🌋Court sentences ex-FTX director Ryan Salame to 7.5 years in prison
🛣️The U.S. District Court for the Southern District of New York has sentenced Ryan Salame, the former CEO of bankrupt crypto exchange FTX, to 7.5 years in prison for financial fraud.
⚗️Judge Lewis Kaplan (Lewis Kaplan) gave Ryan Salame (Ryan Salame) the maximum possible sentence, meeting the demands of prosecutors. U.S. Attorney Damian Williams emphasized that Salame engaged in conducting an unlicensed money transfer business to FTX and Alameda Research, as well as engaging in illegal political campaign financing to get FTX to win the support of lawmakers. In September 2023, Salame pleaded guilty to all of the criminal charges against him. After pleading guilty, Salame was free on bond after paying $1 million in bail.
⚗️The former FTX director's cooperation with the prosecutor's office allowed for some leniency in his sentence. However, Salame's attorneys insisted that their client's prison term should not exceed 18 months. The defense tried to convince the court that Salame played a minor role in FTX's financial fraud, and since the defendant had repented for the crimes committed, the likelihood of reoffending remained low.
⚗️In addition to imprisonment, the court sentence for Salame carries financial penalties and asset forfeiture. The former FTX director must pay approximately $6 million to the U.S. government and another $6 million to FTX's creditors. In addition, the defendant must forfeit two properties and a business. Although his previous equity was in the millions, Salame's attorneys argued that there would be no assets left in his possession. Salame may retain ownership of the 2021 Porsche due to insufficient equity for forfeiture.
