Former FTX co-CEO Ryan Salame will now be sentenced on May 28, as stated in a filing in the Southern New York District Court. The reason behind the rescheduling of his sentencing from the original date of May 1 remains unclear.
Salame, along with Sam Bankman-Fried, was one of the four members of FTX’s top management who faced charges brought by the United States government in relation to the collapse of the cryptocurrency exchange. Interestingly, Salame was the only one among the four, which also included former Alameda Research head Caroline Ellison, FTX co-founder Gray Wang, and former FTX top engineer Nishad Singh, who did not testify against Bankman-Fried.
All four executives reportedly reached plea deals with U.S. prosecutors. Salame is currently out on a $1-million bond.
Similar to the other executives, Salame has pleaded guilty to federal charges connected to the FTX debacle. Additionally, he faces charges related to campaign finance violations in connection with his girlfriend Michelle Bond’s unsuccessful bid for representing New York’s First District in the House of Representatives. Bond was defeated in the Republican primary.
The charges against Salame could potentially lead to prison sentences of up to five years for each offense. Bankman-Fried’s legal team argued against the campaign contribution violation charges, stating that they were not part of his extradition agreement from the Bahamas. However, these charges were later included in the conspiracy to commit fraud charges against him.
During the trial, where Bankman-Fried pleaded not guilty, he claimed that he never discussed his political donations with Salame. All four executives charged alongside Bankman-Fried have pleaded guilty to the charges brought against them.
Salame’s role in the criminal activities at FTX remains somewhat unclear. While he was reportedly not part of Bankman-Fried’s inner circle, he was so shocked by the news of the exchange’s collapse that he became physically ill. However, court records from the Bahamas later revealed that Salame had informed the country’s Securities Commission about irregularities at the exchange in November 2022, triggering an investigation.
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