Former FTX boss Ryan Salame abandons $5.9 million Bahamas house

Former FTX Digital Markets co-CEO Ryan Salame plans to sell a $5.9 million home he owns in the Bahamas to settle criminal charges.

In the submitted documents, The United States Bankruptcy Court for the District of Delaware stated:Salameh, the former co-CEO of FTX Digital Markets, will have his home forfeited under a plea agreement in the U.S. v. Salameh criminal case.

FTX Digital Market was a Bahamian subsidiary of FTX Trading, a major cryptocurrency exchange run by Sam Bankman Freed, which went bankrupt in November 2022. During his time at FTX Digital Markets, Mr. Salame handled the exchange’s political contributions, particularly those to the Republican Party. .

Mr. Salame is currently being held on a $1 million bond. After pleading guilty in September 2023Violation of campaign finance laws and operation of unauthorized remittance business.

Salameh is charged with conspiracy to make illegal political contributions, defrauding the Federal Election Commission and conspiracy to operate an unauthorized money transfer business, according to the filing.

“As a result of constructive and independent negotiations, Salameh and the Debtors have agreed that, in exchange for Salameh paying compensation in cash to the Debtors, Salameh will satisfy the compensation by transferring Unit 3A, a residence that Salameh owns in the Bahamas. ” at Marina Residences, Albany Building 10 Condominiums (the “Residences”), to FTX DM, represented by JOL as the Nominated Debtor. As explained below, this mansion was recently appraised at her $5,900,000 in excess of compensation. ” — From a May 1, 2024 filing in the United States Bankruptcy Court for the District of Delaware.

Bankman Freed, November 2023 convictedSeveral FTX and Alameda Research employees, including FTX co-founder Gary Wang, former FTX head of engineering Nishad Singh, and Ellison, testify against the disgraced “crypto king.” Following a grueling trial, he was charged with seven different counts of fraud.

Salameh will be sentenced on May 28th, making him the first Bankman Fried co-conspirator to face legal punishment for his role in the cryptocurrency scandal.

Digital Products SBF appeals fraud conviction and sentencing

Last week, Mr. Bankman Freed filed an appeal his conviction and sentence on fraud and conspiracy charges;in court filingsBankman Freed’s lawyers have filed a formal appeal against his 25-year prison sentence following the FTX scammer’s grueling landmark fraud trial last fall.