Ex-FTX Boss Ryan Salame To Give Up $5.9M Bahamas House: Implications for the Market
FTX’s legal team highlighted the advantages of this stipulation, noting that it preserves the value of the property and prevents setting a low market benchmark. This is particularly crucial as the debtors, along with joint official liquidators, plan to sell over $200 million worth of Bahamian properties. The agreement not only serves the “best interest” of involved parties but also expedites the restitution process efficiently.
Legal and Financial Details
Salame’s involvement with unlawful political contributions and unlicensed money-transmitting came under scrutiny last September, leading to his guilty plea. The fraudulent activities reportedly began in late 2019 and involved using Alameda accounts to handle FTX customer transactions without the necessary legal permissions.
As part of the restitution deal, the minor difference of about $307,000 between the property’s appraised value and the restitution amount will be credited against what Salame owes under a promissory note. This detailed accounting ensures a clear path forward for settling the financial discrepancies linked to Salame’s actions.
