BTCUSDT: FTX Ex-Executive Ryan Salame Receives 7.5-Year Prison Sentence
U.S. court has sentenced former FTX executive Ryan Salame to 7.5 years in prison. Additionally, Salame has been ordered to pay more than $6 million in forfeiture and more than $5 million in restitution.
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The U.S. Attorney’s Office for the Southern District of New York announced the sentencing in a release published on Tuesday.
“Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law,” said U.S. Attorney Damian Williams in a statement. “Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system. Today’s sentence underscores the substantial consequences for such offenses.”
Salame had previously pleaded guilty to conspiracy for unlawful political contributions, defrauding the Federal Election Commission, and operating an unlicensed money-transmitting business, hoping for leniency from the court and a shorter prison sentence of 18 months.
In seeking leniency and a shorter sentence, Salame’s attorneys highlighted his initiation of the FTX investigation, cooperation with U.S. authorities, and the lifelong stigma he faces due to FTX’s collapse.
Apart from the prison sentence, Salame has also been sentenced to three years of supervised release.
BTCUSDT: ‘Crypto King’s’ Right-hand Man Receives 7-Year Jail Term
Another former executive of FTX, a prominent cryptocurrency exchange, has been sentenced to prison for his role in the company’s collapse in late 2022. Ryan Salame, who served as the co-CEO of FTX’s Bahamian subsidiary, received a 90-month prison term, as announced by US federal prosecutors.
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Salame, described as a top lieutenant to Sam Bankman-Fried, the founder of the bankrupt crypto exchange, pleaded guilty in September of the previous year to charges related to violating political campaign finance laws and operating an illegal money-transmitting business.According to Damian Williams, the US Attorney for the Southern District of New York, Salame’s involvement in these crimes undermined public trust in American elections and the integrity of the financial system. In November of the same year, Salame was found guilty by a jury on seven fraud and conspiracy counts linked to FTX’s downfall, which prosecutors have labeled as one of the largest financial frauds in US history.
Salame’s sentence exceeded the five to seven years sought by prosecutors. Alongside the prison term, he was ordered to serve three years of supervised release and pay more than $6 million in forfeiture and over $5 million in restitution.
Salame is among four former top executives of Bankman-Fried’s companies who pleaded guilty to charges. This group includes former Alameda chief executive officer Caroline Ellison, former FTX technology chief Gary Wang, and former FTX engineering chief Nishad Singh.
FTX was once one of the world’s largest cryptocurrency exchanges before its downfall. The demise of the company led to Bankman-Fried’s conviction by a New York jury on charges including wire fraud and conspiracy to commit money laundering. The trial revealed how he had utilized customers’ funds to purchase property, make political donations, and invest in other ventures.
BTCUSDT: Former FTX Exec Ryan Salame Gets 90-Month Prison Term for Campaign Finance Violations
Former FTX executive Ryan Salame, who previously served as the co-CEO of FTX’s Bahamian subsidiary, has been sentenced to 90 months in prison by a US federal court. This sentencing comes after Salame pleaded guilty in September to engaging in illegal campaign payments totaling tens of millions of dollars to groups supported by his former boss, Sam Bankman-Fried, the operator of the now-defunct cryptocurrency exchange.
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Salame’s 90-month sentence exceeds the recommendation put forth by prosecutors, which suggested a term of five to seven years. In addition to the prison sentence, Salame has been ordered to serve three years of supervised release and pay nearly $6 million in forfeiture, along with over $5 million in restitution.
Salame, along with Bankman-Fried and former FTX engineering chief Nishad Singh, stands accused of utilizing FTX customer funds to support political candidates who advocate for crypto-friendly legislation. Salame’s defense argued that he was misled into believing that the company was reputable and financially stable. “He was duped, as was everyone else, into believing that the companies were legitimate, solvent, and wildly profitable,” stated Salame’s counsel in a filing submitted prior to the sentencing earlier this month.
During the 2022 election season, Salame made substantial political contributions totaling over $24 million to Republican politicians and groups, making him one of the top donors of the year, according to Federal Election Commission records. He pleaded guilty to one count of conspiracy to make illegal political contributions and one count of conspiracy to operate an unregistered money-transmitting company.
US Attorney Damian Williams of the Southern District of New York emphasized that Salame’s involvement in these serious federal crimes damaged public trust in American democracy and the integrity of the financial system.
Salame’s imprisonment follows Bankman-Fried’s sentencing to 25 years in prison for embezzling $8 billion from FTX customers. Bankman-Fried was convicted in November on seven counts of fraud and conspiracy related to FTX’s collapse in 2022, a financial disaster described by prosecutors as one of the largest frauds in US history.
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