Bank

United

Solana

Read

Ryan Salame, the former co-CEO of <a href="https://crypto.news/tag/ftx/" rel="">FTX </a>Digital Markets, has agreed to transfer his multimillion-dollar Bahamas home as part of a plea agreement in a criminal prosecution. 
According to a request <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MzEwMjcwOQ==&amp;id2=-1" target="_blank" rel="">filed </a>by FTX Trading Ltd and connected debtors with the United States Bankruptcy Court for the District of Delaware on May 1, Ryan Salame has agreed to give up a $5.9 million mansion in the Bahamas. 
Salame <a href="https://crypto.news/former-ftx-executive-will-reportedly-plead-guilty-to-criminal-charges/" rel="">pleaded guilty to criminal charges</a> in September 2023, and his plea deal&nbsp;compelled&nbsp;him to pay&nbsp;$5.6&nbsp;million in compensation&nbsp;to the debtors. 
Salame offers&nbsp;that&nbsp;rather than paying cash, he meet the restitution&nbsp;by transferring ownership of his home to FTX Digital Markets Ltd. 
“Salame will satisfy the Restitution Amount by transferring a residence he owns in the Bahamas, Unit No. 3A in the Marina Residences at Albany Building 10 Condominium, to FTX DM,” according to the document. 
The debtors contended that this is in their best interests since it saves Salame from&nbsp;having to sell&nbsp;the residence soon and at a discount, which could jeopardize their ability to monetize other Bahamian properties. 
In 2023, Bahamian realtors stated that high-end sales volumes had fallen by much to 25%. Meanwhile, Australian real estate agency Properstar revealed that apartment prices have decreased by 28% in the last year. 
 You might also like: <a href="https://crypto.news/ftx-looking-to-sell-off-solana-holdings-via-blind-auction/" rel=""> FTX looking to sell off Solana holdings via blind auction </a> 
Salame faces charges of conspiracy to make illegal political contributions and deceive the Federal Election Commission, as well as conspiracy to operate an unauthorized money-transmitting business. 
The petition also stated that Salame committed to buy the property for $7.2 million in September 2021, with the 10% deposit deposited from an Alameda Research account at Silvergate Bank. 
In November of that year, FTX DM sent $8.1 million from its Fidelity Bank account in the Bahamas to Salame’s real estate attorney to pay the remaining purchase price. 
Salame and Alameda signed a promissory note in March 2022, agreeing that he would pay Alameda $8.1 million. However, <a href="https://crypto.news/ftxs-bankruptcy-rakes-up-nearly-50m-monthly-in-legal-fees/" rel="">FTX and Alameda collapsed</a> in early November 2022, with bankruptcy filings following shortly&nbsp;thereafter. 
Salame’s sentencing date&nbsp;is presently set&nbsp;for May 28, 2024. 
 Read more: <a href="https://crypto.news/sam-bankman-fried-ftx-investors-celebrity-endorsers/" rel=""> Sam Bankman-Fried to aid class action lawsuit targeting FTX celebrity endorsers </a>

Former FTX executive Ryan Salame forfeits $5.9m Bahamas mansion

crypto.news

Other articles published on May 3, 2024

FLOKI’s trend reversal depends on THIS key factor panning out

Kraken’s CF Benchmarks Hits 50% Dominance in Crypto ETF Market

Bybit Web3 Announces Upcoming IDO for Galaxis, Empowering Disruptive Loyalty Programs in Web3 Com...

AI Assistance in Scientific Research Raises Concerns

Legendary Analyst Makes Bullish Statement About Fast-Rising Solana Meme Coin Trading Under $0.01,...

Hershey Company’s Strong Q1 Beats Forecasts: Consolidated Net Sales Surged by 8.9%

Join our free newsletter for daily crypto updates!