Crypto:
30205
Bitcoin:
$68.374
% 1.78
BTC Dominance:
%54.1
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Market Cap:
$2.48 T
% 1.89
Fear & Greed:
72 / 100
Bitcoin:
$ 68.374
BTC Dominance:
% 54.1
Market Cap:
$2.48 T

U.S. Prosecutors Recommend Former FTX Executive Ryan Salame Receive Five to Seven Years in Prison

Ftx

Ryan Salame’s sentence will be determined on May 28. Salame admitted to the charges last September. U.S. prosecutors are recommending a five- to seven-year prison sentence for former FTX executive Ryan Salame, who pleaded guilty last September.

Salame’s lawyers requested the court to impose a maximum prison sentence of 18 months. But prosecutors said a significant prison sentence was necessary, well beyond the 18-month sentence requested by Salame.

Prosecutors stated that Salame’s claim that his crimes were aimed only at helping FTX and the cryptocurrency industry is not a mitigating factor and is contradicted by the evidence. “It contradicts the evidence that he benefited personally in many ways,” they said.

“Only a substantial prison sentence can appropriately reflect the nature and seriousness of his actions and provide sufficient deterrence,” prosecutors added.

However, Salame’s lawyers argued that their client did not play a central role in the fraudulent activities and that he lost much of his personal wealth with the collapse of FTX. Former FTX CEO Sam Bankman-Fried was convicted of defrauding customers and sentenced to nearly 25 years in prison.

Salame’s sentence will be determined in a New York court on May 28. From 2019 to 2022, Salame served as a senior executive at Alameda Research and then FTX.com.

Prosecutors said Salame committed serious crimes to promote FTX’s growth and polish Bankman-Fried’s image.

“Campaign finance crimes are one of the largest in American history, with more than $1 billion exchanged in the unlicensed money transfer business without proper oversight,” prosecutors also said.


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