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.

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.

ICYMI – Caroline Ellison was "quietly moved" from federal prison to "community confinement," after serving 11 months of her two year sentence, with online prison records listing an early release for Feb 2026 — BI pic.twitter.com/5HCAK5mQD2

— Disclose.tv (@disclosetv) December 18, 2025

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.

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.

Ryan Salame tweets his court filing that his plea was based upon no federal charges against Michelle Bond

All FTX insiders – Caroline Ellison, Gary Wang, Nishad Singh, Daniel Friedberg, Sam Trabucco etc

Should have got 10-20 years prison

Other creditors feel the same way pic.twitter.com/ooZ9ILFPSD

— Sunil (FTX Creditor Champion) (@sunil_trades) August 26, 2025

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. 

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. 

The post SEC Finalizes Civil Judgments Against Key FTX and Alameda Executives appeared first on BeInCrypto.

SEC telah merampungkan penyelesaian perdata terhadap tiga mantan eksekutif senior di FTX dan Alameda Research.

Keputusan ini secara resmi menutup salah satu babak besar dalam kasus regulator terkait runtuhnya exchange aset kripto tersebut.

Rekan Sam Bankman-Fried Dapat Sanksi Larangan Selama 10 Tahun

Dalam sebuah pernyataan yang dirilis pada 18 Desember, SEC menyampaikan bahwa mereka telah mengajukan usulan keputusan persetujuan akhir terhadap Caroline Ellison, mantan CEO Alameda Research, Gary Wang, mantan chief technology officer FTX, dan Nishad Singh, mantan co-lead engineer di FTX.

Keputusan ini masih menunggu persetujuan dari pengadilan.

ICYMI – Caroline Ellison was "quietly moved" from federal prison to "community confinement," after serving 11 months of her two year sentence, with online prison records listing an early release for Feb 2026 — BI pic.twitter.com/5HCAK5mQD2

— Disclose.tv (@disclosetv) December 18, 2025

SEC menegaskan bahwa FTX telah mengumpulkan lebih dari US$1,8 miliar dari investor dengan menggambarkan diri mereka sebagai platform trading yang aman serta memiliki perlindungan kuat untuk aset milik pelanggan.

Investor juga diberi tahu bahwa Alameda Research beroperasi seperti pelanggan biasa di exchange. Tapi, klaim tersebut ternyata tidak benar.

Kenyataannya, FTX diam-diam memberikan hak istimewa khusus kepada Alameda. Perusahaan trading itu dibebaskan dari kontrol risiko dan menerima fasilitas kredit tanpa batas yang dijamin oleh deposit pelanggan FTX.

Hal tersebut memungkinkan Caroline Ellison untuk meminjam dan kehilangan dana bernilai miliaran tanpa mengalami likuidasi.

Regulator menuduh bahwa Wang dan Singh membangun kode software yang memungkinkan dana pelanggan dialihkan dari FTX ke Alameda.

Ellison, yang mengepalai Alameda, kemudian menggunakan dana tersebut untuk trading, investasi ventura, dan memberikan pinjaman kepada para eksekutif, termasuk Sam Bankman-Fried, Wang, dan Singh.

Ryan Salame tweets his court filing that his plea was based upon no federal charges against Michelle Bond

All FTX insiders – Caroline Ellison, Gary Wang, Nishad Singh, Daniel Friedberg, Sam Trabucco etc

Should have got 10-20 years prison

Other creditors feel the same way pic.twitter.com/ooZ9ILFPSD

— Sunil (FTX Creditor Champion) (@sunil_trades) August 26, 2025

Tanpa mengakui ataupun menyangkal tuduhan, ketiga eksekutif tersebut telah setuju untuk menerima perintah permanen yang melarang mereka melanggar ketentuan utama anti-penipuan pada undang-undang sekuritas AS. Mereka juga menerima pembatasan tambahan pada peran profesional mereka di masa depan.

Ellison setuju menerima larangan selama 10 tahun untuk menjabat sebagai pejabat atau direktur di perusahaan publik.

Wang dan Singh masing-masing sepakat mendapatkan larangan 8 tahun sebagai pejabat dan direktur.

Ketiga orang tersebut juga dikenakan perintah pembatasan perilaku berbasis selama 5 tahun, sehingga SEC dapat bertindak dengan cepat apabila mereka kembali terlibat secara ilegal dalam aktivitas terkait sekuritas.

Status Hukuman Terkini per Desember 2025

Per Desember 2025, Caroline Ellison telah dipindahkan ke tahanan rumah. Ia diperkirakan bebas pada awal 2026.

Gary Wang, mantan CTO sekaligus co-founder FTX, menerima hukuman pidana berupa waktu yang sudah dijalani setelah berkontribusi banyak dalam membantu jaksa federal. Saat ini, ia masih berada dalam masa pembebasan dengan pengawasan.

Nishad Singh, mantan co-lead engineer FTX, juga menerima hukuman pidana berupa waktu yang telah dijalani dan saat ini tetap berada dalam pengawasan.