Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

BREAKING: Former FTX Executive Ryan Salame Receives 90-Month Prison Sentence

Share This Post

Ryan Salame, a former high-ranking official at Alameda Research and co-CEO of bankrupt crypto exchange FTX, has been sentenced to 90 months in prison for his involvement in what the US Southern District of New York calls “illegal political contributions” and operating an unlicensed money transmitter business. 

Conspiracy Charges In Financial And Political Schemes

The sentencing, delivered by US District Judge Lewis A. Kaplan, follows Salame’s guilty plea to conspiracy to defraud the Federal Election Commission and conspiracy to operate an unlicensed money-transmitting business. 

The United States Attorney for the Southern District of New York, Damian Williams, emphasized Salame’s actions’ consequences, which undermined public trust in American elections and the integrity of the financial system.

According to court filings and statements made during the proceedings, Ryan Salame served as a top official at Alameda Research, FTX’s trading arm founded by Samuel Bankman-Fried, from 2019 to 2021. In October 2021, Salame was appointed co-CEO of FTX’s Bahamian affiliate, FTX Digital Markets Ltd.

FTX Executive’s Covert Contributions

In addition to the unlicensed money-transmitting business, U.S. authorities allege that Salame conspired with Bankman-Fried and FTX executive Nishad Singh to make campaign contributions that concealed Bankman-Fried’s connection to the contributions. 

These contributions, totaling “tens of millions of dollars,” were intended to enhance Bankman-Fried’s standing in Washington, D.C., raise FTX’s profile, and curry favor with candidates who might sponsor legislation favorable to FTX, Alameda, or Bankman-Fried’s agenda. 

In addition to the 90-month prison term, Ryan Salame was sentenced to three years of supervised release. He has also been ordered to pay over $6 million in forfeiture and more than $5 million in restitution for the financial harm caused by his actions.

FTX

Featured image from Bloomberg, chart from TradingView.com 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Binance’s BNB Could Hit $2,775 By 2028, Predicts Standard Chartered

Standard Chartered has initiated formal coverage of Binance’s exchange token, BNB, and set out one of the industry’s most detailed long-term trajectories for the asset In a research note shared

Bitcoin Price Eyes $100K as Bulls Regain Momentum, Buy Dips?

Bitcoin price started a fresh increase above the $96,500 zone BTC is rising and might aim for a move toward the $100,000 resistance Bitcoin started a decent increase above the $96,500 resistance zone

Only XRP Still In Profit Among Euphoric Buyers—BTC and SOL Deep In Losses

On-chain data shows the top buyers of XRP are still in an 11% net profit today Here’s how other top coins like Bitcoin and Solana compare XRP Top Buyers Are The Only Ones In The Green Right Now

Pi Network News: Is Binance Finally Listing Pi Coin? Wallet Activity Fuels Hope

The post Pi Network News: Is Binance Finally Listing Pi Coin Wallet Activity Fuels Hope appeared first on Coinpedia Fintech News The Pi Network community is currently excited after some interesting

Breaking: Arizona Becomes Second U.S. State to Adopt Bitcoin for State Treasury

The post Breaking: Arizona Becomes Second US State to Adopt Bitcoin for State Treasury appeared first on Coinpedia Fintech News Arizona has made history by becoming the second US state to officially

Dollar Collapse Nears: Peter Schiff Says Ending Reserve Status Is Only Way Out

Peter Schiff says the US dollar is about to free fall, insisting the only way to end America’s trade imbalance is to end its reserve currency status The End of Reserve Currency Status US Dollar