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UNITED STATES DISTRICT COURT 

SOUTHERN DISTRICT OF NEW YORI( 

COMMODITY FUTURES TRADING 

COMMISSION, 

Plaintiff, 

v. Case No. 1:22-cv-10503-PKC 

SAMUEL BANKMAN-FRIED, FTX TRADING 

LTD D/B/A FTX.COM, ALAMEDA Hon. Judge P. Kevin Castel 

RESEARCH LLC, CAROLINE ELLISON, 

andZIXIAO "GARY" WANG 

Defendants. 

\ 

[P.RO,Pm.JID'] CONSENT ORDER OF JUDGMENT ON LIABILITY AGAINST 

DEFENDANT ZIXIAO "GARY" WANG 

I. INTRODUCTION 

On December 21, 2022, Plaintiff Commodity Futures Trading Commission (the 

"Commission" or "CFTC") filed an Amended Complaint against Samuel Bankman-F1ied, FTX 

Trading Ltd. d/b/a FTX.com, Alameda Research LLC, Caroline Ellison and Zixiao "Gary".Wang 

( collectively, "Defendants") seeking injunctive and other equitable relief, as well as the imposition 

of civil penalties, for violations of the Commodity Exchange Act ("Act"), 7 U.S.C. §§ 1-26 and 

the Commission's Regulations ("Regulations") promulgated thereunder, 17 C.F.R. pts. 1-190 

(2021). 

II. CONSENTS AND AGREEMENTS 

To effect partial resolution of the matters alleged in the Amended Complaint against 

Defendant Zixiao "Gary" Wang ("Wang" or "Defendant") as to his liability on the charges in the 

Amended Complaint without a trial on the merits or any further judicial proceedings, Defendant: 

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1. Consents to the entry of this Consent Order of Judgment on Liability Against Wang 

("Consent Order"); 

2. Affirms that he has read and agreed to this Consent Order voluntarily, and that no 

promise, other than as specifically contained herein, or threat, has been made by the CFTC or any 

member, officer, agent or representative thereof, or by any other person, to induce consent to this 

Consent Order; 

3. Waives service of the summons and Amended Complaint; 

4. Admits the jurisdiction of this Court over him and the subject matter ofthis action 

pursuant to Section 6c of the Act, 7 U.S.C. § 13a-I; 

5. Admits the jurisdiction of the CFTC over the conduct and transactions at issue in 

this action pursuant to the Act; 

6. Admits that venue properly lies with this Court pursuant to Section 6c(e) of the Act, 

7 U.S.C. § 13a-l(e); 

7. Waives: 

(a) Any and all claims that he may possess under the Equal Access to Justice 

Act, 5 U.S.C. § 504 and 28 U.S.C. § 2412, and/or the rnles promulgated by 

the Commission in conformity therewith, Part 148 of the Regulations, 17 

C.F .R. pt. 148 (2021 ), relating to, or arising from, this action; 

(b) Any and all claims that he may possess under the Small Business 

Regulatory Enforcement Fairness Act of 1996, Pub. L. No. 104-121, tit. II, 

§§ 201-253, 110 Stat. 847, 857-74 (codified as amended at 28 U.S.C. 

§ 2412 and in scattered sections of 5 U.S.C. and 15 U.S.C.), relating to, or 

arising from, this action; 

( c) Any claim of Double Jeopardy based upon the institution of this action or 

the enhy in this action of any order imposing a civil monetary penalty or 

any other relief, including this Consent Order; and 

(a) Any and all rights of appeal from this Consent Order; 

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8. Consents to the continued jurisdiction of this Court over him for the purpose of 

implementing and carrying out the te1ms and conditions of all orders and decrees, including orders 

setting the appropriate amounts of restitution, disgorgement and civil monetary penalty, as well as 

any further injunctive remedies that may be entered herein, to ente1tain any suitable application or 

motion for additional relief within the jmisdiction of the Comt, to assure compliance with this 

Consent Order and for any other purpose relevant to this action, even if Defendant now or in the 

future resides outside the jurisdiction of this Comt; 

9. Agrees that he will not oppose enforcement of this Consent Order on the grounds, 

if any exist, that it fails to comply with Rule 65(d) of the Federal Rules of Civil Procedure and 

hereby waives any objection based thereon; 

10. Agrees that neither he nor any of his agents or employees under his authmity or 

control shall: (i) take any action or make any public statement denying, directly or indirectly, any 

allegation in the Amended Complaint and/or this Consent Order; (ii) take any action or make any 

public statement creating or tending to create the impression that the Amended Complaint and/or 

this Consent Order is without a factual basis; or (iii) permit any public statement to the effect that 

Defendant does not admit the allegations of the Amended Complaint, or that this Consent Order 

contains no admissions of the allegations; provided, however, that nothing in this provision shall 

affect his: (a) testimonial obligations, or (b) right to take legal positions in other proceedings to 

which the CFTC is not a party. Defendant further stipulates for purposes of exceptions to discharge 

set forth in Section 523 of the Banlcrnptcy Code, 11 U.S.C. § 523, that the allegations in the 

Amended Complaint are true, and further, that any debt for restitution, disgorgement, prejudgment 

interests, civil monetary penalty or other amount ultimately ordered due by Defendant under any 

judgment, order, consent order, decree or settlement agreement entered in connection with this 

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proceeding is a debt for violation by Defendant of federal commodities laws. Defendant shall 

comply with this agreement, and shall undertake all steps necessaiy to ensure that all of his agents 

or employees under his authority or control understand and comply with this agreement; 

11. Agrees that in connection with any Commission motion for restitution, 

disgorgement and/or civil monetary penalties, and at any hearing held on such a motion: 

(a) Defendant will be precluded from arguing that he did not violate the federal laws as alleged in 

the Complaint; (b) Defendant may not challenge the validity of his consents and agreements herein 

or this Consent Order; ( c) solely for the pmposes of such motion, the allegations of the Complaint 

and the Findings of Fact and Conclusions of Law in this Consent Order shall be accepted as and 

deemed true by the Comi; and ( d) the Court may determine the issues raised in the motion on the 

basis of affidavits, declarations, excerpts of sworn deposition or investigative testimony, witness 

testimony, and documentary evidence, without regard to the standards for summary judgment 

contained in Rule 56( c) of the Federal Rules of Civil Procedure. 

12. For purposes of the waiver of any and all rights under the Equal Access to Justice 

Act and the Small Business Regulat01y Enforcement Fairness Act of 1996, specified in Paragraph 

7, Defendant agrees that the Commission is the prevailing party in this action. 

13. Agrees that no provision of this Consent Order shall in any way limit or impair the 

ability of any other person or entity to seek any legal or equitable remedy against Defendant in any 

other proceeding; and 

14. Agrees that the issues of relief or remedies pursuant to Section 6c of the Act, 7 

U.S.C. § 13a-1, are reserved for further determination by this Court separately, and upon motion 

of the Commission or by a proposed consent order. 

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III. FINDINGS OF FACT AND CONCLUSIONS OF LAW 

The Court, being fully advised in the premises, finds that there is good cause for the entry 

of this Consent Order and that there is no just reason for delay. The findings and conclusions in 

this Consent Order are not binding on any other party to this action. The Court finds: 

15. This Court has jurisdiction over this action pursuant to Section 6c of the Act, 

7 U.S.C. § 13a-l. 

16. Venue properly lies with this Court pursuant to Section 6c( e) of the Act, 7 U.S.C. 

§ 13a-l(e), because acts and practices in violation of the Act occurred within this District. 

17. In United States v. Zixiao Wang, Crim. No. Sl 22 Cr. 673 (RA) (S.D.N.Y. 2022), 

Defendant entered into a w1itten agreement to plead guilty to c1iminal offenses including 

Conspiracy to Commit Commodities Fraud in violation of? U.S.C. §§ 9(1) and 13(a)(5); 18 U.S.C. 

§ 371; and 17 C.F.R. § 180.1, and in connection with that plea, made certain admissions. 

18. Defendant Wang violated Section 6(c)(l) of the Act, 7 U.S.C. § 9(1) and Regulation 

180.l(a)(l), (3), 17 C.F.R. § 180.l(a)(l),(3) (2021) by intentionally or recklessly, in connection 

with any swap, or contract of sale of any commodity in interstate commerce, or contract for future 

delivery on or subject to the rules of any registered entity, directly or indirectly: using or 

employing, or attempting to use or employ, a scheme or artifice to defraud; and/or engaged in, or 

attempted to engage in, acts, practices, or a course of business that operated or would operate as a 

fraud or deceit on any person. Defendant Wang is therefore liable on Count I of the CFTC' s 

Amended Complaint. 

IV. PERMANENT INJUNCTION 

19. Based upon and in connection with the foregoing conduct, pursuant to Section 6c 

of the Act, 7 U.S.C. § 13a-1, Defendant Wang is pennanently restrained, enjoined and prohibited 

from, directly or indirectly in connection with any swap, contract of sale of any commodity in 

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interstate commerce, or contract for future delive1y on or subject to the mies of any registered 

entity, using or employing, or attempting to use or employ, a scheme or artifice to defraud; and/or 

engaging in, or attempting to engage in, acts, practices, or a course of business that operates or 

would operate as a fraud or deceit upon any person, in violation of Section 6( c )(I) of the Act, 7 

U.S.C. § 9(1) and Regulation 180.l(a)(l), (3), 17 C.F.R. 180. l(a)(l), (3) (2021). 

V. MISCELLANEOUS PROVISIONS 

20. The Court reserves the determination of fu1ther appropriate relief. 

21. The injunctive and equitable relief provisions of this Consent Order shall be binding 

upon the following persons who receive actual notice of this Consent Order, by personal service 

or otherwise: (1) Defendant; (2) any officer, agent, servant, employee, or attorney of the 

Defendant; and (3) any other persons who are in active concert or participation with any persons 

desc1ibed in subsections (I) and (2) above. 

19. This Consent Order may be executed in two or more counterparts, all of which shall 

be considered one and the same agreement and shall become effective when one or more 

counterpaits have been signed by each of the parties hereto and delivered (by e-mail, or otherwise) 

to the other party, it being understood that all parties need not sign the same counterpart. Any 

counterpait or other signature to this Consent Order that is delivered by any means shall be deemed 

for all purposes as constituting good and valid execution and delivery by such party of this Consent 

Order. 

20. Defendant understands that the terms of the Consent Order are enforceable through 

contempt proceedings, and that, in any such proceedings, he may not challenge the validity of this 

Consent Order. 

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There being no just reason for delay, the Clerk of the Comt is hereby ditected to enter this 

Consent Order of Judgement Against Defendant Zixiao Wang as to Liability on Count I of the 

CFTC's Amended Complaint. 

IT IS SO ORDERED on this J)~ay of_-'-"--------' 2022. 

u 

CONSENTED TO AND APPROVED BY: 

Zixiao "Gary" \Vang 

Zixlao "Gmy" Wang 

APPROVED AS TO FORM: 

)!)_ __ ;-r 

Dan T. Graff 

Date: December 20, 202_2 

Ilan T. Graff 

F1ied, Frank, Hanis, Shriver & Jacobson LLP 

One New York Plaza 

New York, J\,"\' 10004 

Telephone: (212) 859-8931 

llan.Graff@friedfrank.com 

Attorney for Defendant Zzxiao 

·'Gmy" Wang 

7 

Commodity Futures Trading Commission: 

'.' Dlgltally signed by NINA 

NINA RUVINSKy'~~~t;;;,1221084757 -06'00' 

Nina Ruvinsky 

Nina Ruvh1sky 

Carlin Metzger 

Elizabeth N. Pendleton 

Robert T. Howell (pro hac vice.forthcoming) 

Ralph Metcalfe Federal Office Building 

77 \V. Jackson, Suite 800 

Chicago, IUinois 60604 

(312) 596-0700 

(312) 596-0714 (fax.) 

;u·uvinsk;,@cfic.gov 

cmetzg¢r@cfic.gov 

ependleton@cftc.gov 

rhowel/@cfic.gov 

Attorneys for Commodity F!ttures Trading 

Commission