New York, Friday, November 08, 2024- FTX co-founder Gary Wang is set to be sentenced on November 20, 2024, in New York for his role in the exchange’s collapse.
Wang’s defense team is seeking to avoid a prison sentence, citing his cooperation with authorities and his lack of knowledge about the scale of the fraud.
Wang claims he did not know that FTX’s sister company, Alameda Research, was misappropriating customer funds, and only learned of the fraudulent activities after they had begun.
Wang, who pled guilty to fraud charges in December 2022, is expecting the birth of his son on November 27, 2024, which his lawyer argues should be considered during sentencing. The defense also highlighted Wang’s full-time employment as a software engineer, supporting forensic investigators, and maintaining his primary role as a financial provider for his pregnant wife, Cheryl Chen.
The case follows the downfall of FTX and Alameda Research, leading to former CEO Sam Bankman-Fried’s sentencing to nearly 25 years in prison for his involvement in the massive fraud scheme.
