The CFTC Slams FTX Co-Founders: Ellison and Wang Both Banned From Trading for 5 Years, Opt Not to Seek Restitution or Civil Monetary Penalties

BlockBeats News, August 21st, the U.S. Commodity Futures Trading Commission (CFTC) recently disclosed that the U.S. Southern District of New York Federal Court has issued a supplemental consent order to Alameda Research's former CEO Caroline Ellison and Alameda co-founder and FTX co-founder Gary Wang, formally resolving the CFTC's enforcement action against the two.

According to the court order, both Ellison and Wang are required to continue cooperating with the CFTC's investigation. Ellison has been slapped with a 5-year trading ban and a 10-year registration ban, while Wang has been imposed a 5-year trading ban and an 8-year registration ban. The duration of the bans will be calculated from the effective date of the initial consent order signed by the two on December 23, 2022.

In 2022, the court found Ellison responsible for two fraudulent actions related to CFTC charges and Wang accountable for one fraud charge, and permanently prohibited both from violating the Commodity Exchange Act and CFTC's anti-fraud regulations.

It is worth noting that this time, CFTC is not seeking additional monetary penalties, disgorgement of ill-gotten gains, or civil fines from Ellison and Wang. The CFTC's Division of Enforcement stated that this decision is partially based on the significant cooperation of the two in the investigation and related litigation, including pleading guilty in federal criminal cases and assisting in investigations related to FTX.

CFTC Director of Enforcement David I. Miller stated that Ellison and Wang, as senior executives of Alameda and FTX, engaged in fraud and were found responsible by the court, but their ultimate penalties reflect the significant assistance they provided to the CFTC investigation.

Furthermore, both have admitted to multiple crimes in related criminal cases, including conspiring to commit commodities fraud, and jointly accepted responsibility for a forfeiture order of approximately $11.02 billion.

This consent order signifies the formal conclusion of the CFTC's relevant enforcement actions against Ellison and Wang.

ソース：BlockBeats

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