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FTX co-founder Gary Wang seeks leniency before sentencing

FTX co-founder Gary Wang seeks leniency before sentencing

GrafaGrafa2024/11/08 04:00
By:Mahathir Bayena

Gary Wang, co-founder of the defunct cryptocurrency exchange FTX (CRYPTO:FTT), is requesting leniency from a federal judge as he awaits sentencing on November 20 in Manhattan federal court.

Wang is appealing for a non-custodial sentence based on his cooperation with prosecutors during the fraud trial against former FTX CEO Sam Bankman-Fried.

In a sentencing memo filed on November 6, Wang’s attorney, Ilan Graff, argued that his client’s lesser involvement in the FTX fraud scheme should be taken into account.

Graff noted that Wang was not aware of the fraudulent activities when they began and did not participate in any deception.

“Gary was unaware of the scheme when it started, never informed of its particulars, and unlike Bankman-Fried, Ellison, and Singh, never once took an affirmative step to deceive anyone,” Graff stated.

Wang’s role in the case was less central compared to other cooperating executives like Caroline Ellison and Nishad Singh, who testified against Bankman-Fried.

Graff emphasised that imposing prison time on Wang would create an “unwarranted sentencing disparity” when compared to the sentences received by Ellison and Singh.

Wang’s cooperation was instrumental in securing Bankman-Fried’s conviction, according to his attorney.

Personal factors were also highlighted in the memo, including Wang's efforts to rebuild his life after the collapse of FTX.

He began a new job at an imaging technology company in early 2023 and recently married.

Wang and his wife are expecting their first child shortly after his scheduled sentencing.

His attorney described him as someone who “wants nothing more than to be a good husband and father” while continuing to assist authorities in recovering funds for FTX victims.

Wang pleaded guilty in 2022 to federal charges related to defrauding investors and has been cooperating with investigators since then. 

His testimony has been crucial in the ongoing legal proceedings against Bankman-Fried.

At the time of reporting, the FTX Token (FTT) price was $1.71.

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