SEC Settles with FTX Execs, Bans from Public Roles

The U.S. Securities and Exchange Commission has proposed settlement agreements for key figures in the FTX crypto exchange scandal, including Caroline Ellison, Gary Wang, and Nishad Singh. These individuals, who played a crucial role in the criminal trial of FTX co-founder Sam Bankman-Fried, have agreed to restrictions such as prohibitions on future violations of securities laws, temporary injunctions, and limits on their ability to serve as officers or directors of publicly traded companies. Ellison, who served eleven months in prison, agreed not to engage in securities transactions for personal accounts and accepted a ten-year ban from holding leadership positions. Wang and Singh also agreed to similar restrictions and eight-year bans from serving as officers or directors. Bankman-Fried, who received a twenty-five-year prison sentence, was found guilty of using stolen money for risky investments, political donations, and luxury properties.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.