The Southern District of New York court will assess the extent of responsibility in the FTX Group multibillion-dollar fraud case of Caroline Ellison, Nishad Singh and Gary Wang, sources learned from Bloomberg. All three of Sam Bankman-Fried's former close friends pleaded guilty, took plea deals, and voluntarily agreed to testify against the former FTX chief in hopes of receiving a lighter sentence.
“All three played central roles in the FTX case and presented the jury with an emotional drama that captured the jury's attention and provided a picture of what happened. It would be difficult for a court to prove such a complex case without insider information,” admitted former federal prosecutor Jordan Estes.
Most legal experts agree that there has been a shift in society toward lighter sentences. And in the case of FTX, the relatively young age of the former top managers of FTX plus active cooperation with the investigation may work to their advantage.
“In the vast majority of cases, white collar corporate employees do not receive prison time,” Jordan Estes added.
However, this does not mean that Ellison, Singh and Wang will be able to avoid prison time. The court is waiting for a letter from the authorities outlining how the actions of former FTX employees helped in the investigation of the crime. Was the information provided useful and valuable? The final decision in the Ellison, Singh and Wang case rests with a federal judge.
Federal prosecutors say the FTX exchange case is one of the largest financial fraud cases in US history. And the largest in the last decade, which puts it on par with cases such as the Enron fraud and the Bernie Madoff scam.
A New York court on Thursday, March 28, announced the verdict of former FTX Group CEO Sam Bankman-Fried. The ex-crypto billionaire was found guilty of all charges brought by the prosecutor's office and must go to prison for 25 years
Source: Bits
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