The U.S. Securities and Exchange Commission (SEC) has concluded civil settlements with three former high-ranking officials from FTX and Alameda Research: Caroline Ellison, Gary Wang, and Nishad Singh. This development marks a significant step in the SEC”s efforts to address the fallout from one of the largest fraud cases in the cryptocurrency space.
As detailed in a litigation release and court documents dated December 19, 2025, the SEC has enacted long-term bans against these individuals, preventing them from holding any officer or director positions within public companies for a duration of up to 10 years. Notably, all three executives agreed to the terms of the settlements without admitting to or denying the allegations brought against them. Additionally, they are subjected to a five-year conduct-based injunction that severely limits their participation in future securities markets.
The SEC”s allegations against Ellison, Wang, and Singh included assisting Sam Bankman-Fried by facilitating a concealed credit line from FTX to Alameda Research. This arrangement reportedly enabled the misappropriation of customer funds, which has been a central issue in the ongoing legal ramifications stemming from the collapse of FTX.
It is essential to note that these civil settlements are distinct from any criminal proceedings that have already been resolved. Sam Bankman-Fried is currently serving a 25-year prison sentence following his conviction, while Ellison has received a two-year prison sentence, though she has been released early. Conversely, both Wang and Singh have avoided incarceration, receiving probation or time served in light of their cooperation with authorities throughout the investigations.
The implications of the SEC”s actions are profound, drawing a definitive conclusion to what has been dubbed the “FTX era.” This decisive move not only holds accountable those who facilitated market-wide fraud but also reinforces the message that significant repercussions await individuals who engage in similar misconduct within the cryptocurrency landscape.
