Gary Wang, co-founder of FTX, has requested a federal judge not to sentence him to prison. Wang indicated his intention to testify against his long-time associate, Sam Bankman-Fried. This request follows Wang’s admission of his involvement in fraudulent activities and conspiracy charges resulting from FTX’s bankruptcy in 2022.
Defense from Wang’s Lawyer
Wang’s attorney presented a memorandum to the Manhattan Federal Court asserting that Wang should not receive a sentence. The defense highlighted Wang’s cooperation with prosecutors and argued that his role in the scheme was less significant compared to others involved.
Wang was among the first executives to share information with authorities regarding FTX and Alameda Research. Attorney Graff argued that Wang was not part of the initial stages of the fraud scheme and did not engage in deceptive actions unlike other executives.
Additional Developments
Wang’s lawyer noted that he is expecting the birth of his first child shortly after the hearing date, suggesting that it would be fair for him to remain with his family. There were also updates indicating that the U.S. government is attempting to recover approximately $13.25 million in political donations made by FTX executives. Chief Judge Lewis Kaplan granted additional time for these funds’ return.
Wang’s hearing is scheduled for November 20. According to the defense, Wang’s cooperation in the FTX case, considering his relatively minor role, provides sufficient grounds for him to avoid imprisonment.
