Breaking: Gary Wang Spared Prison Time In FTX Fraud Case

Gary Wang, a former top executive at the now defunct FTX Derivatives Exchange will not face jail term in the trading platforms fraud case. In a rare form of leniency, Judge Lewis Kaplan of the US District Court ruled in Federal Court in Manhattan.

Gary Wang Escape FTX Wrath

Prior to this sentencing hearing, Wang pleaded guilty to his role in the FTX bankruptcy. Despite writing the code that created the backdoor that permitted Sam Bankman-Fried (SBF) steal about $8 billion in customer funds, Judge Kaplan lean on Prosecutors who insisted that Wang did not spend a dime of customers’ money.

Also, Ilan Graff, Gary Wang’s lawyer appealed to Judge Kaplan to spare him jail term for his cooperation with prosecutors. This ruling aligns with that of Nishad Singh, another top FTX insider who escaped jail-term in the fraud case.

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