Former FTX and Alameda executives sentenced to a total of 34.5 years in prison

Odaily News As previously reported, FTX co-founder Gary Wang has been sentenced by a judge to avoid imprisonment, which means that only three of the five executives involved in the case will go to jail for the alleged fraud. Wang pleaded guilty to four charges, including wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, and conspiracy to commit securities fraud, and was sentenced on Wednesday to prison time already served and three years of supervised release. SBF, the mastermind of the case, founder of FTX and major shareholder of Alameda Research, was sentenced to 25 years in prison, the longest sentence. The second longest sentence was for Ryan Salame, CEO of FTX Digital Markets, who was sentenced to seven and a half years in prison for using customer funds for political donations. Caroline Ellison, co-CEO of Alameda Research, was sentenced to two years in prison for fraud and conspiracy, and she received leniency due to her cooperation with prosecutors and law enforcement. Wang and Nishad Singh, former director of engineering at FTX, avoided jail time, partly because of their cooperation with prosecutors and partly because they played only a marginal role in this massive fraud case. In total, former FTX and Alameda executives were sentenced to a total of 34.5 years in prison. (Protos)