FTX’s former Chief Technology Officer, Gary Wang, is making a plea for a non-custodial sentence as he awaits his upcoming sentencing date on November 20. In a sentencing memo dated November 6, Wang’s legal team emphasized his cooperation with law enforcement and his testimony against Sam Bankman-Fried.
According to the memo, Wang expressed deep remorse for his actions and has worked extensively to assist the Government and FTX victims. His lawyers argue that Wang had limited knowledge of the criminal activities taking place and only became aware of the scheme once it was already underway. They also highlighted that Wang played a minor role in the offense and was the first among the witnesses to fully cooperate.
Furthermore, Wang’s legal team pointed out that he did not receive substantial bonuses and earned significantly less compared to his peers at FTX and Alameda Research. They believe that imposing a prison sentence on Wang would be unjust, given his level of involvement and his collaboration with authorities.
Described as a quiet individual, Wang’s lawyers emphasized his commitment to making amends and helping FTX victims recover from the fraud. They stated that Wang’s actions since the collapse of FTX demonstrate his remorse and desire to move forward positively.
Wang is one of three FTX executives who pleaded guilty and testified against Sam Bankman-Fried during his trial last year. His testimony played a crucial role in securing Bankman-Fried’s conviction and subsequent 25-year prison sentence. Wang detailed how Bankman-Fried instructed him to modify FTX’s code, enabling Alameda Research to access customer funds, which ultimately contributed to the fraud allegations.
Additionally, Wang revealed that he questioned Bankman-Fried about the use of customer funds by Alameda, and was assured that there was enough collateral to cover the withdrawals. However, this assurance turned out to be false, leading to further complications in the case.
Overall, Wang’s plea for a non-custodial sentence is based on his cooperation with authorities, his limited involvement in the criminal activities, and his dedication to assisting FTX victims in recovering from the fraud. His legal team is hopeful that the court will consider these factors when determining his sentencing outcome.
