In a prior case this year, Bankman-Fried received a 25-year sentence for allegedly diverting $8 billion from FTX customers
Ryan Salame, the former co-chief executive of FTX Digital Markets, exits the Federal Court after sentencing in New York City, U.S., May 28, 2024.
Image: REUTERS/Brendan McDermid
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Following the collapse of cryptocurrency exchange FTX in late 2022, Ryan Salame, former co-CEO of their Bahamian subsidiary, received a 7.5-year prison sentence from US federal prosecutors. This marks another legal development related to the FTX insolvency.
In a move preceding this year's sentencing of Sam Bankman-Fried, founder of now-bankrupt FTX, Ryan Salame, a former high-ranking executive, pleaded guilty last September to campaign finance violations and operating an unlicensed money-transmitting business. Bankman-Fried received a 25-year sentence earlier this year on allegations of misappropriating funds from FTX.
In a statement, US Attorney Damian Williams for the Southern District of New York voiced concerns that Ryan Salame's criminal activity eroded public confidence in the US campaign finance system and the overall financial sector.Â
Last November, Salame's conviction on fraud and conspiracy charges related to the FTX collapse stemmed from what prosecutors call one of US history's most significant financial frauds.