Gary Wang Requests Leniency in FTX Case, Aims for No Imprisonment
Gary Wang, the former CTO of FTX, seeks to avoid prison time as he prepares for sentencing following his guilty pleas related to the exchange's collapse.
I, Gary Wang, the former chief technology officer at FTX and a one-time member of former CEO and convicted fraudster Sam Bankman-Fried’s inner circle, have requested that I serve no prison time for my role in the crypto exchange’s 2022 implosion.
Wang will become the fourth FTX employee to be sentenced. He pleaded guilty to four criminal counts — wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud — in December 2022.
Though the charges carry a maximum combined sentence of 50 years in prison, the sentences received by Wang’s former colleagues are likely indicators of how Judge Lewis Kaplan of the Southern District of New York (SDNY) will sentence Wang on November 20. Sam Bankman-Fried was sentenced to 25 years in prison in March after being convicted of multiple charges. Ryan Salame received a 7.5-year sentence without cooperation. Caroline Ellison was sentenced to 2 years for the same charges as Bankman-Fried.
In their sentencing memo submitted to the court, Wang’s lawyers argued that the factors leading to Singh’s time-served sentence are “similarly applicable” to Wang, asserting that his involvement was significantly less than that of Bankman-Fried or Ellison. They highlighted that unlike Singh, Wang did not engage in money laundering or benefit from illicit financial gains.
Wang’s role was primarily technical; he wrote software code for the FTX platform, establishing features that were exploited by Bankman-Fried. Despite these issues, Wang has maintained a more humble lifestyle, living with his mother post-collapse and securing a new job.
Wang is set to be sentenced on November 20.