FTX Fraud Case: Gary Wang Spared Prison, But Instead Forfeits $11 Billion
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- Judge Lewis Kaplan ruled no prison time for FTX co-founder Gary Wang, citing his cooperation in the case.
- The judge sentenced him to time served, three years of supervised release, and ordered the forfeiture of $11 billion.
- Attorney Nicolas Roos states Wang’s immediate decryption of FTX’s code had significantly helped in the investigation’s progress
Gary Wang, co-founder and former Chief Technology Officer of FTX, has been spared prison time in the FTX fraud case from his cooperation with authorities. On November 20, 2024, US District Judge Lewis Kaplan sentenced Wang to time served, three years of supervised release, and ordered him to forfeit $11 billion in illegally obtained funds.
Wang, who testified against former FTX CEO Sam Bankman-Fried, was facing a potential 50 years on four criminal counts, including wire fraud and securities fraud conspiracy. Following former Engineering Chief Nishad Singh’s successful bid to avoid prison time earlier, Wang had sought a similar leniency, citing his own cooperation.
On November 6, Wang’s lawyer Ilan Graff submitted a sentencing memo to the court, arguing the defendant deserved a non-custodial sentence. H…
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