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Ryan Salame's prison sentence is reduced by one year

Ryan Salame's prison sentence is reduced by one year

GrafaGrafa2024/12/27 05:50
By:Mahathir Bayena

Former FTX (CRYPTO:FTT) Digital Markets co-CEO Ryan Salame’s prison sentence has been reduced by one year, with his new release date now set for March 2031, according to Bureau of Prison records.

Salame pleaded guilty in September 2023 to conspiracy charges involving the operation of an unlicensed money-transmitting business and campaign finance fraud.

He was originally sentenced on May 28, 2024, to 7.5 years in prison, with his release initially scheduled for April 2032, followed by three years of supervised release.

The reasons behind the reduction in Salame’s sentence remain unclear.

Salame’s defense attorneys had initially sought a reduced sentence of no more than 18 months, arguing that his asset forfeitures were a significant penalty.

"Ryan, who was not part of Sam Bankman-Fried’s innermost circle, was unaware of the crimes at the center of this case," they stated, also claimed that Salame was unaware of the fraudulent activities central to the FTX case.

Federal prosecutors had sought a sentence between 5 and 7 years, but Judge Lewis A. Kaplan ultimately imposed a sentence of 90 months, citing the severity of the crimes and the substantial financial losses caused by the collapse of FTX.

On August 21, Salame filed a petition to void his guilty plea, alleging that federal prosecutors had reneged on promises related to the investigation of his partner, Michelle Bond, for campaign finance violations.

After his request to void the plea was denied, Salame began serving his sentence on October 11, 2024, at the FCI Cumberland facility, a medium-security prison.

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