PANews reported on May 22 that, according to Bloomberg, in a sentencing memorandum submitted to the Manhattan federal court on Tuesday, U.S. federal prosecutors stated that former FTX executive Ryan Salame should be imprisoned for five to seven years. Prosecutors indicated that the 30-year-old man admitted to committing "serious crimes that warrant a severe sentence to ensure Salame receives just punishment." Salame's lawyers argued that his sentence should not exceed 18 months. Salame will be sentenced on May 28.