Former FTX Executive Sentenced to 7.5 Years for Fraud and Unlicensed Business Operations
The post Former FTX Executive Sentenced to 7.5 Years for Fraud and Unlicensed Business Operations appeared on BitcoinEthereumNews.com.
Former FTX Digital Markets CFT Co-CEO Ryan Salame has been sentenced to 7.5 years in prison. This sentencing took place during a court session on May 28 in the U. S. District Court for the Southern District of New York by Judge Lewis Kaplan. Also Read: U.S. Prosecutor: FTX Bankruptcy Lawyers Did Not Conspire With the Exchange Salame admitted to charges related to conspiracy to engage in the business of transmitting money without a license and conspiracy to commit fraud related to campaign funds. These charges were initially acknowledged in September 2023. U.S. Attorney Accuses Salame of Using Unlawful Campaigns and Financial Activities According to statements by U. S. Attorney Damian Williams, Salame used unlawful political campaigns and unlicensed financial activities to serve the interests of FTX and Alameda Research. It was previously stated that these actions helped FTX’s growth due to the company’s avoidance of legal processes. U.S. Attorney Damian Williams said: “Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law.” Also Read: How Wall Street scored big in the FTX bankruptcy mess Salame wrote to the Securities Commission of the Bahamas on November 9, 2022, when Sam Bankman-Fried (SBF) was still the FTX CEO, oblivious of the fact he would resign and the exchange would declare bankruptcy a day later. After this, Bankman-Fried fled to Abu Dhabi and was subsequently extradited to the U. S., where he was convicted of seven felony charges and then sentenced to 25 years of imprisonment in March. Prosecutors suggested that Salame be sentenced to up to seven years for his crimes, which involved laundering FTX user funds and campaign finance fraud.…
Filed under: News - @ May 28, 2024 11:18 pm