The civil resolution lands well after the criminal chapter closed. Ellison was sentenced to two years in September 2024 and released from federal custody in January after serving roughly 14 months. Wang and former engineering head Nishad Singh received no prison time, while Sam Bankman-Fried is serving 25 years. Ellison was the government’s central witness at his trial, where she testified over two days about how Alameda and FTX handled customer funds as the exchange unraveled.
Related Listen: DEX in the City: The CFTC’s Kalshi Rescue and the Limits of Emergency Power
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
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