Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: ABCbits on May 29, 2024, 11:13:10 AM
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Bankman-Fried lieutenant Ryan Salame gets 7.5 years in prison for role in FTX debacle
The former chief executive of FTX’s Bahamas subsidiary has ben ordered to spend 7 1/2 years in prison, the first of Sam Bankman-Fried’s close associates to be sentenced in the wake of the cryptocurrency exchange’s implosion.
Ryan Salame appeared in a Manhattan courtroom Tuesday, after reaching a plea deal with federal prosecutors in September, weeks before FTX founder Bankman-Fried was due to stand trial for stealing about $10 billion from customers, investors, and lenders... Read more here (https://fortune.com/crypto/2024/05/28/sam-bankman-fried-ryan-salame-ftx-prison-sentence/).
It seems total prison time and fine he receive is far lighter than Sam, even though he had high position on FTX. Your opinion is greatly appreciated.
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I don't know much about Ryan Salama or his role in the FTX disaster, but since he was so close to Bankman Fried, he must have played a major role in the incident, and I expect that he deserves a 7.5-year sentence in prison.
We all hope that justice will take its natural course in this incident, which caused great pain to many people who lost their money, and that we will hear more prison sentences for everyone who participated in this painful disaster that left a major bad impact on the world of crypto.
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It seems total prison time and fine he receive is far lighter than Sam, even though he had high position on FTX. Your opinion is greatly appreciated.
Not a surprise to me because he probably helped a lot during the investigation. The higher his position most likely meant he had the strongest evidence that was used against SBF and his testimony holds more weight.
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even though he has a high position. but if he didn't know anything, he was just an intermediary and had proof that he didn't have 100% involvement, it still makes sense if he was given a lighter sentence than Sam, but we don't know because the law is sometimes more flawed than perfect.
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It seems total prison time and fine he receive is far lighter than Sam, even though he had high position on FTX. Your opinion is greatly appreciated.
I think this is just fair...the head of the snake - SBF - got 25 and Ryan Salame as one of his lieutenants gets 7.5 years and if there will be good behavior and some good connections serving time can even be less. The big lesson here is to never play with the people's trust and money bestowed on you, otherwise you can be catching fire that can send you to prison where you should be spending time reforming yourself to never abused what is entrusted to you. The cryptocurrency industry do not need people like these and we should never allow them for a comeback in whatever capacity.
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It seems total prison time and fine he receive is far lighter than Sam, even though he had high position on FTX. Your opinion is greatly appreciated.
Well, if the authorities said that they will go after all of them, they really will go after all of them, eh?
This kind of action by the authorities might reduce the number of scam projects in cryptocurrency. I'm not pertaining to those new projects that turned out to be a scam because it will always happen no matter what. What I'm pertaining is those top old projects that have been in the top for years like FTX. I just hope that the authorities will continue to do things like this especially in a space where scams or bankruptcy can just happen any time.
As for the one who got caught, not familiar of his name, but I hope all of them will go to jail - including SBF's girlfriend. :D
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I don't know much about Ryan Salama or his role in the FTX disaster, but since he was so close to Bankman Fried, he must have played a major role in the incident, and I expect that he deserves a 7.5-year sentence in prison.
Everyone who was responsible for the FTX failure in a leadership position needs to be punished. That's how it should work. And I wish that's how it worked with banks too, but for many reasons, it is unfortunately not like that for them.
Next up - Caroline Ellison, Nishad Singh and Gary Wang please. Let's make an example out of the entire leadership.
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It seems total prison time and fine he receive is far lighter than Sam, even though he had high position on FTX.
It was expected, he pleaded guilty and also aided in the investigation, so he was surely going to get a lighter sentence.
Sbf got 25 years, and now Ryan has been sentenced to just over 7 years in prison, i don't know if the creditors would consider it a fair punishment for the crimes they committed. Maybe Sbf should have been sentenced for longer than 25 years, but i feel that the others involved who pleaded guilty, like Ryan, Singh, etc, they should get lighter sentences.
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Not a surprise to me because he probably helped a lot during the investigation. The higher his position most likely meant he had the strongest evidence that was used against SBF and his testimony holds more weight.
If he assisted significantly and the court did not find him guilty of the first degree, then the sentences would be very light and the possibility of parole would be possible.
The sentence will be the maximum for most assistants unless they are involved in other cases.
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Everyone who was responsible for the FTX failure in a leadership position needs to be punished. That's how it should work. And I wish that's how it worked with banks too, but for many reasons, it is unfortunately not like that for them.
Next up - Caroline Ellison, Nishad Singh and Gary Wang please. Let's make an example out of the entire leadership.
It's a bad example if you ask me, because if we're going to be realistic, the lower you are in the hierarchy, the less punishment you can expect - and according to that, all those you mentioned could get 5 years or even less punishment. When all is added up and subtracted, all of them together won't even spend 50 years in prison, and Bankman could have gotten 100+ years alone if it weren't for his "friends" who lobbied for him.
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It seems total prison time and fine he receive is far lighter than Sam, even though he had high position on FTX.
It was expected, he pleaded guilty and also aided in the investigation, so he was surely going to get a lighter sentence.
Actually, it was unexpected, he got more than the prosecutors were asking for:
https://www.courtlistener.com/docket/67772540/436/united-states-v-bankman-fried/
Only a substantial incarceratory sentence could appropriately reflect the nature and seriousness of his conduct and afford adequate deterrence. In
light of the sentencing factors discussed below, the Government respectfully requests that the Court impose an aggregate sentence within the range of five to seven years’ incarceration, for both offenses.
Normally since he pleased quality he could have got with a bit under what prosecutors asked for, yet seems like he got extra.
Plus there are 3 years of probation and 11 million in forfeiture, I don't think he's that happy with it.
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Finally we are seeing some financial criminals getting some justice. It has been too long that these people just bribed their way into their mistakes and just got away with it, I do not think that this should continue and eventually we are starting to see that they are getting jail time, or at least they may get it dropped and postponed for some huge fine, but at least its on their record. I feel like if we do not put these criminals behind bars, people will start to think "financial crimes are ok" and they will do more and more, we need to put some harsh consequences in order to stop the next guy from doing it.
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If I'm not mistaken, he turn state witnessed against SBF right? And that's why he had a lighter sentence as he could have cooperated and then put all the blame on SBF for what had happen to FTX.
But I do agree that it is a lighter sentence no matter what. He could be part of it and knows everything but he still go with with SBF wanted or maybe even him has benefited from the billions that have been lost from their investors or customers.
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Bankman-Fried lieutenant Ryan Salame gets 7.5 years in prison for role in FTX debacle
The former chief executive of FTX’s Bahamas subsidiary has ben ordered to spend 7 1/2 years in prison, the first of Sam Bankman-Fried’s close associates to be sentenced in the wake of the cryptocurrency exchange’s implosion.
Ryan Salame appeared in a Manhattan courtroom Tuesday, after reaching a plea deal with federal prosecutors in September, weeks before FTX founder Bankman-Fried was due to stand trial for stealing about $10 billion from customers, investors, and lenders... Read more here (https://fortune.com/crypto/2024/05/28/sam-bankman-fried-ryan-salame-ftx-prison-sentence/).
It seems total prison time and fine he receive is far lighter than Sam, even though he had high position on FTX. Your opinion is greatly appreciated.
According to the news they have enough funds to pay all the affected there funds back as they said they made investment and now they have enough profit that can cover all the funds of the people and even the news mentioned these affected people who will receive there funds back would be make more than 2x on there funds right now. If they are refunding then why go after the associates of the exchange I mean SBF is already in custody.
I know how hard it would be for people who suffered but it's just a thought. As I figured the sentence of SBF will also be decreased by some years if he plans to refund people soon. But nah I did not heard any relevant news instead his associate is also being prisoned that's a little odd but SEC and other authorities are really making an example out of this.