Gary Wang, Ex-CTO of FTX, Avoids Prison Sentence Following Cooperation
Gary Wang, former CTO of FTX, was granted leniency by a judge for his extensive assistance in the trial of Sam Bankman-Fried, escaping a prison sentence.
Gary Wang, the former chief technology officer at FTX, was spared prison time by a judge on Wednesday.
Wang immediately collaborated with prosecutors after the company's collapse in 2021. His cooperation earned him a "world of credit," as stated by the judge during the ruling.
He was the final FTX executive to receive sentencing. Wang pled guilty in December 2022 to multiple criminal charges, including wire fraud and securities fraud. His extensive cooperation with U.S. prosecutors was critical in securing the conviction of Sam Bankman-Fried, allowing him to avoid prison time according to Judge Lewis A. Kaplan.
Following FTX's downfall, Wang was among key witnesses against Bankman-Fried along with Caroline Ellison, who managed Alameda Research and was also in a relationship with him. The judge highlighted that Wang's significant assistance justified the leniency granted.
The harshest sentence was given to Ryan Salame, who is facing seven and a half years behind bars for campaign finance violations. In a remorseful statement, Wang expressed his regret for his actions related to FTX's fraudulent activities, saying he could have acted differently.
