Ryan Salame, once a key figure at FTX’s Bahamian subsidiary, has been handed a 90-month prison term for his role in FTX’s downfall, according to US federal prosecutors.
Salame, a close associate of Sam Bankman-Fried, FTX’s bankrupt founder, admitted guilt in September last year for breaching campaign finance laws and running an illegal money-transmitting business.
Bankman-Fried himself received a 25-year prison sentence earlier this year for embezzling $8 billion from FTX customers, marking a significant chapter in the cryptocurrency world’s legal battles.
Damian Williams, US Attorney for the Southern District of New York, commented on Salame’s case, stating, “Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system.”
Following a November guilty verdict on seven counts of fraud and conspiracy linked to FTX’s collapse, Salame’s sentence exceeded prosecutors’ initial expectations of five to seven years.
In addition to imprisonment, he faces three years of supervised release and must forfeit over $6 million while paying more than $5 million in restitution.
Salame is one of four former high-ranking executives who pleaded guilty alongside Bankman-Fried, including Caroline Ellison from Alameda, Gary Wang, and Nishad Singh from FTX.
FTX, once a major player in the crypto exchange market, suffered a massive decline, triggering a crisis that exposed Bankman-Fried’s illicit activities.
The scandal surrounding FTX led to a rapid depletion of deposits in 2022, ultimately causing the exchange’s collapse and unraveling Bankman-Fried’s financial misdeeds.
His conviction last year involved charges of wire fraud, money laundering conspiracy, and misuse of customer funds for personal gains and political contributions.
Source-BBC
