Ex-FTX Exec Ryan Salame Is Not Ready For Jail, Here’s Why
Highlights
- Ryan Salame claims he cannot start his jail term until October
- The need for surgery for a dog bite wound was filed as excuse with the court
- Salame like other top crypto execs are serving different jail terms at the moment
A dog attack has caused former FTX Executive Ryan Salame to request the delay of his seven-and-a-half-year prison sentence.
Ryan Salame Files to Report to Jail by October 13
According to Salame, he needs to undergo surgery after a dog attack will make him unable to report to prison on August 29 as earlier scheduled.
The former FTX executive visited his friend in June and while visiting this friend’s home, the German Shepherd dog mauled him. The severity of the injury including a bite on the face mandates that he undergo surgery.
His legal representative filed a letter to the federal court asking that his surrender date be moved to October 13.
Two months ago, United States District Judge Lewis A. Kaplan sentenced the co-CEO of the Bahamian affiliate of FTX exchange, to 90 months (7.5 years) in prison. The court accused Ryan Salame of embezzling company funds and engaging in covert political lobbying.
He pleaded guilty to the charges levied against him including taking part in the process that led to FTX implosion. The court required that he pays more than $6 million in forfeiture and over $5 million in restitution.
Jail Sentences For Crypto Leaders
Ryan Salame’s sentence is one of the top profile cases that the crypto industry has seen this year. He is one of the four other former executives to receive sentence on criminal charges related to the 2022 implosion of the FTX Exchange and its sister hedge fund Alameda Research.
FTX co-founder Sam Bankman-Fried (SBF) is currently serving a 25-year prison term. SBF stole about $10 billion from customers, lenders and investors. The government clamored for him to get as much as 50-years jail time while SBF’s legal team pursued a 6-years sentence. He ended up with a 25-year prison term.
Similarly, Binance former CEO Changpeng Zhao received a four months prison sentence in April. CZ pleaded guilty to one-count charge of violating the Bank Secrecy Act (BSA). He also stepped down as CEO of the top crypto exchange and waived the right to appeal any jail term sentence up to 18 months.
The Department of Justice (DOJ) initially proposed a 3-year sentence for the crypto leader. However, Judge Richard Jones who presided over the case, did not agree to the proposition.
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