SBF's Top Lieutenant Sentenced For 7 Years

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Another Ex-Executive of the crypto exchange FTX has been sentenced over his part in the implosion of the exchange FTX in late 2022.

Ex-Co-CEO of FTX's Bahamian subsidiary, Ryan Salame was jailed to 90 months in prison, according to United States federal prosecutors.

Salame was a top lieutenant to Sam Bankman Fried, founder of the bankrupted crypto exchange, in September pleaded guilty last year to breaching political campaign finance laws and operating an illegal money transmitting business.

Earlier this year, Sam Bankman Fried was jailed to 25 years in prison for stealing $8b from customers of FTX.

United States Attorney for the Southern District of New York shared in a statement, "Salame's involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system,".

In November of last year, a jury found Salame guilty on seven counts of conspiracy and fraud resulting from the collapse of FTX. It is regarded by prosecutors as one of the largest financial scams in US history.

Salame received a sentence that exceeded the five to seven years requested by the prosecution.

Before its collapse, FTX was one of the world's largest crypto exchanges, turning SBF into a business celebrity and garnering millions of customers who availed the exchange to buy and trade crypto.

A New York jury found Sam Bankman Fried guilty last year of wire fraud and conspiracy to commit money laundering following a trial in which it was revealed that he had utilized client funds to purchase real estate, give to political campaigns, and make other transactions.

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