Salame’s attorneys contend that he should only serve 18 months in prison, despite demands from US prosecutors for a “just punishment” that was appropriate for the seriousness of his offense.
According to US authorities, Ryan Salame faces a five- to seven-year jail sentence. Salame is a former executive at FTX and has seen Sam “SBF” Bankman-Fried’s wingman. His crimes played a part in the demise of the crypto exchange FTX.
Federal prosecutors submitted a sentencing document to the Manhattan federal court on May 21. They insisted that Ryan Salame receive a severe punishment. He entered a guilty plea to “serious crimes.”. These crimes involved misappropriating FTX investor’s funds.
In a court document that Bloomberg could get, American prosecutors sought “just punishment” for Ryan Salame. They deserve a punishment that’s comparable to the seriousness of their offense. Yet, Salome’s lawyers only argue for most of the eighteen months.
The prosecution declared:
“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 current scheduled date of Salame’s court sentence for assisting SBF in taking $10 billion from consumers is May 28.
The prosecutor further said:
“Only a meaningful period of incarceration could adequately deter the defendant and others and promote respect for the law.”
Following his conviction on seven felonies, SBF received a sentence of 25 years in prison by the U.S. District Court for the Southern District of New York on April 1. Salame will be the first accomplice of SBF to receive a sentence.
In 2019, Salame began his career in Hong Kong as an employee of Alameda Research. He went on to advance up the corporate ladder and take over as CEO of FTX Digital Markets, the Bahamas-based FTX subsidiary.
Gary Wang, Caroline Ellison, and Nishad Singh are three other well-known FTX scammers who have not yet received sentences.
Representative Wiley Nickel of North Carolina claims that many US politicians are in favor of a bill. It would make clear the responsibilities of the nation’s financial authorities about digital assets to “prevent the next FTX” from happening.
Nickel asked legislators to support the FIT21 Act. This measure seeks to make clear the SEC’s (Securities and Exchange Commission) and CFTC’s (Commodity Futures Trading Commission) regulatory responsibilities regarding cryptocurrencies.
