Former FTX executives Nishad Singh and Gary Wang are set to be sentenced for their roles in FTX’s downfall later this year, according to a court docket.
A July 9 docket entry shows that Judge Lewis Kaplan plans to sentence Singh, FTX’s former head of engineering, at 3:30 p.m. ET Oct. 30. Wang, FTX’s former technology chief, is set for sentencing at 3:30 p.m. ET Nov. 20.
Singh and Wang were confidantes and colleagues of FTX founder Sam Bankman-Fried, and testified against him in his criminal trial late last year. Bankman-Fried was found guilty of seven fraud-related charges and is currently serving – and preparing to fight – a 25-year sentence.
Wang pleaded guilty in December 2022 to four counts of wire fraud and wire fraud conspiracy, as well as conspiracy to commit commodities and securities fraud related to FTX’s collapse six weeks prior.
In February 2023, Singh pleaded guilty to one count of wire fraud, three counts of conspiracy to commit fraud, one count of conspiracy to defraud the United States by violating campaign finance laws and one count of conspiracy to commit money laundering.
The docket at time of publishing made no mention of the sentencing of Caroline Ellison, former CEO of FTX sister company Alameda Research. Ellison pleaded guilty in December 2022 to wire fraud and wire fraud conspiracy against FTX and Alameda Research customers, conspiracy to commit commodities and securities fraud, and conspiracy to commit money laundering. She also cooperated with the prosecution in its case against Bankman-Fried.
Although Wang and Singh – and Ellison – could each face decades in prison, it’s possible that their sentences will be reduced due to their testimonies against Bankman-Fried, according to Ryan Lee O’Neill, a white-collar criminal defense attorney at Stevens & Lee in New Jersey.
“They cooperated early enough to further the case’s momentum. Their testimony was incredibly important to securing a conviction – clear and compelling storytelling of the facts in an otherwise complex case,” she said. “These factors go a long way at sentencing when the Judge is evaluating cooperation credit.”
Wang suggested during his testimony that he was offered a 5K letter, which allows authorities to consider a sentencing reduction, in exchange for his testimony, CoinTelegraph reported.
Another former FTX executive, Ryan Salame, was sentenced in May to seven and a half years after pleading guilty to one charge each of violating campaign finance laws and operating an illegal money-transmitting business. He is set to begin his sentence on Aug. 29.
