FTX co-founder Gary Wang avoids prison time for role in crypto fraud
Summary
Gary Wang, a former executive of bankrupt cryptocurrency exchange FTX, who testified against founder Sam Bankman-Fried, attends his sentencing on fraud charges at the United States District Court in Manhattan in New York City, U.S., November 20, 2024. Gary Wang, co-founder and ex-technology chief of FTX, was sentenced Wednesday to time served and three years of supervised release on each of the four counts he pled guilty to, becoming the fifth and final ex-employee of the collapsed crypto exchange to be punished. Alamedas ex-CEO Caroline Ellison, who was the star witness in Bankman-Frieds prosecution and his ex-girlfriend, was sentenced to two years in prison for her role in the crime. And Ryan Salame, another former top lieutenant of Bankman-Fried, was sentenced to seven and a half years in prison in May — beyond the upper limit recommended by prosecutors. The no-nonsense 78-year-old judge is a veteran of the Southern District of New York and has presided over some of the biggest cases to roll through the courthouse at 500 Pearl Street in downtown Manhattan.