NEW YORK – Former Voyager Digital CEO Stephen Ehrlich has been slapped with a hefty penalty and trading ban following a CFTC enforcement action, the agency announced on September 15, 2025. The U.S. District Court for the Southern District of New York entered a consent order against the Tennessee resident, resolving charges stemming from the collapse of Voyager Digital Ltd., Voyager Digital Holdings Inc., and Voyager Digital LLC.
Ehrlich is required to disgorge $750,000, which will be distributed to affected Voyager customers through the ongoing bankruptcy liquidation process. The order also includes a three-year ban on Ehrlich registering with the CFTC and prohibits him from managing or advising the trading of any third parties. Critically, the court permanently enjoined Ehrlich from violating anti-fraud provisions of the Commodity Exchange Act and related CFTC regulations.
The CFTC’s complaint, initially filed in October 2023, formed the basis of the settlement. Acting Chief of the Division of Enforcement’s Retail Fraud and General Enforcement Task Force, Charles Marvine, emphasized the agency’s commitment to protecting investors in the digital asset space. “Compensating victims and limiting a defendant’s ability to cause future harm are squarely within the CFTC’s core mission,” Marvine stated.
The CFTC acknowledged the assistance provided by the Federal Trade Commission during the investigation. The case was led by Alan Simpson, Anthony Biagioli, Stephen Turley, Rachel Hayes, Christopher Reed, and Charles Marvine of the Division of Enforcement. Voyager Digital filed for bankruptcy in July 2022, leaving numerous customers with substantial losses.
This resolution marks another step in the CFTC’s increasing scrutiny of the cryptocurrency industry and its leaders, signaling a willingness to pursue enforcement actions against those alleged to have defrauded investors.
Source: CFTC.gov
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