Economy 03-05-2024 12:34 13 Views

Former FTX Boss Ryan Salame Gives up $5.9M Bahamas House

Former co-CEO of FTX Digital Market Ryan Salame is to transfer a $5.9 million house he owns in the Bahamas to settle criminal charges.

In a filing, the U.S. Bankruptcy Court for the District of Delaware said, Salame the former co-CEO of FTX Digital Markets in the criminal case United States v. Salame, will forfeit the house under his plea agreement.

FTX Digital Markets was the Bahamian subsidiary of FTX Trading Ltd., a leading cryptocurrency exchange managed by Sam Bankman-Fried which went bankrupt in November 2022. While at FTX Digital Market, Salame handled the exchange’s political donations, particularly to the Republican Party amongst others.

Currently, Salame is out on a $1 million bond after pleading guilty in September 2023 to violating campaign finance laws and operating an unlicensed money-transmitting business.

The filing states Salame was charged with conspiracy to make unlawful political contributions, defrauding the Federal Election Commission and conspiracy to operate an unlicensed money-transmitting business.

“Following constructive, arm’s-length negotiations, Salame and the Debtors have agreed that in lieu of Salame paying the Restitution Amount to the Debtors in cash, Salame will satisfy the Restitution Amount by transferring a residence he owns in the Bahamas, Unit No. 3A in the Marina Residences at Albany Building 10 Condominium (the “Residence”), to FTX DM, acting by the JOLs, as nominee for the Debtors. As discussed below, the Residence has recently been appraised at $5,900,000, which exceeds the Restitution Amount.” — from the U.S. Bankruptcy Court for the District of Delaware filing, May 1, 2024.

In November 2023, Bankman-Fried was convicted on seven different counts of fraud following a gruelling trial that saw several FTX and Alameda Research employees testify against the disgraced “king of crypto,” including FTX co-founder Gary Wang, FTX’s former Head of Engineering Nishad Singh, and Ellison.

Salame, will be the first of Bankman-Fried’s co-conspirators to face legal punishment for his role in the crypto scandal when he is sentenced on May 28. 

SBF Appeals Fraud Conviction and Sentence

Last week, it emerged that Bankman-Fried has filed to appeal his conviction and sentence for fraud and conspiracy charges.  In the court filing, lawyers for Bankman-Fried formally filed to appeal his 25-year prison sentence following the FTX fraudster’s gruelling landmark fraud trial last fall.

The post Former FTX Boss Ryan Salame Gives up $5.9M Bahamas House appeared first on Cryptonews.

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