SEC Confirms Years-Long Director Bans for Former Alameda, FTX Execs
Caroline Ellison, Gary Wang, and Nishad Singh, former executives at Alameda Research and FTX, face bans from company leadership positions for eight to ten years following a U.S. SEC judgment for misuse of FTX investor funds from 2019 to 2022. Ellison received a 10-year officer-and-director bar, while Wang and Singh received eight-year bans; all three are also under five-year conduct-based injunctions. The SEC stated that Sam Bankman-Fried, Wang, and Singh, with Ellison’s consent, allowed Alameda to access an unlimited “line of credit” funded by FTX customers, with Wang and Singh creating the software to divert these funds, and Ellison using the funds for trading. Sam Bankman-Fried was sentenced to 25 years in prison and is appealing his conviction. Ellison received a two-year sentence as part of a plea deal in which she testified against Bankman-Fried; Wang and Singh also testified and were sentenced to time served. Ellison is scheduled for early release from custody in February 2025, likely due to good-conduct credits.
