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Markets | November 7, 2024 | BitBulteni

Objection to Imprisonment Request from Gary Wang in FTX Case

Objection to Imprisonment Request from Gary Wang in FTX Case

Gary Wang, Sam Bankman-Fried's college friend and co-founder of FTX, is petitioning a federal judge to spare him prison time after FTX executive Nishad Singh was not sentenced to prison.

FTX co-founder Gary Wang is asking a federal judge for a ruling similar to the no-jail sentence granted to former engineering manager Nishad Singh.

Wang’s attorney, Ilan Graff, argued in a memorandum filed in Manhattan federal court that imposing a prison sentence on Wang after Singh escaped without prison time would create an “unfair sentencing disparity.”

Graff noted that Wang’s involvement in the fraud was much more indirect than other FTX executives who testified against former FTX CEO Sam Bankman-Fried. These executives include former Alameda CEO Caroline Ellison and former FTX engineering executive Nishad Singh.

“Gary was not aware of the scheme when it began, was not informed of its details, and unlike Bankman-Fried, Ellison, and Singh, did not take any deliberate steps to deceive anyone,” Graff wrote.

Like Ellison and Singh, Wang testified against his longtime friend Sam Bankman-Fried. He told the jury at trial that he was instructed to change FTX’s code so that Alameda Research could access customer funds. Graff also stated that Wang was expecting the birth of her son a few days after the sentencing hearing on November 20.

According to the letter, Wang has been working at an imaging technology company since February 2023 and now wants to “be a good husband and father and continue his work with the government and other stakeholders to compensate FTX victims for their losses and reduce the risks of future fraud.”

In his letter, Wang stated that he was not aware of the crimes committed and that he was deceived and defrauded by Bankman-Fried.

Wang is one of Bankman-Fried’s closest and most trusted colleagues. The two met at a math camp when they were young, and then became roommates in the same university dormitory at the Massachusetts Institute of Technology (MIT).

After working at Google, Wang worked with Bankman-Fried at Alameda Research before co-founding FTX with him in 2019. While Wang served as chief technology officer at the company, Bankman-Fried became the face of the company as FTX’s CEO.

Following FTX’s collapse, Wang was one of the first executives to meet with federal prosecutors to discuss a possible deal with them. Bankman-Fried was found to have defrauded customers and investors of approximately $10 billion, and was sentenced to 25 years in prison for his crimes.

Caroline Ellison was sentenced to two years in prison, even though her lawyers appealed for her to avoid prison time, just like Singh and Wang.

Tags: Gary WangFTX davasıhapis cezasıNishad SinghSam Bankman-FriedCaroline EllisonFTX dolandırıcılığı

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