U.S. SEC seeks to restrict key FTX figures from taking corporate executive posts

JH Kim

Summary

The U.S. Securities and Exchange Commission (SEC) said it is seeking sanctions that would restrict key FTX figures from taking executive positions at public enterprises and listed companies.
The SEC cited fraud under securities laws and said it has requested the court to impose measures restricting Gary Wang, Nishad Singh, and Caroline Ellison from serving as officers or directors for the next five years.
The individuals reportedly agreed to the related order without admitting or denying the charges.

The U.S. Securities and Exchange Commission (SEC) is seeking sanctions that would restrict key figures of the bankrupt virtual asset exchange FTX from assuming executive positions at public enterprises and listed companies for several years to come.

On the 19th (local time), according to crypto-focused media The Block, the SEC requested a civil sanctions order from the court against FTX co-founder Gary Wang, head of engineering Nishad Singh, and Alameda Research CEO Caroline Ellison.

The SEC determined that they committed fraud under securities laws and included measures to bar them from serving as officers or directors of listed companies and public enterprises for the next five years. However, the individuals reportedly agreed to the related order without admitting or denying the charges.