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Former FTX exec Ryan Salame to be sentenced on May 1

CointelegraphCointelegraph2024/02/23 20:04
By:Turner Wright

Ryan Salame, the former co-CEO of FTX Digital markets who pleaded guilty to two felony counts, will be sentenced in a New York courtroom on May 1.

According to a docket released on Feb. 23 in the United States District Court for the Southern District of New York, Salame will appear before Judge Lewis Kaplan on May 1 to face sentencing related to his role in fraud at defunct cryptocurrency exchange FTX. In September 2023, the former FTX executive pleaded guilty to one count of making unlawful political contributions and one count of conspiracy to operate an unlicensed money-transmitting business.

Salame was charged in the same case as former FTX CEO Sam “SBF” Bankman-Fried , former Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang and former FTX engineering director Nishad Singh. He admitted in court to making $10 million in political contributions and “called them loans, which [he] never intended to repay.”

Ryan Salame's X account, which has been inactive since Nov. 6, 2022. Source: X

The charges also focused on Salame donating to the 2022 congressional campaign of his then-girlfriend, Michelle Bond. Reports suggested he also made campaign contributions on behalf of a corporation, violating U.S. law. The former FTX executive could face years behind bars following sentencing, but the U.S. Attorney’s Office has reportedly proposed probation instead of prison time.

Bankman-Fried’s sentencing in New York is scheduled for March 28 following his conviction on seven felony counts in November 2023. On Feb. 19, crypto reporter Tiffany Fong released a photo of the former FTX CEO in jail, offering a rare look at his life since his conviction.

Related: FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX and Sam Bankman-Fried

None of the five crypto executives implicated in the downfall of FTX have been sentenced since prosecutors began pursuing criminal charges in November 2022. Ellison, Wang, Singh and Salame all pleaded guilty and accepted deals, while Bankman-Fried moved forward with a trial.

Salame was the only party who didn’t testify against SBF at trial. His plea agreement reportedly included roughly $6 million in penalties to the U.S. government, $5 million reimbursed to FTX debtors, and the surrender of two properties in Massachusetts and a Porsche. At the time of publication, Salame remained free on a $1 million bond until his sentencing.

Magazine: Can you trust crypto exchanges after the collapse of FTX?

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Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

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