Who are Caroline Ellison & Zixiao 'Gary' Wang?

Washington, D.C. — The Commodity Futures Trading Commission today filed fraud charges against Caroline Ellison, Alameda CEO, and Zixiao “Gary” Wang, Alameda and FTX Co-Founder, in an amended complaint filed in the U.S. District Court for the Southern District of New York.

Who is Caroline Ellison vs Zixiao Wang?

On December 19, 2022, Ellison and Wang both entered guilty pleas as to commodities fraud and other charges in a separate, parallel action against them in the Southern District of New York. United States v. Zixiao Wang, Crim. No. S1 22 Cr. 673 (RA) (S.D.N.Y. 2022); United States v. Caroline Ellison, Crim. No. S2 22 Cr. 673 (RA) (S.D.N.Y. 2022).

Are Ellison & Wang liable for CFTC fraud?

Ellison and Wang do not contest their liability on the CFTC’s claims. Both have agreed to the entry of consent orders of judgment as to their liability for engaging in fraud in violation of Section 6 (c) (1) of the Commodity Exchange Act and CFTC Regulation 180.1.