Gary Wang Asks Judge to Grant No Prison Sentence in FTX Case

Gary Wang, a co-founder of FTX, is requesting a similar conclusion from a federal judge in Manhattan, following the mild punishment of former FTX engineering chief Nishad Singh. Wang, a longtime business associate and personal friend of former FTX CEO Sam Bankman-Fried, has filed a lawsuit seeking to avoid a jail term. Ilan Graff, his lawyer, contends that after Singh’s non-custodial sentence, a prison term would result in a “unwarranted sentencing disparity.”

Wang’s Role in FTX and Call for Equal Treatment

Wang’s attorney, Graff, contends that his client’s involvement in FTX’s fraudulent activities was minimal compared to other executives. Unlike Bankman-Fried or former Alameda Research CEO Caroline Ellison, Graff claims that Wang did not knowingly engage in deceptive practices. “Gary was unaware of the scheme when it started,” he wrote in a memo to the court, further emphasizing that Wang never took “an affirmative step to deceive anyone.” According to Graff, Wang’s role was largely operational, and he was left out of key decisions that led to the misuse of customer funds.

Like his colleagues, Wang testified in court against Bankman-Fried, detailing his role in altering FTX’s code at Bankman-Fried’s request to enable Alameda Research access to customer funds. This decision, according to Wang’s defense, was executed without a full understanding of the consequences.

The legal memo highlights Wang’s personal circumstances, including his wife’s pregnancy, with their child expected shortly after Wang’s scheduled sentencing on November 20. Wang has since moved forward professionally, securing a job at an imaging technology company earlier this year. His memo underscores his intention to “be a good husband and father” and his dedication to supporting the government’s efforts to aid FTX victims and prevent similar frauds in the future.

Gary Wang’s association with Sam Bankman-Fried dates back to their teenage years, having first met at a math camp before rooming together at MIT. Their friendship led to co-founding FTX in 2019, with Wang serving as chief technology officer and Bankman-Fried as CEO. Prior to FTX, Wang worked at Google and later joined Bankman-Fried at Alameda Research.

Wang was one of the first executives to assist federal authorities when FTX collapsed, offering information that further revealed Bankman-Fried’s involvement in a $10 billion fraud operation that deceived investors and consumers. Ellison was given a two-year sentence after her lawyers first asked for leniency, while Bankman-Fried was later given a 25-year prison term.

Wang’s plea, which highlights his commitment to accountability and personal development in the wake of one of the biggest cryptocurrency scandals to date, strengthens his case for justice and a new beginning as he awaits sentencing.