Prosecutors Seek Lengthy Prison Term for Former FTX Executive
The U.S. prosecutors are advocating for a significant prison sentence of five to seven years for Ryan Salame, a former executive at FTX.
Salame’s Involvement in Fraudulent Activities
Salame, who served as the head of the Settlements Team at Alameda and later as the CEO of FTX Digital Markets from 2019 to 2022, has been accused of aiding in fraudulent activities alongside Samuel Bankman-Fried.
- Charges include unlicensed money transmission and false statements to banks.
- Salame was also involved in unlawful political contributions through Alameda.
The prosecutors highlighted specific instances where Salame was instrumental in carrying out these fraudulent activities, such as integrating FTX into the Bahamas and discussing fund retrieval from cryptocurrency exchanges in China.
Recommended Sentence and Defense’s Argument
The Probation Office has recommended a 120-month imprisonment term for Salame, emphasizing the severity of his offenses and the need for deterrence.
On the other hand, Salame’s defense team is pushing for a more lenient sentence of 18 months or less, citing his limited role in the fraudulent schemes and his personal losses following FTX’s collapse.
- The defense argues that a shorter sentence would allow Salame to make positive contributions to society.
- They claim that Salame’s involvement was not central to the fraudulent activities.
The sentencing for Salame is scheduled for May 28.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
