3 sources·Business

FTX Co-Founder Gary Wang Receives Lenient Sentencing for Fraud Cooperation

Gary Wang, former FTX CTO, sentenced to time served after cooperating against Sam Bankman-Fried in fraud case, receiving praise for his collaboration.

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Updated: Nov 20th, 2024, 2:42 PM ET

Summary

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Gary Wang, former CTO of FTX, was sentenced to time served and three years of supervised release after testifying against founder Sam Bankman-Fried. Praised for his cooperation and efforts to recover funds for victims, Wang expressed deep remorse for his actions. He is the last of Bankman-Fried's inner circle to be sentenced, having pleaded guilty to multiple fraud charges. Judge Kaplan noted his limited culpability and Wang's ongoing cooperation in building software to detect financial fraud as significant contributions. His parents and pregnant wife attended the sentencing, showing familial support during this challenging time.

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