FTX Executive Withdraws Legal Request to Enforce Plea Deal
Aug 30, 2024
3 min read
Ryan Salame, a former executive of the cryptocurrency exchange FTX, has withdrawn his legal request to compel the government to honor the terms of his plea deal. This decision comes amidst ongoing legal battles involving his long-time partner, Michelle Bond.
Key Takeaways
Ryan Salame, former FTX executive, withdraws his legal request to enforce plea deal.
Salame was sentenced to 7.5 years in prison in May 2024.
The withdrawal is linked to legal proceedings against Michelle Bond, Salame's partner.
Judge Lewis Kaplan will still hold a hearing on the original petition.
Background
Ryan Salame, who was sentenced to 7.5 years in prison in May 2024, had initially filed a legal request to a New York court. The request aimed to either enforce the conditions of his plea deal with prosecutors or to vacate his plea and sentence. Salame's lawyers argued that prosecutors had improperly obtained his guilty plea by promising to cease investigations into Michelle Bond, his long-time partner and the mother of his young child.
Legal Proceedings
In a recent order, Judge Lewis Kaplan stated that he would still hold a hearing on the original petition, regardless of Salame's motion to withdraw it. The judge also made Salame's attendance at the hearing a part of his bail conditions.
Salame's petition was filed just one day before charges against Bond were made public. Bond, a former U.S. Securities and Exchange Commission (SEC) lawyer, was indicted in federal court on August 22, 2024, for taking illegal campaign contributions from Salame and other FTX employees during her failed 2022 run for a Congressional seat.
Charges Against Michelle Bond
Michelle Bond faces four counts related to alleged campaign finance violations:
Conspiracy to cause unlawful political contributions.
Causing and accepting excessive campaign contributions.
Causing and receiving an unlawful corporate contribution.
Causing and receiving a conduit contribution.
Each count carries a maximum sentence of five years if convicted. Bond appeared before a magistrate judge in the Southern District of New York (SDNY) on August 22 and was released on a $1 million bond.
Salame's Withdrawal
Salame's lawyers stated in new court documents that he is withdrawing the petition to allow Bond to raise the matter in her own legal proceedings. "Mr. Salame stands by the facts set forth in the petition and his accompanying declaration. However, he is withdrawing the petition to allow the facts to be developed by Ms. Bond, and a ruling to be made in her case," the lawyers wrote.
They added that since the primary relief sought in the petition is the dismissal of the indictment against Bond, it makes sense to adjudicate the issues raised in the petition in the docket where the indictment is pending.
Future Implications
The legal battles surrounding Salame and Bond are far from over. Judge Kaplan's decision to hold a hearing on the original petition indicates that the court is taking the allegations seriously. The outcome of these proceedings could have significant implications for both Salame and Bond, as well as for the broader cryptocurrency community.
Conclusion
Ryan Salame's decision to withdraw his legal request to enforce his plea deal marks a significant turn in the ongoing legal saga involving him and Michelle Bond. As the court prepares to hold a hearing on the original petition, all eyes will be on the developments in this high-stakes case.