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Gary Wang, FTX’s co-founder, has asked through his legal team for a non-custodial sentence in a memo filed last November 6th in connection with the United States v. Sam Bankman-Fried. The computer programmer argued that he should not serve jail time over his supposed involvement with the failed FTX since he was a key witness against Sam Bankman-Fried. According to Wang’s lawyer, Ilan Graff, the respondent should not serve time since he has consistently cooperated, and this lack of guilt should result in a non-custodial sentence. Last March 28th, Sam Bankman-Fried was ordered to pay up to $11 billion in addition to a 25-year sentence. Wang’s official sentencing, as a party and key witness, is scheduled for November 20th. Gary Wang, A Key Witness Against FTX’s Bankman-Fried In a sentencing document filed last November 6th, Wang asked that he be spared from imprisonment since he helped in building the case. On page 2 of the document, The team of Gary Wang argued that Gary’s testimony was crucial to the case. A screenshot of Wang’s arguments for why he should be granted a non-custodial sentence. Source: CourtListener The document added that Wang “testified powerfully” for three days and shared how Bankman-Fried exploited the system to his benefit. Also, Wang stated that he had a limited role in the FTX’s fraud worth over $10 billion. Wang even compared his limited role to that of Caroline Ellison and Nishad Singh, who he argued had contributed more to the fraud. Total crypto market cap currently at $2.4 trillion. Chart: TradingView Wang’s Sentencing Set For November 20th According to reports, the sentencing is scheduled for November 20th, with Judge Lewis Kaplan on the bench. Last September, Judge Kaplan issued a two-year sentence for Ellison and Singh for time served. In his defense, Wang countered that…

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Filed under: News - @ November 8, 2024 5:09 am