Sentencing of former FTX exec Ryan Salame moved to May 28

The court filing in the Southern New York District Court announces a new sentencing date for Ryan Salame, former co-CEO of FTX: May 28. The reason for the change from the initial May 1 sentencing remains undisclosed.

Salame was one of the four members of the FTX top management to be charged by the United States government along with Sam Bankman-Fried in relation to the cryptocurrency exchange’s collapse. Salame was the only one of the four — who also included former Alameda Research head Caroline Ellison, FTX co-founder Gray Wang and former FTX top engineer Nishad Singh — who did not testify against Bankman-Fried.

The four executives, according to reports, have each struck plea bargains with US prosecutors. Salame presently enjoys freedom on a bail bond worth one million dollars.

Salame, like other executives, has admitted guilt for federal offenses linked to the FTX scandal. Furthermore, he is accused of violating campaign finance laws in relation to Michelle Bond’s failed attempt to become New York’s First District representative in the House of Representatives. Bond lost the Republican primary election.

Sentencing of former FTX exec Ryan Salame moved to May 28

Two potential allegations against Salame might lead to imprisonment for a maximum term of five years each. However, according to Bankman-Fried’s legal team, he should be exempted from campaign contribution violation accusations since they were not specified in his extradition agreement from the Bahamas. Eventually, these charges got combined into the larger conspiracy to commit fraud case against him.

At the trial, Bankman-Fried asserted that he hadn’t talked about his political contributions with Salame when he entered a not-guilty plea. Meanwhile, all four executives accused alongside Bankman-Fried have admitted guilt for the charges levied against them.

The exact part Salame played in the illegal dealings at FTX is still unclear. He wasn’t close to Bankman-Fried and was taken aback by the exchange’s failure, causing him to feel ill. Nevertheless, documents from Bahamian courts revealed that he had reported irregularities at FTX to the Securities Commission in November 2022, triggering an investigation.

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2024-04-10 20:22