Crypto NewsExchangeJUST IN: One of FTX's Most Important Names Gets Prison Sentence for...

JUST IN: One of FTX’s Most Important Names Gets Prison Sentence for Fraud Charges

A US judge announced the sentence he gave to one of the closest people to FTX founder Sam Bankman-Fried.

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According to the statement made today by Damian Williams, United States Attorney for the Southern District of New York, former FTX executive Ryan Salame was sentenced to 90 months (7.5 years) in prison.

Salame was previously convicted of making illegal political contributions, defrauding the Federal Election Commission and conspiring to run an unlicensed money transmission business. The sentence was imposed by U.S. District Judge Lewis A. Kaplan.

Williams said in his statement:

“Salame admitted that he advanced the interests of FTX, Alameda Research, and their collaborators through an illegal political influence campaign and an unlicensed money transmission business, which helped FTX grow faster and larger by operating outside the law. “His involvement in federal crime eroded public confidence in American elections and the integrity of the financial system, and today's sentencing underscores that such crimes have significant consequences.”

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The prison sentence was more than prosecutors requested. The government had argued that Salame, who pleaded guilty to violating campaign finance laws and operating an unlicensed money transmitter, deserved a prison sentence of five to seven years.

Salame's lawyers argued that he was as shocked as everyone else, trying to distance Salame from years of fraud on the cryptocurrency exchange. “He, like everyone else, was deceived into believing the companies were legitimate, not insolvent, and wildly profitable,” his lawyers wrote in a memo submitted to the court before sentencing.

*This is not investment advice.

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