Gary Wang, co-founder of FTX and the exchange’s former chief technology officer, has formally requested that a federal judge waive jail time in his sentencing, emphasizing his cooperation in the fraud case against Sam Bankman-Fried.
Gary Wang Argues Limited Role in FTX Scandal
Wang’s November 6 memo, submitted to a Manhattan district court, highlights his role as a “cornerstone” witness in the government’s case, asserting that his testimony was critical to securing Bankman-Fried’s conviction. The judge ultimately sentenced Bankman-Fried to 25 years in prison for his role in the estimated $10 billion fraud against FTX’s customers.
In his request, Gary Wang positioned himself as having had “the most limited role” in the scheme compared to others in Bankman-Fried’s inner circle, including former Alameda Research CEO Caroline Ellison and FTX’s engineering director, Nishad Singh, both of whom received reduced sentences following their cooperation with the government.
Judge Lewis Kaplan is expected to deliver Wang’s sentence on Nov. 20, following a prior agreement in which Wang pled guilty to fraud and criminal conspiracy.
Commitment to Cooperation
In his sentencing memo, Wang argued that his cooperation with U.S. prosecutors and FTX’s bankruptcy estate warrants leniency. He noted his early decision to work with authorities, providing important insights into FTX’s systems and helping class-action groups affected by the exchange’s collapse.
Wang’s testimony in Bankman-Fried’s trial revealed the inner workings of FTX, including his former co-founder’s alleged directive to modify FTX’s code, which permitted Alameda Research to use customer funds illicitly.
Gary Wang stressed that jail time would create a sentencing disparity with Singh, who was also granted time served for his cooperation. In addition, Wang highlighted his limited involvement in the broader fraud, claiming he was kept in the dark by Bankman-Fried about key elements of the scheme until well after it was underway.
Future Goals
Alongside his plea for time served, Wang pointed out that jail time would hinder his ongoing collaboration with government agencies. According to his memo, Wang is actively working with prosecutors to develop software aimed at detecting financial fraud in public markets and has been asked to create tools for tracking illicit activity on crypto exchanges.
Wang also stated his personal responsibilities, explaining that he and his wife are expecting their first child, and he wishes to contribute financially to his growing family.
Meanwhile, Bankman-Fried recently appealed his 25-year jail time ruling, claiming he was “never presumed innocent.”
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