Former FTX Executive Ryan Salame Agrees to Forfeit $5.9 Million Bahamas House in Plea Agreement
Rebeca Moen May 03, 2024 14:05
Ryan Salame, the former co-CEO of FTX Digital Markets, has reached a plea agreement in a criminal case. As part of the agreement, Salame has agreed to transfer his $5.9 million Bahamas house to FTX Digital Markets Ltd. instead of paying $5.6 million in restitution in cash.
In a dramatic turn of events involving the criminal case that includes Ryan Salame, the former co-CEO of FTX Digital Markets, it has been announced that Salame has accepted to give up his Bahamas property, which is valued at $5.9 million, as part of his plea agreement. This is a significant development in the case since it will allow Salame to avoid further prosecution. As an alternative to being compelled to make restitution in the sum of $5.6 million in cash, this decision was reached as an option.
A breakdown of the terms of the agreement to plead guilty
Ryan Salame made a guilty plea before the court at the beginning of September 2023 in response to the allegations that were brought about by the collapse of the cryptocurrency exchange.
In order for Salame to comply with the conditions of the plea agreement, he was required to make reparation payments to creditors that totaled $5.6 million.
After reaching an agreement with FTX Digital Markets Ltd., Salame has consented to hand up his Bahamas house, which is estimated to be worth $5.9 million. This is in place of making a monetary payment to cover the amount of the repair.
In order for Salame to accomplish his obligation to perform the restitution requirement, the transfer of the property is one of the most crucial components that must be completed.
The plea deal was reached
Because of the criminal case, Salame is able to fulfil a significant portion of his financial commitment by giving up his home in the Bahamas. This is achieved by giving up his house in the Bahamas.
The transfer of the property to FTX Digital Markets Ltd. ulfils the purpose of providing a kind of restitution to the creditors who are involved in the case.
This plea agreement sheds light on the seriousness of the claims that have been presented against Salame as well as the legal implications that he will have to face as a result of the actions that he has taken.
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