As a researcher with a background in finance and real estate, I find the case of Ryan Salame’s plea agreement and the transfer of his Bahamian property to be quite intriguing. The fact that he agreed to give up his $5.9 million house as part of his restitution to FTX Trading Ltd instead of paying cash is an interesting turn of events.
As a researcher, I’ve uncovered new information regarding Ryan Salame, the previous joint CEO of FTX Digital Markets. He’s reached an accord in a criminal proceeding and has consented to convey a significant real estate asset of his, valued in millions, situated in the Bahamas, under the terms of his plea deal.
As an analyst, I’d rephrase it as follows: I. FTX Trading Ltd and its affiliated debtors have submitted a motion to the United States Bankruptcy Court for the District of Delaware. II. In this filing, it is disclosed that Ryan Salame has consented to relinquish ownership of a Bahamian property worth approximately $5.9 million.
In September 2023, Salame admitted to criminal wrongdoing and, as part of his plea deal, was obligated to compensate the affected parties with a total of $5.6 million.
Salame proposes an alternative to paying in cash for the restitution. He intends to fulfill this obligation by conveying a property he possesses to FTX Digital Markets Ltd instead.
“FTX DM will be fulfilled with the restitution amount through Salame’s transfer of ownership of Unit No. 3A in Building 10 of the Marina Residences at Albany in the Bahamas to them,” the document states.
Debtors contended that this arrangement benefited them since it prevented Salame from hurriedly selling the property at a loss, potentially affecting their potential profits from other Bahamian real estate assets.
In the year 2023, Bahamian realtors indicated a significant decrease in high-end sales, with volumes dropping by approximately one quarter. Simultaneously, data from Australian real estate company Properstar revealed that apartment prices experienced a decline of around 28% over the past year.
Salame faced accusations for conspiring to illegally donate to political campaigns and deceive the Federal Election Commission, as well as for running an unauthorized money transfer business.
The documents uncovered further information: Salame committed to buying the property in September 2021 for a price of $7.2 million, with a $720,000 down payment transferred from an Alameda Research account held at Silvergate Bank.
In November of that year, FTX DM transferred $8.1 million from its Fidelity Bank account in the Bahamas to pay off the remaining amount owed to Salame’s real estate lawyer for the property purchase.
In March 2022, Salame entered into a commitment with Alameda to repay them $8.1 million. Yet, by November 2022, both FTX and Alameda experienced significant financial difficulties, resulting in bankruptcy filings soon thereafter.
The sentencing date for Salame is set for May 28, 2024. In contrast, Sam Bankman-Fried, the ex-CEO of FTX, received a sentence of 25 years’ imprisonment toward the end of March.
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2024-05-03 06:25