Ryan Salame, the former co-CEO of FTX Digital Markets, who admitted guilt to two felony charges, is set to be sentenced in a New York court on May 1.
According to a document released on February 23 in the United States District Court for the Southern District of New York, Salame is scheduled to appear before Judge Lewis Kaplan on May 1 to receive his sentence for his involvement in the fraudulent activities at the now-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 conspiring to operate an unlicensed money-transmitting business.
Salame was indicted alongside 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. During court proceedings, Salame confessed to making $10 million in political contributions, which he falsely referred to as loans that he had no intention of repaying.
The charges against Salame also revolved around his donations to his then-girlfriend Michelle Bond’s 2022 congressional campaign. Reports indicated that he also made campaign contributions on behalf of a corporation, which violated U.S. laws. Following his sentencing, the former FTX executive could face a significant prison term, although the U.S. Attorney’s Office has allegedly proposed probation instead.
Bankman-Fried, who was convicted on seven felony counts in November 2023, is scheduled to be sentenced in New York on March 28. In a recent development, a photo of the former FTX CEO in jail was shared by crypto reporter Tiffany Fong on February 19, offering a rare glimpse into his life since his conviction.
None of the five crypto executives involved in the collapse of FTX have been sentenced yet, despite prosecutors initiating criminal charges in November 2022. Ellison, Wang, Singh, and Salame have all pleaded guilty and reached agreements, while Bankman-Fried opted for a trial.
Salame was the only party who did not testify against Bankman-Fried during the trial. According to reports, his plea agreement included approximately $6 million in penalties to the U.S. government, $5 million reimbursement to FTX debtors, and the forfeiture of two properties in Massachusetts and a Porsche. As of now, Salame remains free on a $1 million bond until his sentencing.
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