Top lieutenant to 'Crypto King' jailed for seven years
Top lieutenant to 'Crypto King' jailed for seven years
Top lieutenant to 'Crypto King' jailed for seven years
Ryan Salame, the former co-chief executive officer of FTX Digital Markets Ltd, has been sentenced to 90 months in prison for his involvement in the cryptocurrency giant's implosion in late 2022. Salame, who was the co-CEO of FTX's Bahamian subsidiary, was found guilty of seven fraud and conspiracy counts stemming from FTX's failure. This has been described as one of the biggest financial frauds in US history. The jury found Salame guilty in November last year, and his sentence was longer than the five to seven years that prosecutors sought. In addition to the prison term, he was sentenced to three years of supervised release and ordered to pay more than $6m in forfeiture and more than $5m in restitution. Salame was one of four former top executives from Bankman-Fried's companies to plead guilty to charges, along with former Alameda chief executive officer Caroline Ellison, former FTX technology chief Gary Wang, and former FTX engineering chief Nishad Singh.
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"Salame, who was the co-CEO of FTX's Bahamian subsidiary, was found guilty of seven fraud and conspiracy counts stemming from FTX's failure."
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"In addition to the prison term, he was sentenced to three years of supervised release and ordered to pay more than $6m in forfeiture and more than $5m in restitution."
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