SEC seeks multi-year officer, director bans for former Alameda CEO Ellison and former FTX execs Wang and Singh

The U.S. Securities and Exchange Commission (SEC) has proposed final consent judgments in the Southern District of New York seeking multi-year bans for former Alameda Research CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh from serving as officers or directors of any public company. Without admitting the allegations, Ellison, Wang, and Singh consented to permanent injunctions against violating antifraud provisions of securities laws, alongside conduct-based injunctions. Specifically, Ellison agreed to a 10-year officer-and-director bar, while Wang and Singh agreed to an eight-year bar. These actions follow the collapse of FTX and Alameda Research in November 2022 amid fraud allegations. The SEC previously charged the three with deceiving investors, alleging Wang and Singh created code allowing Alameda to redirect FTX customer funds, which Ellison then used. All three faced criminal charges; former CEO Sam Bankman-Fried received nearly 25 years, while Singh and Wang received no prison time, and Ellison was sentenced to two years.

(Source：The Block)