Gary

Billion

Coin

<ul class="wp-block-list news-points"><li>Judge Lewis Kaplan ruled no prison time for FTX co-founder Gary Wang, citing his cooperation in the case.</li><li>The judge sentenced him to time served, three years of supervised release, and ordered the forfeiture of $11 billion.</li><li>Attorney Nicolas Roos states Wang’s immediate decryption of FTX’s code had significantly helped in the investigation’s progress</li></ul>Gary Wang, co-founder and former Chief Technology Officer of FTX, has been <a href="https://www.bnnbloomberg.ca/business/company-news/2024/11/20/ex-bankman-fried-ally-gary-wang-avoids-prison-over-ftx-fraud/#:~:text=(Bloomberg)%20%2D%2D%20FTX%20co%2D,early%20cooperation%20in%20the%20case." rel="noopener noreferrer nofollow">spared prison time</a> in the FTX fraud case from his cooperation with authorities. On November 20, 2024, US District Judge Lewis Kaplan sentenced Wang to time served, three years of supervised release, and ordered him to forfeit $11 billion in illegally obtained funds.Wang, who testified against former FTX CEO Sam Bankman-Fried, was facing a potential 50 years on four criminal counts, including wire fraud and securities fraud conspiracy. Following former Engineering Chief Nishad Singh’s successful bid to avoid prison time earlier, Wang had sought a similar leniency, citing his own cooperation.On November 6, Wang’s lawyer <a href="https://coinedition.com/gary-wang-ftx-co-founder-pleads-for-non-custodial-sentence/" rel="noopener noreferrer nofollow">Ilan Graff submitted a sentencing memo to the court,</a> arguing the defendant deserved a non-custodial sentence. H…The post <a href="https://coinedition.com/ftx-fraud-case-gary-wang-spared-prison-but-instead-forfeits-11-billion/" rel="noopener noreferrer nofollow">FTX Fraud Case: Gary Wang Spared Prison, But Instead Forfeits $11 Billion</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

FTX Fraud Case: Gary Wang Spared Prison, But Instead Forfeits $11 Billion

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