Former FTX Executive Ryan Salame Seeks 18-Month Sentence, Citing Cooperation and Remorse

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Ryan Salame, a former executive at FTX who pleaded guilty to election fraud charges in September, is requesting leniency from the court in the form of an 18-month sentence.

According to a sentencing memorandum filed on Tuesday, Salame’s attorneys argue for a lighter sentence based on his cooperation with authorities and genuine remorse.

During his time at FTX and Alameda, Salame was responsible for managing wire deposits and fiat currency conversions for FTX customers.

He also participated in political contributions using Alameda funds and led charitable initiatives in the Bahamas.

Salame’s Attorneys Say Ryan Did Not Have Central Role

In the filings, Salame’s attorneys emphasize that his role in the fraudulent activities was less central and more operational.

They said that he had no knowledge of the conspiracies orchestrated by the individuals at the center of Alameda and FTX.

CRYPTO CRIMINALS: After SBF Sentenced to 25 Years, Now FTX's Ryan Salame Asks for 18 Months – Inner City Press story: https://t.co/fXQAZ0JIElpic.twitter.com/x4I6looTN3

— Inner City Press (@innercitypress) May 15, 2024

His attorneys added that Salame did not steal from anyone or deceive customers.

They claimed that he was unaware of the fraud until later, and he promptly blew the whistle by reporting it to authorities in the Bahamas.

“He had absolutely no knowledge that the four people at the center of Alameda and FTX had conspired to lie and to steal from their customers. Ryan stole from no one. He did not lie to customers,” they wrote.

“He was duped…when he finally understood the FTX fraud, he was the first person to blow the whistle to authorities in the Bahamas.”

Additionally, he willingly provided documents to the U.S. Attorney’s Office without the need for a grand jury subpoena.

Salame’s attorneys also addressed the negative media scrutiny surrounding FTX and its CEO, Sam Bankman-Fried.

They argued that the constant criticism has already resulted in punishment for Salame, both personally and professionally.

They noted that Salame’s association with FTX and Bankman-Fried will forever hinder his job prospects.

Caroline Ellison and Gary Wang, former executives at Alameda-FTX, have also pleaded guilty to charges and are seeking plea deals to avoid imprisonment.

The court will consider Salame’s sentencing memorandum along with other relevant factors before making a final decision on his sentence.

SBF Appeals Fraud Conviction and Sentence

Last month, Bankman-Fried filed to appeal his conviction and sentence for fraud and conspiracy charges.

The disgraced crypto boss was convicted last November after a month-long trial on seven different charges and was sentenced to 25 years in prison.

Meanwhile, the FTX bankruptcy estate has outlined its target to initiate repayments to customers by the end of 2024, as disclosed during a meeting of FTX Digital’s Joint Official Liquidators in the Bahamas. 

The FTX bankruptcy consists of two distinct processes, including the Chapter 11 bankruptcy being overseen by a Delaware court in the United States and the official liquidation of FTX Digital, the Bahamas-based subsidiary of FTX.

However, both entities have agreed to collaborate, allowing creditors to submit their claims to either party while ensuring that no creditor receives less than their entitled value.

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