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Sam Trabucco, co-CEO of Alameda Research, has expressed his support for FTX executive Ryan Salame prior to his sentencing scheduled for May 28, as indicated in a revised court filing dated May 14.
In a character reference for the ex-FTX Digital Markets co-CEO, Trabucco characterized Salame as an “affable” and “complex” individual who “should not be defined by his most regrettable actions.”
Alameda Research’s Sam Trabucco Supports FTX Executive Ryan Salame
“To put it simply, Ryan is my closest friend. He has also committed offenses,” Trabucco stated. “He has recognized that and is ready to face the repercussions.”
Trabucco also mentioned that he hoped Salame would receive a “just” sentence concerning the digital asset controversy, referring to him as a “highly sought-after employee in the crypto industry.”
Ryan Salame’s team has submitted a sentencing memorandum. He claims he was unaware of any illegal activities at FTX and has struggled with substance issues since he was 15. He is now sober, raising a child with Michelle Bond, and has plans for law school. He aims to establish a political nonprofit.
https://t.co/oQqJ2Rppqf
— Jacob Silverman (@SilvermanJacob) May 15, 2024
Salame, who recently sought a sentencing term of eighteen months in prison, pleaded guilty to conspiracy to operate an unlicensed money transmitting business and conspiracy to make illegal political contributions in September 2023.
Salame has largely distanced himself from the troubled crypto exchange, with attorneys for the FTX executive contending that he had limited awareness of the company’s $8 billion fraud operation.
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“Like thousands of other FTX employees, customers, investors, and lenders, Ryan experienced the loss of years of hard work and nearly his entire net worth almost overnight,” the court filing stated. “Ryan, who was not part of Sam Bankman-Fried’s inner circle, was unaware of the crimes central to this case.”
Salame Faces Legal Issues Over SBF Political Donations, Risks Prison Time
Salame’s charge regarding unlawful political contributions arises from over 300 undisclosed donations amounting to tens of millions of dollars made by Bankman-Fried, with the active involvement of the former FTX Digital Markets co-CEO and the company’s Head of Engineering, Nishad Singh.
Prosecutors allege that Bankman-Fried, currently serving a 25-year prison sentence for orchestrating the fraud scheme, utilized a straw donor scheme to exert influence and power over pro-crypto politicians.
These contributions were primarily financed by funds from FTX customers, which Bankman-Fried misappropriated to support venture investments, real estate acquisitions, and other expenditures while assuring investors that their funds were secure.
“He constructed a pyramid of deception on a base of lies and false assurances,” U.S. prosecutors asserted during SBF’s trial. “And when it fell apart, it left a path of devastation behind.”
Salame’s sentencing is set to occur at Manhattan federal court on May 28 at 11 a.m., where he faces a maximum penalty of 10 years in prison.
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