The Commodity Futures Trading Commission (CFTC) has resolved its civil enforcement actions against Caroline Ellison and Gary Wang, two former executives linked to the collapsed FTX exchange and its trading affiliate Alameda Research. On Aug. 19, a federal court imposed multi-year trading and registration bans on the pair. The CFTC declined to seek additional restitution, disgorgement, or civil monetary penalties after considering their cooperation and their existing criminal forfeiture obligations. The agency announced the resolution in a post on X.

The decision closes another thread of a case that began when FTX collapsed into bankruptcy in November 2022 after customer withdrawals exposed a multibillion-dollar shortfall in customer funds, setting off parallel proceedings by the CFTC, the Securities and Exchange Commission, and the Department of Justice.

Court Imposes Multi-Year Trading and Registration Bans

The U.S. District Court for the Southern District of New York entered the supplemental consent orders on August 19. Caroline Ellison, the former CEO of Alameda Research, received a five-year trading ban, and the court also imposed a 10-year CFTC registration ban on her. Gary Wang, an FTX co-founder and former Alameda executive, likewise received a five-year trading ban, while his registration restriction runs for eight years.

In practical terms, the trading bans bar Ellison and Wang from trading on CFTC-regulated derivatives markets, while the registration bans prevent them from holding agency-licensed roles such as introducing broker or commodity trading advisor.

The restrictions are dated back to December 23, 2022, when the court entered the original consent orders against both defendants. Under those earlier orders, Ellison was found liable on two fraud counts in the CFTC's complaint, while Wang was found liable on one fraud count. The CFTC also permanently barred both individuals from violating the antifraud provisions of the Commodity Exchange Act and related CFTC rules. Unlike the time-limited trading and registration bans, those antifraud injunctions carry no expiration date.

Cooperation Shapes the Settlement Terms

The CFTC does not currently require Ellison or Wang to pay restitution, disgorgement, or civil monetary penalties. The regulator said the level of their cooperation played a role in that decision, and both defendants must continue to assist the agency with its investigations and related proceedings.

Ellison and Wang also pleaded guilty to several federal criminal charges in December 2022, including conspiracy to commit commodities fraud, and their cooperation extended into the criminal proceedings connected with the FTX case. Both testified as cooperating government witnesses at Bankman-Fried's criminal trial in late 2023, which ended with his conviction on fraud and conspiracy charges and a 25-year prison sentence in March 2024. The CFTC cited that assistance when explaining the sanctions included in the latest orders.

The regulator also cited an $11.02 billion forfeiture order from the related criminal cases, under which Ellison and Wang carry joint and several liability. The CFTC considered those financial obligations alongside their assistance before settling its civil claims without additional monetary relief.

FTX and Alameda Faced a $12.7 Billion Order

The CFTC filed its original complaint against Sam Bankman-Fried, FTX Trading, and Alameda Research in December 2022, and later added Ellison and Wang to the case. The regulator accused FTX and Alameda of misusing customer assets and making false statements to customers.

In August 2024, a federal court ordered FTX and Alameda to pay $12.7 billion in monetary relief, a total that included $8.7 billion in restitution and $4 billion in disgorgement. The CFTC said the money would support compensation for customers and other victims of the fraud. The judgment ranks as the largest monetary recovery in the agency's history, and it operates alongside FTX's Chapter 11 bankruptcy, through which the exchange's estate has been repaying customers and creditors.

The court also imposed injunctions against further violations of federal commodities laws and placed trading and registration restrictions on the companies. The CFTC said FTX commingled customer funds and transferred assets for uses that customers had not authorized.

Ellison and Wang Cases Now Resolved

The Aug. 19 supplemental orders complete the CFTC's remaining civil claims against Ellison and Wang. The resolutions differ from the corporate settlement because the regulator imposed no additional monetary sanctions. Instead, the court imposed temporary trading and registration restrictions alongside permanent antifraud injunctions.

Ellison's trading ban lasts five years from December 23, 2022, and her CFTC registration restriction lasts 10 years from that date. Wang's trading ban also runs for five years, and his registration restriction runs for eight years.

The CFTC previously used a similar approach when resolving its case against former FTX engineering chief Nishad Singh in April 2026. The regulator's enforcement records show that a supplemental consent order resolved that action.

The latest orders narrow the remaining FTX-related CFTC litigation after nearly four years of enforcement proceedings. With the corporate entities, Singh, Ellison, and Wang all resolved, Bankman-Fried — named in the original December 2022 complaint — is the highest-profile figure still facing CFTC claims tied to FTX. For Ellison and Wang, the civil cases now end without additional CFTC monetary penalties, but the trading restrictions and cooperation obligations remain in force, and those obligations keep them tied to any further agency investigations connected to the exchange.