The United States Commodity Futures Trading Commission (CFTC) has completed the additional disposal of the enforcement cases of Caroline Ellison and Gary Wang, former FTX executives. Both were subject to a five-year trade ban and a longer registration ban. The regulator stated that no new civil fines, compensation or recovery were added, taking into account the performance of the two individuals in the FTX and Alameda crash investigation.
Court confirmation of supplementary orders
The Federal District Court for the Southern District of New York issued a supplementary consent order on 19 August 2026. According to court documents, the registration ban for Ellison was 10 years and that for Wang was 8 years. The five-year trade ban for both was calculated from the time the initial consent order came into force on 23 December 2022, meaning that the relevant restriction was expected to expire after the end of 2027.
CFTC found both persons liable for fraud in Alameda Research and FTX. According to David I. Miller, the head of the law enforcement department, both held senior management positions in the relevant companies and were found responsible for fraud.
No additional fine for cooperation with the investigation
Ellison and Wang were included in the CFTC case against FTX in December 2022 and became accused together with former CEO Sam Bankman-Fried. Since then, they have cooperated with the United States authorities in their investigations and testified before the Bankman-Fried criminal trial.
No additional civil fines, compensation or recovery of illegal proceeds were introduced at this time because the two persons assisted the investigation. However, the Court requested that the two persons continue to cooperate with the CTC in its follow-up work.
It still faces huge responsibilities.
Although no new CFTC financial penalties were introduced in this case, the two men were not completely exempt from the financial consequences. Depending on the progress of the case, they remain jointly and severally liable for a $11.02 billion criminal confiscation order, which is linked to their fraudulent conviction.
In addition, FTX and Alameda face another $12.7 billion judgement from the CTC. This means that the accountability of regulators for the FTX system does not end with the closure of individual executive cases and that the relevant laws and financial implications continue.