Former FTX Execs Nishad Singh, Gary Wang to Be Sentenced Later This Year
FTX's Nishad Singh and Gary Wang will be sentenced this year after pleading guilty and testifying against Sam Bankman-Fried.
Nishad Singh, former Director of Engineering, and Gary Wang, former Chief Technology Officer of FTX, are slated for sentencing on October 30 and November 20, 2024, respectively. Both pled guilty to multiple fraud-related charges and testified against their previous boss, Sam Bankman-Fried, at his trial last year, revealing crucial details about the financial misconduct at the company.
During Sam Bankman-Fried's trial, both Singh and Wang spoke about their involvement and the internal practices at FTX. Singh disclosed awareness of an $8 billion deficit in FTX's finances and acknowledged signing off on dubious transactions. He admitted to programming systems that routed customer deposits to Alameda accounts and provided Alameda with special privileges unavailable to other customers.
Wang, responsible for developing parts of the FTX website, revealed that the so-called 'public insurance fund' figure was fabricated. He testified he cooperated with the FBI to avoid imprisonment. Another former executive, Caroline Ellison, has also pleaded guilty but has yet to receive a sentencing date, while Ryan Salame, another executive, received a 7.5-year prison term for campaign finance violations.