CandleFocus CHART: FTX and Alameda execs get a total of 34.5 years in prison
2024-11-20
Author: Content Editor
The co-founder of FTX, Gary Wang, has been sentenced to time served and supervised release for his involvement in the multi-billion dollar FTX fraud scheme. Only three out of the five executives implicated in the theft will serve time in prison. The mastermind behind the theft, FTX founder Sam Bankman-Fried, received the longest sentence of 25 years in prison. Ryan Salame, the CEO of FTX Digital Markets, was sentenced to seven and a half years for misusing customer funds for political donations. Caroline Ellison, the co-CEO of Alameda Research, received a two-year sentence due to her cooperation with prosecutors. Wang and FTX's Director of Engineering, Nishad Singh, avoided prison due to their cooperation and less significant roles in the fraud. In total, the sentenced executives have received a combined sentence of 34.5 years in prison.
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