CFTC Resolves Enforcement Cases Against Caroline Ellison and Gary Wang

The U.S. Commodity Futures Trading Commission said the U.S. District Court for the Southern District of New York has issued supplemental consent orders for former Alameda Research CEO Caroline Ellison and Alameda and FTX co-founder Gary Wang, formally resolving enforcement cases against both. According to Odaily, Ellison must comply with a five-year trading ban and a 10-year registration ban, while Wang faces a five-year trading ban and an eight-year registration ban, counted from the effective date of the initial consent order signed on December 23, 2022.The CFTC said it is not seeking additional disgorgement, restitution, or civil monetary penalties. The agency’s enforcement division said both individuals provided substantial assistance in the investigation and related litigation, including pleading guilty in federal criminal cases and helping investigators with FTX-related matters. In 2022, a court found Ellison liable for two fraud charges brought by the CFTC and Wang liable for one fraud charge, and permanently barred both from violating the Commodity Exchange Act and related CFTC anti-fraud rules. Both have also admitted to multiple criminal charges, including conspiracy to commit commodities fraud, and are jointly responsible for about $11.02 billion in forfeiture orders.