US Judge Spares Former FTX Exec Gary Wang from Prison Time
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- Judge Lewis Kaplan of the United States District Court issued an unusually lenient ruling.
- Wang had already entered a guilty plea for his part in the FTX bankruptcy proceedings.
The trading platforms fraud case against Gary Wang, a former senior executive of the now-defunct FTX exchange, will not result in a prison sentence. Judge Lewis Kaplan of the United States District Court issued an unusually lenient ruling in Manhattan Federal Court.
Wang had already entered a guilty plea for his part in the FTX bankruptcy proceedings before this sentence hearing. Prosecutors claimed that Wang did not spend any of the $8 billion in customer cash, so Judge Kaplan relied on their word. Wang wrote the code that allowed Sam Bankman-Fried (SBF) to steal the money.
Multiple Considerations
Additionally, Gary Wang’s attorney Ilan Graff pleaded with Judge Kaplan to commute his prison sentence due to his client’s cooperation with the prosecution. The prosecutor’s office used this backing to speak highly of him. They pointed out that he had written code that the US government uses to combat stock market fraud.
A program he is developing to identify cryptocurrency-related fraud is also crucial to his plea deal’s chances of avoiding prison time. According to the prosecution’s arguments, he would have the opportunity to finish this project if he were to avoid prison time. Importantly, Judge Kaplan’s sway is partly based on how much his young family relies on him.
There are those besides Gary Wang who may feel fortunate to have avoided serving their sentence. This decision is in line with the one that Judge Lewis Kaplan made last month regarding Nishad Singh, another high-ranking FTX insider, who was also spared prison time.
Despite this, Ryan Salame, Caroline Ellison, and SBF did not get varying jail sentences. Although Judge Kaplan sentenced SBF to 25 years in prison, the former CEO plans to challenge the decision.
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