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Former FTX executive Ryan Salame faces a potential five to seven years in prison as prosecutors emphasize the gravity of his criminal activities. 
Federal prosecutors have recommended that former <a href="https://crypto.news/tag/ftx/" target="_blank" rel="">FTX</a> executive Ryan Salame serve five to seven years in prison for his involvement in the collapse of the FTX crypto exchange. In a sentencing memo filed in federal court in Manhattan, U.S. prosecutors emphasized that Salame has committed “serious crimes, and a substantial sentence is required to ensure that Salame receives just punishment,” as <a href="http://www.bloomberg.com/news/articles/2024-05-22/former-ftx-executive-deserves-5-to-7-years-in-prison-us-says" target="_blank" rel="">reported</a> by Bloomberg. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “The campaign finance offense is one of the largest-ever in American history, and the unlicensed money transmitting business exchanged more than $1 billion without proper supervision.” 
 U.S. prosecutors 
</blockquote> 
Salame, who pleaded guilty to a campaign finance law violation and a charge of operating an unlicensed money transmitting business, is set to be sentenced on May 28. Other key figures in the scandal, such as Caroline Ellison, Nishad Singh, and Gary Wang, are still awaiting their sentences. 
In the meantime, Salame’s legal team is seeking to contest the sentencing recommendation, highlighting his cooperation with authorities. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “He has been a good man who has done much good in this world, who conspired to commit two crimes while in the thrall of a criminal leader.” 
 Salame’s attorneys 
</blockquote> 
As part of his plea deal, Salame <a href="https://crypto.news/former-ftx-executive-ryan-salame-forfeits-5-9m-bahamas-mansion/" target="_blank" rel="">agreed</a> to forfeit nearly $6 million worth of assets, including a restaurant in Massachusetts. 
 You might also like: <a href="https://crypto.news/ftx-token-ftt-defies-bearish-market-sentiment-with-35-rally/" rel=""> FTX Token (FTT) defies bearish market sentiment with 35% rally </a> 
Ryan Salame joined Alameda Research, FTX’s hedge fund, in 2019 after meeting Bankman-Fried at a blockchain conference. Later on, he became the CEO of FTX’s Bahamas subsidiary. Prosecutors allege that it was Salame who helped FTX accept customer deposits through a U.S. bank account without the necessary licenses. As per the report, Salame also acted as a straw donor, fueling millions in political donations. 
FTX&nbsp;<a href="https://crypto.news/ftx-files-for-chapter-11-bankruptcy-taking-down-about-130-companies-with-it/" target="_blank" rel="">collapsed</a>&nbsp;in November 2022 amid allegations of embezzlement and misappropriation of billions of dollars in customer funds involving its owners and affiliated hedge fund Alameda Research. Sam Bankman-Fried, the founder of the exchange,&nbsp;<a href="https://crypto.news/sam-bankman-fried-sentenced-25-years-ftx/" target="_blank" rel="">was sentenced</a>&nbsp;to 25 years in prison and ordered to reimburse $11 billion. 
In early May, reports <a href="https://crypto.news/ftx-has-billions-more-than-needed-to-repay-bankruptcy-victims/" target="_blank" rel="">surfaced</a> indicating that FTX had amassed billions more than required to cover its collapse-related losses, a development FTX CEO John Ray hailed as an “unbelievable result,” indicating the exchange’s readiness to fully reimburse its over 2 million customers. 
 Read more: <a href="https://crypto.news/blockfi-partners-with-coinbase-to-distribute-assets-recovered-from-ftx/" rel=""> BlockFi partners with Coinbase to distribute assets recovered from FTX </a>

U.S. prosecutors seek five to seven year sentence for FTX’s Ryan Salame

crypto.news

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