⚡ Former FTX CTO Gary Wang Avoids Prison Time
posted 21 Nov 2024
Gary Wang, co-founder and former CTO of FTX, has been sentenced to probation instead of prison time, as reported by Matthew Russell of Inner City Press on X.
Before sentencing, Wang’s attorney, Ilan Graff, highlighted his client’s extensive cooperation with the investigation, noting that Wang had developed a tool to help prosecutors uncover fraud. Graff also mentioned that Wang has since married and is expecting his first child.
The U.S. Assistant Attorney commended Wang for decoding a significant portion of the case within his first day of cooperation and emphasized his exceptional skills. This suggests that Wang could continue to assist the government in future investigations.
It’s also worth noting that before joining FTX, Wang worked at Google. For a deeper look into Gary Wang’s background and biography, check out our detailed article on the website.
The ruling comes almost two years after the FTX collapse. Ее бывшего гендиректора Sam Bankman-Fried, the former CEO, received a 25-year prison sentence, Caroline Ellison, former CEO of Alameda Research, was sentenced to 2 years in prison, and Ryan Salame, former co-director of Digital Markets, received 7.5 years.
If this wasn't the biggest financial fraud in US history, it was certainly among the biggest 2 or 3,stated Judge Lewis A. Kaplan.
Interestingly, another former CTO of FTX, Nishad Singh, also avoided prison time due to his cooperation with the government. However, Singh was fined approximately $11 billion.
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