• The SEC finalized civil judgments against Caroline Ellison, Gary Wang, and Nishad Singh, formally closing its enforcement case tied to the FTX collapse.
• Regulators said FTX secretly gave Alameda Research special privileges, allowing customer funds to be diverted through hidden credit lines and software exemptions.
• All three accepted permanent antifraud injunctions and multi-year leadership bans, preventing them from holding senior roles in public companies.

The SEC has finalized civil settlements against three former senior executives at FTX and Alameda Research. 

This judgment formally closes a major chapter in the regulator’s case tied to the collapse of the crypto exchange.

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Sam Bankman-Fried’s Associates Receive a Decade of Ban

In a statement released on December 18, the SEC said it has filed proposed final consent judgments against Caroline Ellison, former CEO of Alameda Research, Gary Wang, former chief technology officer of FTX, and Nishad Singh, former co-lead engineer at FTX. 

The judgments are subject to court approval.

The SEC confirms that FTX raised more than $1.8 billion from investors by portraying itself as a safe trading platform with strong protections for customer assets. 

Investors were also told that Alameda Research operated like any other customer on the exchange. But those claims were false.

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In reality, FTX secretly gave Alameda special privileges. The trading firm was exempted from risk controls and granted a virtually unlimited line of credit backed by FTX customer deposits. 

This allowed Caroline Ellison to borrow and lose billions without facing liquidation.

The regulator alleges that Wang and Singh built the software code that enabled customer funds to be diverted from FTX to Alameda. 

Ellison, who ran Alameda, then used those funds for trading, venture investments, and loans to executives, including Sam Bankman-Fried, Wang, and Singh.

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Without admitting or denying the allegations, all three executives agreed to permanent injunctions barring them from violating key antifraud provisions of US securities law. They also accepted additional restrictions on their future professional roles.

Ellison consented to a 10-year ban from serving as an officer or director of a public company. 

Wang and Singh each agreed to 8-year bans as officers and directors. 

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All three are also subject to 5-year conduct-based injunctions, allowing the SEC to act quickly if they reenter securities-related activities improperly.

Current Punishment Status as of December 2025

As of December 2025, Caroline Ellison has been moved to home confinement. Her release is expected in early 2026. 

Gary Wang, FTX’s former CTO and co-founder, received a criminal sentence of time served after cooperating extensively with federal prosecutors. He is currently on supervised release.

Nishad Singh, the former co-lead engineer at FTX, also received a time-served criminal sentence and remains on supervised release. 

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