Ryan Salame, formerly a co-chief executive of FTX Digital Markets, has been sentenced to 90 months in prison following his involvement in a series of financial and political violations. The charges against Salame include conspiracy to make unlawful political contributions and operating an unlicensed money transmitter.
Ryan Salame Sentence and Violations
In addition to his prison term, Salame has been ordered to forfeit $6 million and pay $5 million in restitution. His offenses centered around using the ‘North Dimension’ entity to improperly maintain bank accounts for FTX, circumventing the legal requirement for a licensed money transmitter.
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Salame played a crucial role in orchestrating FTX’s strategy to influence political dynamics. Working alongside Sam Bankman-Fried and Nishad Singh, he facilitated numerous illegal political donations aimed at gaining leverage and favor in political circles. Furthermore, Salame was linked to financial interactions with Michelle Bond, a former congressional candidate and his romantic partner, who received significant campaign contributions from FTX US.
Comparative Sentencing
Salame’s sentence of 90 months contrasts sharply with that of his FTX colleague, Sam Bankman-Fried, who received a 25-year sentence. The disparity in sentencing also extends to Changpeng Zhao, the former CEO of Binance, who was sentenced to only four months after a plea deal and cooperation with prosecutors.
Zhao’s charges were related to failing to register as a money services business and not maintaining an effective anti-money laundering program.
Under the 2018 First Step Act, Salame might qualify for early release. This act allows non-violent felony offenders to be considered for release after serving half of their sentence, potentially reducing the time Salame will spend in prison.