Prosecutors Seek 5 to 7 Years Prison Sentence for Former FTX Executive
U.S. prosecutors are advocating for a prison term of five to seven years for Ryan Salame, the former FTX executive, according to a sentencing memorandum from the Southern District of New York.
Details of Salame’s Crimes
The prosecutors detailed that Salame, who previously led the Settlements Team at Alameda and later served as the CEO of FTX Digital Markets, was involved in various fraudulent activities during his tenure from 2019 to 2022.
- Salame was found guilty of unlicensed money transmission, false statements to banks, and unlawful political contributions through Alameda.
- He played a significant role in integrating FTX into the Bahamas and facilitating the retrieval of funds from cryptocurrency exchanges in China.
- The Probation Office recommended a 120-month prison sentence due to the serious nature of the offenses, the substantial amounts of money involved, and the necessity for general deterrence.
Salame’s Defense Requests Shorter Sentence
In contrast, Salame’s defense team submitted a sentencing memo on May 14, requesting a prison term of no more than 18 months.
- They argued that a shorter sentence would allow Salame to positively contribute to society while serving his time.
- The defense emphasized that Salame played a lesser role in the fraudulent activities and suffered significant financial losses following FTX’s collapse.
- The final sentencing is set for May 28.
Hot Take: The Impending Sentencing Decision
As the sentencing date approaches, the fate of Ryan Salame hangs in the balance. Will the prosecutors’ push for a longer prison term prevail, or will the defense’s plea for a shorter sentence be considered? The decision could have significant implications for Salame’s future and serve as a reminder of the consequences of financial fraud and misconduct in the cryptocurrency industry.
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