-
chevron_right
4th FTX exec pleads guilty, agrees to forfeit Porsche and other property
news.movim.eu / ArsTechnica · Friday, 8 September, 2023 - 18:20
Former FTX executive Ryan Salame pleaded guilty to two criminal charges yesterday, becoming the fourth former associate of Sam Bankman-Fried to enter guilty pleas.
A money judgment of $1.56 billion was entered against Salame, but he will be allowed to satisfy the judgment by making a $6 million payment to the US and forfeiting two properties, a business, and a Porsche. He also agreed to provide $5.6 million in restitution to FTX debtors.
Salame faces maximum imprisonment of 10 years, consisting of five years for each charge. Salame was released on a $1 million bond and has sentencing scheduled for March 6, 2024. Meanwhile, Bankman-Fried's trial is scheduled to begin in early October.