US prosecutors are pushing for 5-7 years in prison on the former FTX executive
US prosecutors want former FTX executive Ryan Salameh – the wingman of FTX co-founder Sam “SBF” Bankman-Fried – to be sentenced to five to seven years in prison for crimes that ultimately led to the collapse of the FTX crypto exchange.
On May 21, federal prosecutors filed a sentencing memorandum in Manhattan federal court asking for a stiffer sentence for Peace after the defendant pleaded guilty to “serious crimes” for misappropriating FXT investors' money.
In court filings seen by Bloomberg, U.S. prosecutors, in contrast to Salameh's lawyers, have asked for a “fair sentence” that fits the scale of his crimes, saying he should serve no more than 18 months.
The prosecutor said.
“The campaign finance scandal is the largest in American history, and more than $1 billion has been exchanged without proper oversight of the unauthorized money transfer business.”
The Salame court's sentencing on helping the SBF take $10 billion in consumer money is set for May 28. Prosecutors added: “Only a meaningful prison term can adequately protect the accused and others and encourage respect for the law.”
On April 1, the United States District Court for the Southern District of New York sentenced SBF to 25 years in prison after pleading guilty to seven felony counts. Salameh becomes the first SBF associate to receive a conviction.
Salameh She started working for Alameda Research in Hong Kong in 2019 and later climbed the corporate ladder to become CEO of FTX Digital Markets, a subsidiary of FTX in the Bahamas.
Other prominent members of the FTX scam – Caroline Ellison, Nishad Singh and Gary Wang – are yet to be convicted.
Related: SBF maintains innocence while trading rice in jail
Representative Willie Nickell of North Carolina said several US lawmakers are supporting legislation aimed at clarifying the roles of the nation's financial regulators to “prevent the next FTX” of digital assets.
Nickel asked lawmakers to support the passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act, which would clarify how the Securities and Exchange Commission and the Commodity Futures Trading Commission would regulate crypto.
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