Ryan Salame Sentenced to 90 Months in Prison for Illegal Contributions and Unlicensed Money Transmitter Business
A former high-ranking official at Alameda Research and co-CEO of bankrupt crypto exchange FTX, Ryan Salame, has been sentenced to 90 months in prison for his involvement in what the US Southern District of New York calls “illegal political contributions” and operating an unlicensed money transmitter business.
Conspiracy Charges Unveiled
The sentencing, handed down by US District Judge Lewis A. Kaplan, comes after Salame’s guilty plea to conspiracy to defraud the Federal Election Commission and operate an unlicensed money-transmitting business.
- US Attorney Damian Williams highlights the consequences
- Salame’s actions undermine trust in American elections
- Integrity of the financial system put at risk
Salame’s Covert Conduct
Court filings and statements reveal that Salame served as a top official at Alameda Research, FTX’s trading arm established by Samuel Bankman-Fried, from 2019 to 2021. He later became the co-CEO of FTX’s Bahamian affiliate, FTX Digital Markets Ltd, in October 2021.
In addition to running an unlicensed money transmitting business, Salame, along with Bankman-Fried and FTX executive Nishad Singh, is accused of concealing campaign contributions to elevate Bankman-Fried’s position in Washington, D.C., boost FTX’s profile, and gain favor with potential sponsors of FTX-friendly legislation.
- Concealed campaign contributions to boost Bankman-Fried’s influence
- Contributions aimed at favorable legislation for FTX and Alameda
Penalties Imposed on Salame
Aside from the 90-month prison sentence, Salame faces three years of supervised release. He also has to pay over $6 million in forfeiture and more than $5 million in restitution for the financial damage caused by his actions.
Hot Take: Ex-FXT Executive Ryan Salame Gets 90-Month Prison Sentence
Ryan Salame, formerly associated with Alameda Research and FTX, has been sentenced to 90 months in prison for engaging in illegal political contributions and operating an unlicensed money transmitter business. The US Southern District of New York deemed Salame’s actions destructive to public trust in American elections and the financial system’s integrity.
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