Ryan Salame, Former FTX Executive, Could Lose $1.5 Billion Following Guilty Plea

Ryan Salame, Former FTX Executive, Could Lose $1.5 Billion Following Guilty Plea


Ryan Salame, Former FTX Executive, Pleads Guilty to Illegal Campaign Contributions

Ryan Salame, the former co-CEO of FTX Digital Markets, has pleaded guilty to charges of making illegal campaign contributions and fraud. As part of a plea deal, Salame has agreed to forfeit up to $1.5 billion. He admitted to using funds from FTX affiliate Alameda Research to make millions of dollars of illegal donations. Salame also pleaded guilty to operating an unlicensed money transfer business.

Prosecutor Damian Williams stated that Salame’s actions were aimed at advancing the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and an unlicensed money transmitting business. During his plea, Salame acknowledged that he made political contributions using his own name, with the funds originating from an Alameda subsidiary. Salame’s sentencing is scheduled for March 6.

No Cooperation Expected from Salame Against FTX Founder Sam Bankman-Fried

There are no indications that Ryan Salame will cooperate with the prosecution or serve as a witness against FTX founder Sam Bankman-Fried. Following his hearing, Salame was released on a $1 million bond. His attorney, Jason Linder of Mayer Brown, stated that Salame is eager to move past this chapter in his life. Meanwhile, Bankman-Fried’s trial is set to begin next month, as he faces charges of orchestrating a multibillion-dollar fraud that led to the bankruptcy of FTX. Bankman-Fried has pleaded not guilty to all charges.

Hot Take

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

The guilty plea by Ryan Salame, former FTX executive, highlights the illegal activities surrounding campaign contributions and unlicensed money transfer businesses. This case serves as a reminder of the consequences individuals face when engaging in such actions. It remains to be seen how this development will impact the trial of Sam Bankman-Fried, the founder of FTX, who is also facing significant legal challenges. This case underscores the importance of transparency and adherence to the law within the crypto industry.

Ryan Salame, Former FTX Executive, Could Lose $1.5 Billion Following Guilty Plea
Author – Contributor at Lolacoin.org | Website

Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.