U.S. prosecutors have suggested that former FTX executive Ryan Salame be prosecuted to a term of five to seven years in prison after he pleaded guilty to criminal charges in September last year. Salame’s defense counsel pleaded with the judges for a non-suspensive sentence of no more than 18 months, but the prose was most insistent on the need for a long-term imprisonment that was far greater than 18 months.
Salame’s Crimes Self-Serving, Not Just for FTX
It is also pointed out in the prosecution memo unsealed on Tuesday that Salame’s crimes were self-serving and not solely aimed at helping FTX and the cryptocurrency sphere. “The defendant’s excuse for perpetrating these offenses to assist FTX and the cryptocurrency sector as a whole does not justify his actions in any way and is contradicted by the available evidence that demonstrates the defendant accruing significant individual gains from his criminal conduct,” they added.
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“Only a substantial incarceration sentence could appropriately reflect the nature and seriousness of his conduct and afford adequate deterrence,” the memo continued. Even so, his attorneys made much of the fact that Salame did not mastermind these frauds and that he lost the lion’s share of his fortune when FTX went belly-up. Ex-FT exchange head Sam Bankman-Fried, charged with fraud, embezzling clients’ money, will taste the bitter fruit for nearly a quarter-century.
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Ryan Salame Awaits Sentence Amidst Fraud Scandal
Ryan Salame served as a director or executive at Alameda Research before joining FTX as its CEO, and he later became responsible for several projects at the fallen exchange. Com by the end of year 2022 from the financial year 2019/2022. He faces sentencing on May 28 at a New York state courtroom.
Prosecutors insisted that Salame plotted to commit very severe crimes to help expand FTX and improve Bankman-Fried’s image. The prosecutors also pointed out that Salame was engaged in some of the biggest crimes in conjunction with this scheme, stating, “The campaign finance offense is one of the largest-ever in American history, and the unlicensed money transmitting business exchanged over $1 billion without a license.
The call for longer sentencing implies the extent of Salame’s participation in the fraudulent schemes incurred in FTX. The Recommended Sentence is to ensure that his conduct is considered horrible and also to warn future persons within the industry not to carry out such actions.
Ryan Salame’s sentencing is one of the significant incidences that continue to unfold with legal consequences following the FTXsqueeze. The unlikely outcome of the trial followed calls for a long jail term by the prosecuting authorities, thus revealing the significance of the case in terms of responsibility and governance in cryptocurrencies. The legal professions and the players in the industry, especially in Lebanon and around the world, are awaiting the verdict in the court as Salame counts the days for the trial to be issued or completed.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.