Ex-FTX Ryan Salame To Begin Prison Sentence on Oct 11, Court Rules

Ex-FTX Digital Market co-CEO Ryan Salame will resume his prison sentence on Oct 11. A United States court has granted the government’s request to move up the date of Salame’s self-surrender. The aftermath of FTX implosion left users with high losses sparking a series of regulatory moves by regulators.

Ryan Salame to Resume Prison Sentence Two Days Earlier 

A US court granted the government’s motion to move Ryan Salame’s surrender date up to Oct 11. The former FTX Market executive was expected to resume his prison sentence on Oct 13. Salame was sentenced to 7.5 years after pleading guilty to engaging in conspiracy bordering on unlicensed money-transmitting activities among others. 

Request now granted, in the docket: “as to Ryan Salame. The government’s application in open court today to move forward the date on which Mr. Salame shall surrender to the Bureau of Prisons from Oct 13 to Oct 11, 2024 is granted. By Judge Lewis A. Kaplan 9/12/24 https://t.co/QvlkwrhSwT

— Inner City Press (@innercitypress) September 12, 2024

At a Sept 12 hearing, the prosecution informed the court that US Marshals informed that Oct 13 is a Sunday thereby requesting a move to Friday Oct 11. The embattled former executive is yet to commence jail term following a 45-day request after suffering a dog bite on his face. According to his legal representatives, the extension was needed to undergo urgent surgery and related treatment.

The FTX lawsuits led to jail terms for former CEO Sam Bankman-Fried while Caroline Ellison hopes to avoid jail term ahead of sentencing. Nishad Singh and co-founder Gary Wang will be sentenced in November and October respectively after both entered guilty pleas. 

Twist in Court Proceedings

Ryan Salame previously requested the court to void his guilty plea because the prosecution did not uphold their end of the agreement. As part of the deal, prosecutors were meant to drop the probe against his romantic partner Michelle Bond. 

In the course of proceedings, he tried to move away from his withdrawal of guilty plea but the judge rather grilled him for attempting to misrepresent facts. “You are asking me to let stand a conviction and sentence that I now know is based on a false statement during the plea… and that is a big problem.” The judge further threatened to sanction his legal representatives. 

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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