Former FTX Exec. Ryan Salame To Face 7 Yrs Sentencing, Here’s All
Release: 2024/05/22 15:49 Reading: 880
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=198100
Ryan Salame Faces Potential Prison Sentence
Ryan Salame, a former executive at the defunct cryptocurrency exchange FTX, could face a prison sentence of five to seven years. Prosecutors are seeking this penalty due to Salame's involvement in one of the largest campaign finance offenses in American history and his role in operating an unlicensed money-transmitting business.
Prosecutors Seek Severe Penalty
Federal prosecutors have requested a significant prison sentence for Salame, arguing that his crimes warrant substantial punishment. In a sentencing memo filed in Manhattan federal court, they cited Salame's actions in enabling FTX to accept over $1 billion in customer deposits without proper licensing as part of a scheme that contributed to FTX's collapse.
Defense Advocates for Lighter Sentence
Salame's lawyers are seeking a lighter sentence of no more than 18 months. They highlight his early cooperation with authorities in the Bahamas, his efforts to alert them about potential fraud within FTX, and his personal circumstances, including his substance abuse treatment and his desire to start anew with his family.
First Sentencing in FTX Case
Salame's case marks the first sentencing of a top lieutenant of FTX co-founder Sam Bankman-Fried, who was sentenced to 25 years in prison earlier this year. Salame played a key role in the operations that led to FTX's downfall, joining its sister hedge fund, Alameda Research, in 2019 and becoming the CEO of FTX's Bahamian subsidiary in 2021.
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