Former FTX executives Nishad Singh and Gary Wang to be sentenced later this year

After testifying against their former colleague Sam Bankman-Fried, FTX co-founder Gary Wang and FTX’s former Engineering Director Nishad Singh will be sentenced later this year.

Singh will be sentenced on October 30 in a New York courtroom, while Wang will face sentencing on November 20, The Block reports.

Both former FTX executives have pleaded guilty and cooperated with prosecutors.

Facing the possibility of decades in prison, the duo will “likely receive a heavy reduction in their sentence,” The Block quotes Braden Perry, partner at Kennyhertz Perry and a former federal enforcement attorney.

During Bankman-Fried’s trial, Singh said the Bahamas penthouse he and others shared with Bankman-Fried was “super ostentatious” and described how they nearly bought a more affordable place, but “Sam’s a fan of views.”

Wang also testified and said that, under Bankman-Fried’s direction, Alameda Research was given the ability to withdraw funds even if its account had a negative balance.

Bankman-Fried was sentenced to nearly 25 years in prison on March 28 and ordered to pay back up to $11 billion in investor and lender losses.

The former FTX CEO was found guilty in November 2023 of seven criminal counts, including two counts each of wire fraud and conspiracy to commit wire fraud, as well as several counts of conspiracy to commit securities and commodities fraud, among other criminal acts.

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