CFTC Enters Supplemental Consent Orders Against Ellison and Wang in FTX and Alameda Fraud Case
TL;DR — Supplemental consent orders against Caroline Ellison and Gary Wang require them to continue cooperating with the Commission and resolve the CFTC’s enforcement actions. The supplemental orders acknowledge the Commission is not seeking restitution, disgorgement, and/or civil monetary penalties at this time based in part on their cooperation and the $11.020 billion forfeiture order in the criminal actions.
SCCG Take — The resolution shows the CFTC credits material cooperation by senior executives with reduced monetary sanctions, a factor operators and investors in regulated derivatives markets should weigh when facing parallel civil and criminal exposure.
The Commodity Futures Trading Commission announced that the U.S. District Court for the Southern District of New York has entered supplemental consent orders against Caroline Ellison and Gary Wang. The orders resolve the agency’s civil enforcement actions against the pair for fraud committed at Alameda Research and FTX.
The supplemental orders require ongoing cooperation with the Commission. They also formalize trading bans and registration bans on both individuals. These measures stem from initial consent orders entered on December 23, 2022, which found Ellison liable on both fraud counts and Wang liable on the single fraud count charged against him.
Specific Bans and Injunctions
Ellison faces a five-year trading ban and a 10-year registration ban. Wang is subject to a five-year trading ban and an eight-year registration ban. Both bans run from the date of the initial consent orders. Those initial orders permanently enjoined Ellison and Wang from violating the antifraud provisions of the Commodity Exchange Act and Commission regulations.
The supplemental orders state that the CFTC is not seeking restitution, disgorgement, or civil monetary penalties at this time. This reflects the level of their cooperation in the Commission’s investigation, including parallel criminal actions in which each pled guilty to charges that included conspiracy to commit commodities fraud. Ellison and Wang are jointly and severally liable for an $11.020 billion forfeiture order entered in the criminal cases.
Enforcement Division’s Assessment
“Today’s resolution further underscores the high value this Division places on robust cooperation,” said Director of Enforcement David I. Miller. “Ellison and Wang were senior executives who committed fraud at Alameda and FTX for which they were found liable. Their sanctions, however, reflect their material assistance in the Commission’s FTX-related investigations.”
The orders resolve the CFTC’s enforcement actions against Ellison and Wang, as detailed in the agency’s announcement.
Reporting: CFTC Enforcement Actions
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Cooperation pays: CFTC waived civil penalties for FTX executives who flipped, a playbook worth knowing in high-stakes enforcement.
We watch every regulatory move in derivatives and digital assets because enforcement strategy shapes compliance posture. This CFTC resolution shows cooperation credit is real and material—five- to ten-year bans but no added civil fines when you help prosecute the bigger fish. Operators in gray zones need to understand these dynamics before exposure turns existential.
- Ellison gets 5-year trading ban, 10-year registration ban; Wang gets 5-year trading, 8-year registration ban
- CFTC waived restitution and civil penalties due to cooperation and $11.02B criminal forfeiture already imposed
- Orders formalize ongoing cooperation requirement and permanent antifraud injunctions from December 2022
SCCG angle: When our partners face regulatory crossfire—especially in derivatives, digital assets, or multi-jurisdictional enforcement—we connect them to the right legal, compliance, and strategic advisors who understand cooperation credit, forfeiture exposure, and how to navigate CFTC, DOJ, and SEC simultaneously. We have walked clients through parallel actions and know which counsel and consultants move the needle.
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