Connect with us

Hi, what are you looking for?

Investing

US Prosecutors Seek 5-7 Years for Former FTX Executive Ryan Salame

The U.S. prosecutors are pushing for a prison sentence of five to seven years for the former FTX executive Ryan Salame.

According to a sentencing memorandum, the attorneys of the Southern District of New York have argued for an extended imprisonment term, citing the seriousness and the general deterrence in imposing sentence.

Former FTX Executive’s Crimes of Seriousness

The document stated that Salame was first the head of the Settlements Team at Alameda and then CEO of FTX Digital Markets from 2019 to 2022, during which he assisted Samuel Bankman-Fried in “perpetrating aspects of the interrelated frauds.”

The attorneys elaborated that Salame was found guilty for “unlicensed money transmission and false statements to banks” and “unlawful political contributions through Alameda.”

“For instance, he was relied upon to integrate FTX into the Bahamas (Def. Mem. at 9), and he spoke to Caroline Ellison about ways to retrieve funds from cryptocurrency exchanges in China that had frozen Alameda accounts (Tr. 830),” the memo reads.

The memo also included the recommended sentence of 120 months’ imprisonment by the Probation Office, considering serious offense conduct, the large amounts of money involved, and the need for general deterrence.

“In light of the defendant’s serious crimes, which were designed to undermine the integrity of the U.S. campaign finance system and the U.S. financial system, a substantial term of incarceration, well above the 18 months’ he requests, is required,” the memo reads.

Salame Requests 18 Months or Less

The lawyers of the defendant submitted the sentencing memo on May 14, urging a prison time no longer than 18 months.

“Such a sentence would satisfy the purposes of sentencing … while allowing Ryan to have the opportunity to continue contributing positively toward society,” the defendant’s sentencing memo reads.

Salame’s attorneys argued that he did not play a central role in the fraudulent activities and lost a significant portion of his personal fortune with the collapse of FTX. The sentencing is scheduled for May 28

The post US Prosecutors Seek 5-7 Years for Former FTX Executive Ryan Salame appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

    Editor's Pick

    For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

    Editor's Pick

    On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...

    Editor's Pick

    In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...



    Disclaimer: impactofincome.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 impactofincome.com