Sentencing Dates Set for Former FTX Executives

Hearings for the co-founder of the collapsed FTX exchange, Gary Wang, and its former CTO Nishad Singh are scheduled for the autumn, according to court documents.

Singh’s sentencing is set for October 30 in New York, while Wang’s will be on November 20. Both former executives of the trading platform have pleaded guilty and cooperated with the investigation.

The defendants face decades in prison; however, they are likely to receive a “significant reduction in sentence” following a government motion 5K1.1, said Braden Perry, a partner at the law firm Kennyhertz Perry and former federal prosecutor, in a conversation with The Block.

“Typically, [5K1.1] indicates substantial assistance and cooperation with authorities. As first-time white-collar offenders, Singh and Wang are likely to receive minimal prison time,” he added.

According to Perry, the final verdict depends on “the extent of assistance provided and the final guideline sentence based on the main case investigation report.”

Singh testified during the trial against former FTX CEO Sam Bankman-Fried, where he spoke about the CEO’s “unilateral” decisions and expenditures at Alameda.

Meanwhile, Wang disclosed details about how the exchange used a random number to generate the insurance fund’s volume.

In November 2023, a jury found Bankman-Fried guilty on all charges. In March 2024, he was sentenced to 25 years in prison. The founder’s lawyers have appealed the court’s decision.

In May, the Southern District of New York sentenced former CEO of FTX’s Bahamian division, Ryan Salame, to 7.5 years in prison.