Sunday, June 23, 2024

Ryan Salame, Former FTX Executive, Jailed for 7.5 Years in a Crypto Fraud.

Ryan Salame, a former CEO of FTX, was sentenced to 90 months, or 7.5 years, in prison, according to a release issued by the Southern District of New York U.S. Attorney’s Office on Tuesday.

Ryan Salame gave his consent to advance the goals of FTX, Alameda Research, and his accomplices through an unlicensed money-transmitting enterprise and an illegal political influence campaign, according to a statement released by U.S. Attorney Damian Williams. By doing so, FTX was able to expand more quickly and illegally. “The public’s confidence in American elections and the integrity of the financial system were damaged by Salame’s involvement in two significant criminal felonies. The sentence of today emphasizes the serious repercussions of such actions.

In an attempt to win the court’s mercy and a lesser prison sentence of 18 months, Salame had already entered a guilty plea to conspiracy for making illegal political contributions, cheating the Federal Election Commission, and running an unregistered money-transmitting enterprise.

Salame’s attorneys requested mercy and a lesser term, pointing out that Salame started the FTX inquiry, complied with US authorities, and will always be stigmatized because of FTX’s demise.

Salame was also forced to pay more than $5 million in restitution and more than $6 million in forfeiture, in addition to receiving a term of three years of supervised release.

In order to avoid going to jail, former Alameda-FTX executives Caroline Ellison and Gary Wang both entered plea agreements and admitted guilt.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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