others

Former FTX Exec. Ryan Salame Imprisoned for 7.5 Years – Crypto News

Published

11 months ago

May 28, 2024

Dripp

Former FTX executive Ryan Salame has been sentenced to 90 months (7.5 years) in prison after pleading guilty to charges of making unlawful political donations and running an unauthorized money transfer business.

Ryan Salame Sentenced to 90 Months in Prison

Ryan Salame, who previously served at the executive level at Alameda Research and later became the co-CEO of the Bahamian affiliate of FTX exchange, was accused of embezzling company funds and engaging in covert political lobbying. The penalty was imposed by the U. S. District Judge Lewis A. Kaplan and it implies 90 months of imprisonment and three years of supervised release.

Furthermore, Salame is required to pay more than $6 million in forfeiture and over $5 million in restitution. US Attorney Damian Williams pointed out that Salame’s actions not only were unlawful but also undermined the legal process, the public’s trust in the financial system in America, and the integrity of the electoral process in the United States of America.

While working at Alameda Research and FTX, Salame was engaged in activities that directly circumvented several regulatory measures. This involved the use of an entity known as “North Dimension” to transfer funds without the required licenses.

Furthermore, Salame was involved in another fraud to increase the political influence of FTX’s founders in exchange for millions of dollars in concealed campaign contributions and providing U. S. bank with false information.

This Is a Breaking Story, Please Check Back For More

<!–

–>