Not all of FTX's former top executives will go to prison.
Former FTX Chief Technology Officer Gary Wang was spared prison time today by U.S. District Judge Lewis Kaplan. Judge Kaplan praised Mr. Wang's cooperation with federal authorities. Wang testified against former FTX founder and CEO Sam Bankman Fried in a trial last fall.
Mr. 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 and appealed in September. Caroline Ellison, the former CEO of FTX's Alameda Research, was sentenced to two years in prison in September.
FTX and Alameda filed for Chapter 11 bankruptcy protection in November 2022 following investors' hoarding of FTX's assets and revelations of fraud at the company.