Prosecutors in the U.S. are seeking a jail term of five to seven years for Ryan Salame, the former FTX executive who pleaded guilty last September to charges related to the FTX collapse.
The sentencing is set to take place on May 28th in a federal court in Manhattan. The U.S. prosecutors’ memo highlighted that prosecutors are pushing for a long sentence for Salame that suits his criminal offenses. However, the defense counsel appealed to the prosecution to give a prison term of 18 months only.
The prosecutors stated that the defendant’s claim that his crimes aimed to assist FTX and the cryptocurrency industry overall is not mitigating. They also noted that evidence suggests the defendant personally profited from his criminal activities in various ways.
Salame’s defense argued that he played a minor role in the fraud and lost much of his wealth due to FTX’s collapse. This comes after FTX CEO Sam Bankman-Fried was convicted and received a nearly 25-year sentence for defrauding clients.
Salame is seeking an 18-month sentence, a lesser term than the term recommended by US probation officials. As part of his plea, he has decided to forfeit $6 million in assets, including a restaurant near his Massachusetts hometown.
