Overview
- The SEC submitted proposed final consent judgments in the Southern District of New York on Dec. 19, pending court approval.
- Ellison agreed to a 10-year officer-and-director bar, while Wang and Singh accepted eight-year bars, alongside five-year conduct-based injunctions.
- The settlements also impose permanent antifraud injunctions under Exchange Act Section 10(b) and Rule 10b-5, and Securities Act Section 17(a).
- The three executives consented without admitting the SEC’s allegations following cooperation in criminal cases that led to sentences including time served and supervised release.
- SEC complaints say FTX gave Alameda special privileges, including a virtually unlimited customer-funded credit line enabled by code, after raising more than $1.8 billion from investors under false assurances about risk controls.