[US CFTC Takes Action Against Two FTX Co-Founders: Ellison and Wang Banned from Trading for 5 Years, No Restitution or Civil Penalties Sought] BlockBeats News, August 21 – The U.S. Commodity Futures Trading Commission (CFTC) recently disclosed that the U.S. District Court for the Southern District of New York has issued supplemental consent orders against former Alameda Research CEO Caroline Ellison and Alameda/FTX co-founder Gary Wang, formally resolving the CFTC's enforcement actions against the two individuals. According to the court orders, Ellison and Wang are required to continue cooperating with the CFTC's investigation. Ellison has been subjected to a 5-year trading ban and a 10-year registration ban, while Wang has been subjected to a 5-year trading ban and an 8-year registration ban. The duration of these bans is calculated from the effective date of the initial consent orders signed by both individuals on December 23, 2022. In 2022, the court found Ellison liable for two counts of fraud as alleged by the CFTC, and Wang liable for one count of fraud, permanently prohibiting both from violating the Commodity Exchange Act and the CFTC's anti-fraud regulations. Notably, the CFTC has decided not to seek additional restitution, disgorgement of ill-gotten gains, or civil monetary penalties against Ellison and Wang at this time. The CFTC's enforcement division stated that this decision was partly based on the significant cooperation provided by the two individuals during the investigation and related litigation, including their guilty pleas in federal criminal cases and assistance in investigating matters related to FTX. David I. Miller, head of the CFTC's enforcement division, stated that while Ellison and Wang, as senior executives of Alameda and FTX, committed fraud and were held accountable by the court, their ultimate penalties reflect the critical assistance they provided to the CFTC's investigation. Additionally, both individuals have pleaded guilty to multiple criminal charges, including conspiracy to commit commodities fraud, in related criminal cases and are jointly liable for approximately $11.02 billion in forfeiture orders. The issuance of these consent orders marks the formal conclusion of the CFTC's enforcement actions against Ellison and Wang. [Original Link]