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Gary Wang, co-founder of FTX, requested to avoid imprisonment from a federal judge. He stated that he would testify against his longtime business partner, Sam Bankman-Fried. This request followed Wang’s admission of his involvement in fraud and conspiracy charges related to FTX’s bankruptcy in 2022.
Defense by His Attorney
Wang’s attorney presented a sentencing memorandum to the Manhattan Federal Court, arguing that his client should not be incarcerated. The attorney emphasized that Wang’s assistance to prosecutors and his role in the scheme were considerably lesser compared to others.
Wang was one of the first executives to share information with authorities about FTX and Alameda Research. Attorney Graff noted that Wang was not involved at the start of the fraud scheme and did not engage in deceptive activities, unlike other executives.
Other Developments
Wang’s attorney mentioned that he is expecting the birth of his first child shortly after the hearing date, arguing it would be fair for him to stay with his family. Additionally, it was reported that the U.S. government is seeking to recover approximately $13.25 million in political donations made by FTX executives. Chief Judge Lewis Kaplan granted extra time for the return of these funds.
Wang’s hearing is set for November 20, and according to his attorney’s defense, Wang’s cooperation in the FTX case, considering his lesser role, provides sufficient grounds for him to avoid imprisonment.
Wang’s situation illustrates the significance of cooperation in resolving the FTX scandal. His attorney argues that Wang is less culpable than other executives and should not face imprisonment to support his family. This highlights the impact of cooperation on sentencing in similar cases.
