{"id":99063,"date":"2024-11-07T02:19:55","date_gmt":"2024-11-07T06:19:55","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=99063"},"modified":"2024-11-07T02:20:45","modified_gmt":"2024-11-07T06:20:45","slug":"ftx-co-founder-gary-wang-asks-for-no-jail-time","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ftx-co-founder-gary-wang-asks-for-no-jail-time\/","title":{"rendered":"FTX Co-Founder Gary Wang Appeals for No Jail Time in Court"},"content":{"rendered":"\n

Gary Wang, one of Sam Bankman-Fried's longtime friends and a key witness at his trial, is scheduled to be sentenced on Nov.\u00a020.<\/p>\n\n\n\n

\"FTX<\/figure>\n\n\n\n

Gary Wang, co-founder of FTX and its former technology chief, has requested no prison time in a sentencing memo filed in a Manhattan district court \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>on November 6. <\/p>\n\n\n\n

Wang argues his \u201ctrial testimony was a cornerstone of the Government\u2019s successful case against Bankman-Fried,\u201d leading to the conviction and April sentencing of his co-founder Sam Bankman-Fried, who received 25 years.<\/p>\n\n\n\n

However, Wang highlighted his \u201cmost limited role\u201d in FTX\u2019s alleged $10 billion fraud compared to ex-Alameda Research CEO Caroline Ellison and FTX engineering director Nishad Singh. <\/p>\n\n\n\n

Both Ellison and Singh also reached plea agreements and testified against Bankman-Fried. <\/p>\n\n\n\n

Judge Lewis Kaplan, who sentenced Ellison to two years in September and gave Singh time served last month, will deliver Wang\u2019s sentence on November 20.<\/p>\n\n\n\n

Wang\u2019s memo emphasizes that a jail term for him would \u201ccreate an unwarranted sentencing disparity with Singh\u201d and \u201cfail to account for his relative culpability and exceptional cooperation.\u201d <\/p>\n\n\n\n

\"FTX
A highlighted excerpt of Wang\u2019s arguments for why he should be given a non-custodial sentence on Nov. 20. Source: CourtListener<\/em><\/figcaption><\/figure>\n\n\n\n

Moreover, Wang was an early cooperator with U.S. prosecutors, detailing FTX\u2019s systems<\/a>, assisting the bankruptcy estate, and supporting class-action suits.<\/p>\n\n\n\n

In Bankman-Fried\u2019s trial, Wang testified that Bankman-Fried instructed him to alter FTX\u2019s code to allow its sister hedge fund Alameda Research to access and trade customer funds until the 2022 collapse. <\/p>\n\n\n\n

Wang claimed he \u201cdid not have full visibility on the crimes,\u201d stating he learned of the misconduct \u201cafter it was well underway, having been lied to and deceived by Sam Bankman-Fried.\u201d<\/p>\n\n\n\n

Meanwhile, Wang also noted that a prison sentence would impact his ability to assist prosecutors and support his family, as he is employed as a software engineer and expecting a child with his wife. <\/p>\n\n\n\n

His contributions include collaborating with the government to develop software for detecting financial fraud in public markets, with plans for a tool \u201cfocused on identifying illicit activity on crypto exchanges.\u201d<\/p>\n\n\n\n

The memo concludes, \u201cGary wants nothing more than to be a good husband and father and continue his work with the Government and other stakeholders to facilitate FTX victims\u2019 recovery and mitigate the risk of future frauds.\u201d <\/p>\n\n\n\n

Meanwhile, Bankman-Fried has appealed his sentence<\/a>, arguing he was \u201cnever presumed innocent\u201d and that FTX could have reimbursed its customers\u2014a fact he claims the jury \u201cnever got to see.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Gary Wang, one of Sam Bankman-Fried’s longtime friends and a key witness at his trial, is scheduled to be sentenced on Nov.\u00a020. Gary Wang, co-founder of FTX and its former technology chief, has requested no prison time in a sentencing memo filed in a Manhattan district court on November 6. Wang argues his \u201ctrial testimony […]<\/p>\n","protected":false},"author":56,"featured_media":99067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[710,414,778],"class_list":["post-99063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-business","tag-court","tag-ftx"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/FTX-Co-Founder-Gary-Wang-Appeals-for-No-Jail-Time-in-Court.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/99063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=99063"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/99063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/99067"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=99063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=99063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=99063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}