Author: Oluwapelumi Adejumo, Cryptoslate; Compiler: Tao Zhu, Golden Finance
The sentencing of FTX executives Gary Wang and Nishad Singh is scheduled for later this year, according to court records on July 9.
Wang, the former chief technology officer and co-founder of the defunct exchange, will be sentenced on November 30. Meanwhile, a hearing for former engineering director Singh is scheduled for October 30.
Judge Lewis Kaplan, who presided over the trial of convicted FTX CEO Sam Bankman-Fried, will hear their case in a New York court. Bankman-Fried was sentenced to 25 years in prison in late March.
Wang and Singh, close associates of Bankman-Fried, pleaded guilty to criminal charges and cooperated with prosecutors after FTX collapsed in November 2022. Both executives testified to SBF, revealing they learned of the exchange's misconduct shortly before the exchange filed for bankruptcy.
Wang admitted to financial misconduct during his tenure at FTX and disclosed specific privileges granted to Alameda Research at the direction of Bankman-Fried. Singh testified about Bankman-Fried's "excessive" spending and unilateral use of Alameda's funds.
Legal experts say Wang and Singh could face decades in prison. However, their cooperation with authorities could result in significantly reduced sentences.
Previously, another FTX key figure, Ryan Salame, was sentenced to 7.5 years in prison for campaign finance violations and operating an unlicensed money transmission business. Interestingly, Salame has become an active user of social media platform X since his sentencing in May.
Caroline Ellison’s sentencing is still pending. The former CEO of Alameda Research also pleaded guilty to seven federal charges and testified at SBF.
During Bankman-Fried’s trial, Ellison, who is also his ex-girlfriend, testified that customer funds were used to fund Alameda’s activities.