A judge sentenced Ryan Salame, a former co-CEO of FTX’s Bahamian subsidiary, to 90 months in prison.
Salame, a top aide to FTX founder Sam Bankman-Fried, violated campaign finance laws. The court also convicted him of running an illegal money-transmitting business.
Salame pleaded guilty in September 2023. His involvement in FTX’s collapse, one of the largest financial frauds in US history, led to severe legal consequences.
Earlier, Bankman-Fried received a 25-year prison sentence for stealing $8 billion from FTX customers.
Salame’s crimes undermined public trust in elections,” said Damian Williams, US Attorney for the Southern District of New York. “They also damaged the integrity of the financial system.
A jury convicted Salame on seven fraud and conspiracy charges related to FTX’s failure.
Along with his prison term, Salame must serve three years of supervised release. He must also pay over $6 million in forfeiture and $5 million in restitution.
Salame joins three other former executives, including Caroline Ellison, Gary Wang, and Nishad Singh, who also pleaded guilty.
FTX, once a leading crypto exchange, collapsed in 2022 after financial troubles triggered a run-on deposit.
The downfall revealed Bankman-Fried’s misuse of customer funds for personal purchases, political donations, and investments. This led to his conviction for wire fraud and money laundering.
