At a recent hearing, Gary Wang, co-founder of FTX and close associate of Sam Bankman Fried, avoided prison and was released from three years incarcerated.
Former FTX executive Gary Wang avoided prison after helping to convict founder Sam Bankman-Fried (SBF). Even after pleading guilty to the FTX fraud, Wang cooperated with the court and the case and received a lenient sentence.
The judge asked Gary Wang to cooperate in the FTX case.
Judge Lewis A. Kaplan ruled out jailing Wang, saying he deserves a “new world” depending on his level of cooperation. “You did the right thing immediately,” Judge Kaplan said. The decision comes after Wang’s prominent role in exposing the misuse of $8 billion in customer funds at the collapsed cryptocurrency exchange.
Given his knowledge of FTX’s illegal operations, he agreed to cooperate with prosecutors and testified for the government in the trial of Mr. Bankman-Fried in 2023.
The ruling is the latest development in the FTX case, which has seen many key figures jailed, including Sam Bankman-Fried. The King’s cooperation with the authorities throughout the case was commendable. This includes developing tools to detect market fraud, which played a significant role in the outcome of his sentencing.
On March 28, 2024, Mr. Bankman-Fried was found guilty on seven charges, including fraud, conspiracy and money laundering. For this offense he was sentenced to 25 years in prison.
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