FTX and Alameda executives are banned from their roles on Wall Street for up to ten years

The U.S. Securities and Exchange Commission on Friday proposed settlement deals for key members of the inner circle of FTX co-founder and former CEO Sam Bankman-Fried, whose testimony played a crucial role in his criminal trial.

The controller said that it has filed so-called final consent judgments in the Southern District of New York regarding former Alameda Research CEO Caroline Ellison, former FTX CTO Gary Wang and former FTX Head of Engineering Nishad Singh.

Without denying the Commission’s allegations, Ellison, Wang and Singh agreed to bans on future violations of the securities laws, temporary conduct-based injunctions, as well as restrictions on their ability to serve as officers and directors of publicly traded companies.

Ellison, who was released got out of prison this week after serving 11 months, agreed not to engage in securities transactions that don’t apply to personal accounts, according to a court file. She agreed to a ten-year ban on holding leadership positions at listed companies.

Ellison was previously sentenced to two years in prison, but she faced a maximum of 110 years in prison after pleading guilty to bank fraud, securities fraud and money laundering charges.

Wang agreed to similar restrictions as Ellison on securities handling, according to a different court file. He and Singh also agreed to eight-year suspensions for officers and directors.

Wang and Singh avoided prison after both were sentenced last year to prison and three years of supervised release. At their respective condemnation hearingsU.S. District Judge Lewis Kaplan praised their cooperation, adding, “You did the right thing.”

FTX CEO John J. Ray III, a legendary bankruptcy executive, argued for Singh to receive a lenient sentence, describing his assistance as crucial to maximizing recoveries for creditors.

The aforementioned executives at FTX and Alameda, the sister trading company of the collapsed crypto exchange, helped shape the government’s case against Bankman-Fried. All three struck cooperation agreements with prosecutors before his trial began.

Bankman-Fried, who received last year it was a 25-year prison sentence found guilty of stealing at least $8 billion in customer funds while lying to creditors and investors. He used stolen money to finance risky investments, donate to American politicians and buy luxury real estate.

The former CEO of FTX, who is appealing, maintains his innocence. In October one 14 page document was shared via his X account, claiming that FTX was never insolvent, echoing the arguments he made during his criminal trial years ago.