FTX CTO Gary Wang avoids prison time

In Brief

Not every former top FTX executive is heading to prison.

Gary Wang, former FTX chief technical officer, wasspared prison time by U.S. District Judge Lewis Kaplan today. Judge Kaplan praised Wang’s cooperation with federal authorities. Wang testified against former FTX founder and CEO Sam Bankman-Fried at his trial last fall.

Wang pleaded guilty to four felony counts of fraud and conspiracy.

Former FTX CEO Bankman-Fried was sentenced to 25 years in prison last year, a sentence he filed to appealin September. Caroline Ellison, the former CEO of FTX-affiliated Alameda Research, was sentenced to two years in prison in September.

FTX and Alameda both filed for Chapter 11 bankruptcy in November 2022 following a run on FTX’s assets by investors and revelations of fraudulent activity at the company.