Manhattan Federal Court records show that sentencing hearings for two former executives of the bankrupt cryptocurrency exchange FTX have been scheduled.
One of the former executives is Nishad Singh, who has admitted to participating in defrauding clients and investors, as well as engaging in a campaign finance scheme using funds from FTX’s trading company Alameda Research to make illegal donations to political action committees and candidates.
Singh’s sentencing hearing is set for October 30th.
The other former executive is Gary Wang, who has also pleaded guilty to fraud. Wang’s sentencing hearing will take place on November 20th.
Both executives were core members of Sam Bankman-Fried’s circle, the former founder and CEO of FTX.
Bankman-Fried was sentenced to 25 years in prison in March 2023 for stealing $8 billion from FTX clients, with prosecutors calling it one of the largest financial fraud cases in American history.
Prosecutors are expected to request that presiding judge Lewis Kaplan consider Singh and Wang’s cooperation with the prosecution when determining their punishments.
In May, Kaplan sentenced former FTX executive Ryan Salame to seven and a half years in prison, exceeding the prosecution’s sentencing recommendation.
Salame was charged with conspiring to make illegal political donations and operating an unlicensed money transmission business, and the charges were proven.
Kaplan stated that Salame’s crimes, including undermining transparency in the 2022 election, should be severely punished to deter others.