A Former Executive of FTX Asks for a Maximum Sentence of 18 Months


The legal team for Ryan Salame has requested a light punishment for their client.

The legal team representing ex-FTX CEO Ryan Salame has requested a reduced sentence in light of their client’s guilty plea from September of last year. A mild sentence would enable Salame to continue making beneficial contributions to society while still satisfying the aim of punishment, according to Salame’s counsel, who recently urged the court to sentence the accused to not more than 18 months in jail.

The defense team for Salame emphasized that their client was not instrumental in FTX’s deceitful actions in order to bolster their case. They maintained that he really lost a significant portion of his wealth when the cryptocurrency exchange went bankrupt in 2022.

As a condition of the plea deal, Salame’s attorneys emphasized his civic service. They state that the accused is considered “an exceptional member of the community” by people who are familiar with him. “Contributing considerably and having a beneficial influence in the world” is something Salame is renowned for, according to the attorneys, and everyone around him would attest to that.

Salame was FTX’s chief executive officer for the Bahamian division and had tight ties to Sam-Bankman-Fried during his tenure there. He entered guilty pleas on two counts: one of conspiring to run a money-transmitting company without the proper license, and the other of conspiring to make illegal political donations and con artists.

In last September’s trial, Salame was the only one of four partners of Bankman-Fried who did not have a cooperation agreement. Like the others, he pled guilty but requested that the court take into account his substance abuse and alcoholism prior to punishment.

Depending on the seriousness of the offence, the accused might face a maximum sentence of 10 years in prison. Prior to this, he had agreed to pay back $5.6 million to FTX creditors and forfeit $1.5 billion. Moreover, Salame has consented to forego Berkshires land and a 2021 Porsche 911 in exchange for $6 million from the United States government.

Also Read: U.S. Treasuries Now Held by Tether Greater Than German Treasuries

Leave A Reply

Your email address will not be published.