According to court records, former FTX executives Nishad Singh and Gary Wang are scheduled to be sentenced later this year for their roles in FTX’s downfall.
According to a July 9 transcript, Judge Lewis Kaplan is scheduled to sentence FTX’s former engineering chief, Shin, on October 30 at 3:30 PM ET. Sentencing for FTX’s former technical chief, Wang, is scheduled for November 20 at 3:30 PM ET.
Singh and Wang were close friends and colleagues of FTX founder Sam Bankman-Fried, who testified against him late last year in his criminal trial after being convicted on seven fraud-related charges and is currently serving his sentence. Preparing for battle – 25 years imprisonment.
king He pleaded guilty in December 2022. He was charged with four counts of wire fraud and wire fraud conspiracy, as well as conspiracy to commit commodities and securities fraud in connection with FTX’s collapse six weeks ago.
In February 2023, Singh pleaded guilty to one count of wire fraud, three counts of conspiracy to defraud the United States in violation of campaign finance laws, and one count of money laundering conspiracy.
Court records at the time of publication make no mention of the sentencing of Caroline Ellison, former CEO of FTX sister company Alameda Research. Ellison pleaded guilty in December 2022 to wire fraud and wire fraud conspiracy, commodities and securities fraud conspiracy, and money laundering conspiracy against clients of FTX and Alameda Research. She also cooperated with prosecutors in the case against Bankman Freed.
Wang, Singh and Ellison each face decades in prison, but their testimony against Bankman Freed could result in their sentences being reduced, the people said. Ryan Lee O’Neill, a white-collar crime attorney with the New Jersey law firm of Stevens & Lee;
“They cooperated early enough to help build momentum in the case. Their testimony was critical to ensuring a conviction.” “Communicating the facts clearly and convincingly in a complex case,” she said. “These factors have a significant impact on sentencing when a judge is assessing the level of cooperation.”
During his testimony, Wang suggested he was offered a 5K letter that would allow authorities to consider a reduced sentence in exchange for his testimony. Cointelegraph report.
Another former FTX executive, Ryan Salame, Sentenced to seven and a half years in prison in May He pleaded guilty to one count each of violating campaign finance laws and operating an illegal money transmitting business, and is scheduled to begin his sentence on August 29.
