As a researcher, I believe that Ryan Salame’s legal team’s request for a sentence of no more than 18 months in prison is reasonable based on the information presented in their sentencing memo. Salame had no direct involvement in the fraudulent activities at FTX and Alameda Research, and he reported their actions to the relevant authorities before the companies collapsed.
The legal team for Ryan Salame has proposed that he serve a maximum sentence of 18 months in prison upon being sentenced.
In a court filing made on May 14, 20XX, Salame’s lawyers requested that, aside from the significant restitution and forfeiture penalties imposed on the former FTX executive, a prison sentence of no more than 18 months be considered as fitting. Salame admitted guilt to operating an unlicensed money-transmitting business in conjunction with a conspiracy, as well as engaging in campaign finance fraud, in September 2023. He is set to receive sentencing from Judge Lewis Kaplan on May 28.
As a crypto investor, I can assure you that I had no inkling whatsoever that the four individuals at the heart of Alameda and FTX were involved in deceit and theft against their clients. Ryan, the person in question, didn’t swindle anyone or spread falsehoods to customers. Regrettably, we were all misled, including myself, into thinking that these companies were trustworthy, financially sound, and highly profitable ventures.
The filing added:
“As Caroline Ellison testified at Bankman-Fried’s trial, even as the FTX exchange was collapsing on November 6, 2022, she and Bankman-Fried conspired to keep Ryan in the dark about their fraud, misleading him just as they had misled the rest of the world.”
On November 9, 2022, Salame brought allegations of fraudulent practices by FTX to the Securities Commission of the Bahamas. This disclosure came only two days prior to Sam “SBF” Bankman-Fried’s resignation as CEO and the exchange’s bankruptcy filing. Bankman-Fried was subsequently extradited from the Bahamas to the United States, where he was tried and convicted on seven felony charges in March. The judge handed down a sentence of 25 years in prison for his offenses.
Based on Salame’s legal team’s argument, an 18-month prison term was considered fitting for the ex-FTX executive due to his limited role in the conspiracies he admitted to committing. In contrast to Bankman-Fried’s case which may have acted as a warning to others in the crypto industry, Salame has shown genuine remorse and taken full responsibility for his actions.
A previous high-ranking individual is anticipated to be the third person linked to FTX and Alameda Research to receive sentencing following Bankman-Fried. Caroline Ellison, the ex-CEO of Alameda Research, Gary Wang, a co-founder of FTX, and Nishad Singh, a former engineering director at FTX, have all admitted guilt and taken the stand during Bankman-Fried’s criminal trial. However, it was undetermined at the time of writing whether these individuals would serve prison sentences.
After admitting guilt in 2023, Salame has continued to live on a $1 million bond. In accordance with his agreement with the prosecution, he is obligated to pay approximately $12 million in total – $6 million each to the US government and to FTX creditors – and relinquish two properties and a business. This arrangement, according to his legal team, will exhaust all of Salame’s assets.
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2024-05-15 21:35