One of many FTX co-founders who pleaded responsible to huge fraud and cooperated in opposition to CEO Sam Bankman-Fried was sentenced Wednesday to time served.
Gary Wang, 32, walked out of Manhattan Federal Courtroom a free man.
New York federal prosecutors repeatedly praised Wang for his cooperation, describing him as the primary FTX worker to flip and support investigators within the case. The feds mentioned Wang “deciphered basically half the case for us” on his first day as a cooperating witness in November 2022.
The speedy investigation allowed U.S. authorities to shortly extradite Bankman-Fried from his palatial residence in The Bahamas and haul him earlier than a decide in Manhattan. After pleading not responsible, Bankman-Fried was convicted at trial and sentenced to 25 years behind bars.
Wang testified throughout three days of Bankman-Fried’s October 2023 trial. He advised authorities he inserted code into FTX’s operations that allowed its sister agency, Alameda Analysis, to have a preposterous $65 billion line of credit score and use buyer funds to pay losses. FTX finally stole $11 billion from its customers.
Wang was certainly one of a number of FTX workers to testify in opposition to Bankman-Fried. All of the cooperators have been praised by authorities for his or her assist to unravel the case, however Wang was the highest-profile particular person to obtain no extra jail time.
Caroline Ellison, Bankman-Fried’s ex-girlfriend and the CEO of Alameda, bought two years in jail.
Wang mentioned he “took the cowardly path instead of doing the right thing. Nothing I do will ever be able to make up for it.”
Initially Printed: November 20, 2024 at 5:54 PM EST
