FTX Co-Founder Gary Wang Avoids Prison Time

Gary Wang, co-founder and former CTO of FTX, received no prison time after cooperating extensively with federal prosecutors in the case against Sam Bankman-Fried, who is serving a 25-year sentence for a fraud that misappropriated over $11 billion. Judge Lewis A. Kaplan praised Wang for his pivotal role in exposing the scheme, noting his cooperation helped expedite Bankman-Fried's extradition from the Bahamas. Wang, who pleaded guilty to multiple felony counts, expressed deep remorse in court, acknowledging his actions caused harm to investors. Prosecutors highlighted Wang's limited culpability in the fraud, noting he did not write the code that facilitated the theft but contributed significantly to unraveling the case. Wang is now sentenced to three years of supervised release following a period of cooperation that included developing software to assist in detecting other financial frauds. His testimony and assistance have positioned him as a key figure in the aftermath of the FTX scandal, which has been described as one of the largest financial frauds in U.S. history.