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Ryan Salame’s sentence will be determined on May 28. Salame admitted to the charges last September. U.S. prosecutors are recommending a five- to seven-year prison sentence for former FTX executive Ryan Salame, who pleaded guilty last September.
Salame’s lawyers requested the court to impose a maximum prison sentence of 18 months. But prosecutors said a significant prison sentence was necessary, well beyond the 18-month sentence requested by Salame.
Prosecutors stated that Salame’s claim that his crimes were aimed only at helping FTX and the cryptocurrency industry is not a mitigating factor and is contradicted by the evidence. “It contradicts the evidence that he benefited personally in many ways,” they said.
“Only a substantial prison sentence can appropriately reflect the nature and seriousness of his actions and provide sufficient deterrence,” prosecutors added.
However, Salame’s lawyers argued that their client did not play a central role in the fraudulent activities and that he lost much of his personal wealth with the collapse of FTX. Former FTX CEO Sam Bankman-Fried was convicted of defrauding customers and sentenced to nearly 25 years in prison.
Salame’s sentence will be determined in a New York court on May 28. From 2019 to 2022, Salame served as a senior executive at Alameda Research and then FTX.com.
Prosecutors said Salame committed serious crimes to promote FTX’s growth and polish Bankman-Fried’s image.
“Campaign finance crimes are one of the largest in American history, with more than $1 billion exchanged in the unlicensed money transfer business without proper oversight,” prosecutors also said.
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