SEC confirms years-long director bans for former Alameda, FTX executives
The SEC confirmed officer-and-director bars ranging from eight to ten years for former FTX/Alameda executives Ellison, Wang, and Singh.Summary
The U.S. Securities and Exchange Commission (SEC) announced final consent judgments against former Alameda Research CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh for their roles in misusing FTX customer funds between 2019 and 2022. Ellison consented to a 10-year officer-and-director bar, while Wang and Singh agreed to eight-year bars; all three also face five-year conduct-based injunctions. The SEC noted that Sam Bankman-Fried, Wang, and Singh, with Ellison's knowledge, exempted Alameda from risk mitigation measures and provided it an unlimited line of credit funded by FTX customers, with Wang and Singh allegedly creating the software code to divert these funds. Bankman-Fried received a 25-year sentence, while Ellison, Wang, and Singh received reduced sentences after testifying against him. Ellison is scheduled for release from custody on February 20.
(Source：Cointelegraph)