FTX, Alameda Execs Will Be Barred From Wall Street Roles for Up to 10 Years
The U.S. Securities and Exchange Commission proposed settlements with former FTX and Alameda Research executives Caroline Ellison, Gary Wang, and Nishad Singh, whose cooperation was pivotal in convicting FTX co-founder Sam Bankman-Fried. Under the settlements, without admitting wrongdoing, Ellison, Wang, and Singh agreed to injunctions barring future securities law violations and extensive bans on holding officer or director positions at publicly traded companies—ten years for Ellison, eight years for Wang and Singh. Ellison additionally accepted restrictions on non-personal securities transactions. She and Wang faced potential decades in prison but received lighter sentences due to cooperation; Ellison served 11 months, while Wang and Singh avoided further incarceration, receiving supervised release. Their testimony supported the prosecution’s case that Bankman-Fried stole at least $8 billion from FTX customers for personal use, investments, political donations, and real estate. Bankman-Fried is now serving a 25-year prison term, though he maintains his innocence and is appealing his conviction.
