US EditionSBF's cohorts at FTX take last SEC hit, Ellison banned from company roles for decade
The SEC seeks officer bans of 8 to 10 years and permanent antifraud injunctions against three former FTX executives who raised $1.8 billion through false claims, subject to court approval.
- On Friday, the U.S. Securities and Exchange Commission filed proposed final consent judgments in the Southern District of New York seeking officer-and-director bars against Caroline Ellison, Zixiao 'Gary' Wang, and Nishad Singh, requiring court approval.
- The SEC's complaints allege the executives raised over $1.8 billion from investors through false claims and diverted customer deposits to Alameda Research for investments and loans.
- The three defendants consented to final judgments without admitting or denying SEC allegations and accepted permanent antifraud injunctions plus five-year conduct restrictions after extensive cooperation.
- Caroline Ellison completed approximately 11 months at Danbury Federal Correctional Institution before community confinement and was recently released, while Zixiao 'Gary' Wang and Nishad Singh received time-served sentences with supervised release.
- The SEC's actions underscore ongoing criminal matters as Chapter 11 distributions resumed, delivering between 119% and 143% to eligible creditors, with about 98% of users with claims under $50,000 receiving 119%.
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Former Alameda and FTX executives hit with multi-year corporate leadership bans - CoinCodeCap
Key Takeaways Three individuals agreed to permanent injunctions preventing future violations of federal antifraud laws, alongside conduct-based restrictions lasting five years. Regulator hit out that Wang and Singh were responsible for developing software code that enabled customer assets to be routed from FTX to Alameda US regulators have imposed long-term corporate leadership prohibitions on three senior figures tied to the collapse of crypt…
SEC proposes final judgments sanctioning former FTX and Alameda executives
The U.S. Securities and Exchange Commission (SEC) has proposed final consent judgments against Caroline Ellison, the former CEO of Alameda Research; Gary Wang, the former CTO of FTX; and Nishad Singh, the former co-lead engineer of FTX. The three executives were involved in the 2022 collapse of FTX Trading Ltd. and its affiliation with the Alameda Research hedge fund. The proposed judgments were tabled by the SEC in the U.S. District Court for t…
SEC Moves To Bar FTX Execs And Ex-Alameda Research CEO From Public Company Roles
The US Securities and Exchange Commission (SEC) has released new sanctions against Caroline Ellison, the former CEO of Alameda Research, along with Gary Wang and Nishad Singh, former executives of the now-defunct cryptocurrency exchange FTX, as part of a larger case surrounding FTX’s misconduct. SEC Targets Key FTX Figures In Fraud Case On Friday, the regulator announced that it has filed proposed final consent judgments in the US District Court…
3 Former Executives Involved With FTX Agree to SEC Final Judgments
Three former executives involved with bankrupt cryptocurrency exchange FTX have agreed to final judgments from the Securities and Exchange Commission (SEC), without denying the commission’s allegations, according to the SEC. The SEC obtained the final judgments against Caroline Ellison, the former CEO of Alameda Research; Zixiao (Gary) Wang, the former chief technology officer of FTX Trading; and Nishad Singh, the former co-lead engine…
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