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US gov’t points to Gary Wang’s ’outstanding cooperation’ in FTX case

US gov’t points to Gary Wang’s ’outstanding cooperation’ in FTX case

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Source: Coin Telegraph

Prosecutors suggested that the FTX co-founder would be better able to develop a tool to detect “potential illegal activity” in crypto markets if sentenced to time served.

FTX co-founder Gary Wang, scheduled to be sentenced for his role in the criminal misuse of funds at the defunct cryptocurrency exchange, could receive time served after a sentencing memo filed by the United States government.

In a Nov. 13 filing in the US District Court for the Southern District of New York, prosecutors penned a sentencing memo to highlight Wang’s “substantial assistance in the investigation of wrongdoing at FTX, the prosecution and trial of Bankman-Fried, and in other matters.” The FTX co-founder is scheduled to be sentenced on Nov. 20, following a December 2022 guilty plea for wire fraud, commodities fraud, and securities fraud.

Source: SDNY

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Author: Turner Wright