Regulation
Ex FTX Exec Ryan Salame Asks For Two Months Sentence Delay
Ryan Salame, the former co-CEO of FTX Digital Markets, has asked for one more extension of time before he has to start serving his jail term stating that he still needs medical attention. Salame’s lawyer filed the most recent motion with the court to delay the surrender date to December 7, 2024, from October 11. The request comes after Salame was attacked by a dog in June and his doctor has recommended further treatment.
Ex FTX Exec Ryan Salame Asks For Another Sentence Delay
Ryan Salame had requested his first continuance in August after he suffered a dog bite on the face in late June. As stated in the court documents, he needed emergency surgery and the court agreed by allowing him to surrender in October 11 instead of the original date in August.
The Ex FTX exec legal representatives said that the extension is necessary for medical rehabilitation and treatment.
The new request submitted this week claims that Salame continues to require further medical attention and is not in a state to begin his imprisonment. Salame’s attorney added,
“Salame’s treating physician has advised that Salame needs to be under further treatment to fully recover.”
Government Opposes the Request
The government has, however, protested the second delay, which means that the government has not supported Salame’s request to extend his time of joining prison. The parties had agreed in August to postpone his surrender until October, and the current motion is to have another two months extension.
The Ex FTX exec latest filing was made only days before Ryan Salame is due to start serving a 7.5-year sentence for embezzlement.
Salame entered a plea agreement in September 2023 when he was convicted of several criminal offenses related to the unlawful provision of political contributions and running an unlicensed money transmitting business. His legal issues are just a part of the consequences of the crypto exchange’s failure, a crypto exchange that was created by Sam Bankman-Fried.
Sentencing and Connection to FTX Scandal
Salame was an important member of the FTX Digital Markets team, which is the core of FTX’s business across the world. He partnered with Bankman-Fried who was given a nearly 25-year jail sentence earlier this year following a fraud conviction. Salame and other executives that including Caroline Ellison and Nishad Singh among others had some legal charges to face as the investigation into the crypto exchange’s collapse unfolded.
While some executives, including Ellison and Singh, await sentencing, Salame’s prison term is set to begin soon unless the court grants his latest request.Concurrently, while Ryan Salame tries to delay the execution of his sentence, the FTX bankruptcy situation remains a topic of discussion.
Subsequently, Salame’s legal battles are part of the larger context of FTX’s collapse, which has left customers and creditors seeking to recover billions in lost funds. However, the US bankruptcy judge John Dorsey has recently sanctioned a bankruptcy plan whereby the crypto exchange’s creditors are set to receive about $6.6 billion. The first payouts are expected to be made in the next couple of weeks.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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