Prosecutors Push 5-7 Year Sentence For FTX Exec Ryan Salame
U.S. prosecutors are pushing for a 5 – 7 year sentence for former FTX executive Ryan Salame on charges stemming from his time at Sam Bankman-Fried’s (SBF) doomed crypto exchange, according to a sentencing memorandum filed late Tuesday.
Salame, who previously requested a maximum sentence of 18 months in prison, pled guilty to a campaign finance violation and operating an illegal money-transmitting business related to his role as CEO of FTX’s Bahamian subsidiary, FTX Digital Markets.
Prosecutors allege Salame orchestrated “efforts to allow customers to send and receive fiat currency to fund their FTX accounts through U.S.-based bank accounts without complying with federal registration requirements” and took part in a straw donor scheme that saw over $100 million in illegal donations shuffled through the American political system.
“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,” the court filing read. “Those are serious crimes, and a substantial sentence is required to ensure that Salame receives just punishment.”
SDNY prosecutors submitted their sentencing memo yesterday for Ryan Salame. They're asking for 5 to 7 years in federal prison. pic.twitter.com/dM2s6f48W0
— Jacob Silverman (@SilvermanJacob) May 22, 2024
Prosecutors further claimed that although FTX is gone, Salame may commit other offenses during his career if he gets off with a too-light sentence.
“Life is long, the news cycle moves on, and the defendant could once again be faced with the opportunity to commit white-collar crimes that he may view as having a low likelihood of detection,” the memorandum continued.
Salame marks
