Former FTX and Alameda Executive Ryan Salame Handed 90-Month Prison Sentence, Ordered To Pay Over $11,000,000

A US judge has sentenced Ryan Salame, one of the top executives of the collapsed crypto empire FTX, to 7.5 years in prison.

Judge Lewis A. Kaplan issued the sentence on Tuesday following Salame’s guilty plea to conspiracy to make unlawful political contributions and defraud the Federal Election Commission and conspiracy to operate an unlicensed money-transmitting business.

Salame was the former co-CEO of FTX Digital Markets, the Bahamian subsidiary of the bankrupt crypto exchange. He is also the founder of the American Dream Federal Action Political Action Committee (PAC).

The 30-year-old is accused of participating in a scheme that used FTX, Alameda Research and an entity called “North Dimension” to transmit FTX customer funds without a license.

Salame, FTX founder Sam Bankman-Fried and FTX executive Nishad Singh are also said to have made over 300 unlawful political contributions totaling tens of millions of dollars that were meant to improve FTX’s profile and curry favor with candidates who may help pass legislation favorable to exchange.

Says U.S. Attorney Damian Williams,

“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.  Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system.  Today’s sentence underscores the substantial consequences for such offenses.”

Aside from the prison term, Salame also received a sentence of three years of supervised release and was ordered to pay more than $6 million in forfeiture and more than $5 million in restitution.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Former FTX and Alameda Executive Ryan Salame Handed 90-Month Prison Sentence, Ordered To Pay Over $11,000,000 appeared first on The Daily Hodl.