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Former FTX Executive Ryan Salame Sentenced to 90 Months in Prison
Ryan Salame, a close aide and former executive of the disgraced FTX CEO Sam Bankman-Fried, has been sentenced to 90 months in prison on charges related to the crypto exchange’s collapse. The U.S. Attorney’s Office for the Southern District of New York also announced that Salame would pay more than $6 million in forfeiture and more than $5 million in restitution.
Unlawful Activities and Consequences
According to U.S. Attorney Damian Williams, Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and an unlicensed money transmitting business, which operated outside the law.
“Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law.” – U.S. Attorney Damian Williams
Salame, who was the head of FTX’s subsidiary in the Bahamas, pleaded guilty to violating campaign finance laws and operating an unlicensed business. He was known for his lavish lifestyle, indulging in expensive cars, private jets, and fancy restaurants.
Salame played a significant role in FTX’s political fundraising operations, making more than 300 political contributions totaling tens of millions of dollars, many of which were fraudulent.
In a plea for leniency, Salame requested a shorter prison sentence of 18 months, but ultimately received a 90-month sentence.
Sam Bankman-Fried, the former FTX CEO, was sentenced to 25 years in prison earlier this year. Other close aides of Bankman-Fried, including Caroline Ellison, Gary Wang, and Nishad Singh, have pleaded guilty to fraud charges and are now cooperating with authorities.
Sources: U.S. Department of Justice, The New York Times, U.S. Department of Justice
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