Former FTX Digital Markets co-chief executive Ryan Salame agreed to transfer a $5.9 million Bahamas house as part of a plea deal in a criminal case, avoiding cash payment.
After the executive pleaded guilty to the charges last September 2023, the million-dollar property is part of a restitution agreement. Salame will not give away any cash from his account. Instead, he will transfer his Bahamas residence to FTX Digital Markets Ltd.
The debtors contended that this move is in their best interests as it prevents Salame from having to hastily sell the residence at a reduced price, which could adversely affect their capacity to capitalize on other Bahamian properties.
Real estate agents in the Bahamas indicated that sales volumes for luxury properties had declined by up to 25%. Similarly, one Australian real estate company, disclosed that apartment prices in Australia have decreased by 28% over the past 12 months.
Salame bought the property for $7.2 million in 2021 through the Alameda Research Fund. FTX DM later transferred $8.1 million to complete the deal. Salame also signed a promissory note to refund $8.1 million to Alameda, which went to bankruptcy filing along with FTX and Alameda in 2022.
Salame’s sentencing has been scheduled for May 28, 2024, following the sentence of 25 years that Sam Bankman-Fried received in March.
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