The US Commodity Futures Trading Commission has finalized supplemental consent orders against former Alameda Research CEO Caroline Ellison and FTX co-founder Zixiao “Gary” Wang. The orders, entered by the US District Court for the Southern District of New York, close the agency’s civil enforcement actions against the two executives tied to the 2022 collapse of the cryptocurrency exchange and its affiliated trading firm.

Both individuals face five-year trading bans. Ellison received an additional 10-year ban on registration with the CFTC, while Wang faces an eight-year registration ban. The restrictions date from the initial consent orders entered on December 23, 2022. As a result, the trading bans are projected to conclude in late 2027. Ellison and Wang must also continue cooperating with the commission in related matters.

Details of the Consent Orders

The court previously found Ellison liable on two fraud counts and Wang liable on one fraud count under the CFTC’s amended complaint filed in December 2022. Those earlier orders permanently barred both from future violations of the antifraud provisions of the Commodity Exchange Act and related regulations.

In the latest resolution, the CFTC did not pursue restitution, disgorgement, or civil monetary penalties from either defendant. The agency pointed to their substantial cooperation during the investigations and to an $11.02 billion criminal forfeiture order for which Ellison and Wang remain jointly and severally liable.

The consent orders resolve the remaining civil claims against the two former executives. FTX Trading and Alameda Research had earlier agreed to a separate $12.7 billion judgment in August 2024 that included restitution and disgorgement for affected customers.

Background on the FTX Collapse and Related Proceedings

FTX filed for bankruptcy in November 2022 after customer withdrawals revealed shortfalls linked to the transfer of customer assets to Alameda Research. The CFTC alleged that executives misappropriated customer funds and that Wang developed code granting Alameda preferential access on the exchange platform.

Ellison and Wang pleaded guilty to federal criminal charges in December 2022, including conspiracy to commit commodities fraud. Both testified for the prosecution in the trial of former FTX CEO Sam Bankman-Fried, who was convicted and sentenced to 25 years in prison. Ellison received a two-year prison term and was released early in January after serving part of her sentence. Wang received a sentence of time served.

A separate CFTC settlement with former FTX engineering director Nishad Singh earlier imposed a $3.7 million disgorgement obligation along with trading and registration bans. The outcomes for Ellison, Wang, and Singh have differed from that of Bankman-Fried, who contested the charges and continues to serve his lengthy sentence.

Ongoing Obligations

Under the supplemental orders, Ellison and Wang remain subject to the permanent injunctions against future violations. Their continued cooperation with the CFTC forms a core condition of the settlements. The resolution closes the agency’s enforcement actions against the two individuals while leaving the broader financial recoveries from FTX and Alameda in place.