Another prison sentence in the case of bankrupt crypto exchange FTX
After the prison sentence of FTX founder Sam Bankman-Fried was approved, Ryan Salame, who worked in #FTX's Bahamas unit and co-chairman of FTX Digital Markets, became the second person sentenced to prison in the case.
The judge in the FTX case, Lewis Kaplan, sentenced Salame to 7.5 years in prison and 3 years of supervised release. Prosecutors in the case were demanding a 5-year prison sentence for Salame.
Ryan Salame has been accused of illegally contributing to campaigns in the United States and engaging in unlicensed money transfer activities in recent years.
It is known that Salame, who did not speak out against Bankman-Fried, cooperated with prosecutors. The court also accused the senior executive of helping to hide deficits in FTX's balance sheet, thus contributing to the stock market crash.
In addition, it was recorded that Salame withdrew approximately 5 million dollars from #FTX while the stock market was going bankrupt.
In his defense, Ryan Salame continued to insist that he had good intentions while apologizing to FTX customers and his family. However, he admitted that the method he used was completely illegal.
During the ongoing lawsuit, all eyes are now on the punishment that three other senior executives of #FTX will receive. These executives are co-founder Gary Wang, chief technical officer Nishad Singh, and Caroline Ellison, #CEO of FTX's hedge fund Alameda Research.
All three executives pleaded guilty to the charges before the trial began, cooperated with prosecutors, and testified against Sam Bankman-Fried as per the agreement.
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