Overview

• A Manhattan federal court entered a CFTC consent order requiring former Voyager CEO Stephen Ehrlich to disgorge $750,000 to customers through the bankruptcy process.
• The order imposes a three‑year registration ban and bars Ehrlich from managing or advising third‑party trading, alongside permanent anti‑fraud injunctions under the Commodity Exchange Act.
• Ehrlich resolved the case without admitting or denying wrongdoing, according to the consent order and accompanying statements.
• Regulators say Voyager pooled customer assets and funneled over $650 million to a risky borrower that defaulted in June 2022, leading to a July 2022 bankruptcy with more than $1.7 billion owed to U.S. customers.
• Voyager customers have recovered roughly 35% of deposits so far, and Ehrlich separately agreed in June to pay $2.8 million to settle FTC allegations over false FDIC insurance claims.