Gary Wang, a former top executive at the now defunct FTX Derivatives Exchange will not face jail term in the trading platforms fraud case. In a rare form of leniency, Judge Lewis Kaplan of the US District Court ruled in Federal Court in Manhattan.
Gary Wang Escape FTX Wrath
Prior to this sentencing hearing, Wang pleaded guilty to his role in the FTX bankruptcy. Despite writing the code that created the backdoor that permitted Sam Bankman-Fried (SBF) steal about $8 billion in customer funds, Judge Kaplan lean on Prosecutors who insisted that Wang did not spend a dime of customers’ money.
SAM BANKMAN-FRIED’S FORMER DEPUTY GARY WANG SPARED PRISON TIME BY U.S. JUDGE OVER HIS ROLE IN FTX CRYPTO FRAUD
— *Walter Bloomberg (@DeItaone) November 20, 2024
Also, Ilan Graff, Gary Wang’s lawyer appealed to Judge Kaplan to spare him jail term for his cooperation with prosecutors. Drawing on this support, Prosecutors put in good word for him. They noted that he had previously built a software
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