After the conviction of the former head of the collapsed FTX crypto exchange, the attention of the investigation shifted to his closest associates, who opposed the disgraced boss in court.
The Court of the Southern District of New York will evaluate the measure of responsibility in the case of multi-billion-dollar fraud FTX Group Caroline Ellison( Caroline Ellison), Nishad Singh (Nishad Singh) and Gary Wang (Gary Wang), learned sources Bloomberg. All three former close friends of Sam Bankman-Fried pleaded guilty, made a deal with the investigation, and voluntarily agreed to testify against the former FTX CEO in the hope of getting a lighter sentence.
"All three played a central role in the FTX case and presented the jury with an emotional drama that captured the jury's attention and gave a picture of what happened. It would be difficult for a court to prove such a complex case without insider information," said former federal prosecutor Jordan Estes.
Most legal experts agree that there has been a shift in society towards more lenient sentences. And in the case of FTX, the relatively young age of former FTX top managers, plus active cooperation with the investigation, may work in their favor.
"In the vast majority of cases, white — collar employees do not receive prison sentences," added Jordan Estes.
However, this does not mean that Allison, Singh and Wang will be able to avoid jail time. The court is waiting for a letter from the authorities stating how much the actions of former FTX employees helped in the investigation of the crime. Whether the information provided was useful and valuable. The final decision in the case of Ellison, Singh and Wang is in the hands of a federal judge.
Federal prosecutors say the FTX exchange case has become one of the largest financial fraud cases in U.S. history. And the largest in the last decade, which puts it on a par with such cases as the Enron fraud and the Bernie Madoff scam.
