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 <p class="is-style-lead">Former Southern District of New York <a rel="noopener noreferrer nofollow" title="prosecutor" href="https://thebittimes.com/tag/prosecutor.html">prosecutor</a> Josh Naftali said Caroline Ellison, Gary Wang and Nishad Singh will probably skip time behind bars due to their cooperation with federal attorneys in United States v Sam Bankman-Fried.</p>
 <p>“it’s the exception, not the rule,” Naftali noted on TechCrunch’s Chain Reaction podcast, referring to witnesses serving time after testifying for the government.</p>
 <blockquote class="wp-block-quote">
  <p>In a white collar case, where you’re a first time offender, as a <a rel="noopener noreferrer nofollow" title="cooperator" href="https://thebittimes.com/tag/cooperator.html">cooperator</a>, it’s pretty typical for the cooperating witness not to do actual jail time</p> <cite>Josh Naftali, former prosecutor</cite>
 </blockquote>
 <p>Naftali’s comments, backed by first-hand experience on the matter, correspond with <a rel="noopener noreferrer nofollow" title="prosecutor" href="https://thebittimes.com/tag/prosecutor.html">prosecutor</a> questioning and witness testimony during the criminal trial of FTX founder Sam Bankman-Fried.</p>
 <p>The three-star witness,&nbsp; ex-CEO of Alameda Research Caroline Ellison, former FTX and Alameda CTO Gary Wang and Nishad Singh, who was chief developer at both firms, all signed plea deals in exchange for a 5K letter.&nbsp;</p>
 <p>This 5K letter is issued by federal attorneys to the court, advocating for leniency in sentencing individuals who have admitted crimes but also aided the government’s case.</p>
 <div class="cn-block-related-link">
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Sam Bankman-Fried lived lavish lifestyle prior to FTX downfall
 </div>
 <p>The crimes committed at FTX under Bankman-Fried range from conspiracy to fraud, and add up to at least 50 years in a U.S. prison if convicted. Due to the 5K and plea agreement with the government, all three FTX <a rel="noopener noreferrer nofollow" title="cooperator" href="https://thebittimes.com/tag/cooperator.html">cooperator</a>s hope to avoid prison time altogether.&nbsp;</p>
 <p>Bankman-Fried, named as the person behind FTX’s downfall, did not receive a plea deal as he insisted on his innocence and has pled not guilty in a New York federal court before Senior District Judge Lewis A. Kaplan.</p>
 <p>Lawyers for the one-time crypto billionaire plan to mount a defense case starting Oct. 26 in the fourth week of the trial. Prosecutors and Judge Kaplan said the case could last four-to-six weeks while sentencing could happen 90 days after.</p>
 <div class="cn-block-related-link">
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> SBF trial day 12: FTX founder misled in-house lawyers on Alameda; use of customer funds
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-cooperators-unlikely-to-see-jail-time-says-ex-prosecutor-tbt67620.html">https://thebittimes.com/ftx-cooperators-unlikely-to-see-jail-time-says-ex-prosecutor-tbt67620.html</a></p>

FTX cooperators unlikely to see jail time, says ex-prosecutor

TheBitTimes

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