FTX crypto exchange executive sentenced to 90 months in U.S. prison

Damian Williams, the United States Attorney for the Southern District of New York, announced that RYAN SALAME was sentenced today to 90 months in prison.
SALAME previously pled guilty to conspiracy to make unlawful political contributions and defraud the Federal Election Commission and conspiracy to operate an unlicensed money transmitting business before U.S. District Judge Lewis A. Kaplan, who imposed today’s sentence.
U.S. Attorney Damian Williams said: “Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law.
“Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system. Today’s sentence underscores the substantial consequences for such offenses.”
According to the filings and statements made during court proceedings:
RYAN SALAME was a high-ranking official at Alameda Research, the quantitative cryptocurrency trading firm founded by Samuel Bankman-Fried, from 2019 to 2021.
In or about October 2021, SALAME was named co-CEO of FTX’s Bahamian affiliate FTX Digital Markets Ltd.
While working at Alameda Research and FTX, SALAME conspired with Bankman-Fried and other employees of FTX and Alameda Research to operate an unlicensed money transmitting business, unlawfully using FTX, Alameda Research, and an entity called “North Dimension” to transmit FTX customer funds without a license.
The conspirators and others at Alameda Research and FTX also made false statements to U.S. banks in order to maintain their unlawful businesses.
Additionally, beginning in or around 2020, SALAME conspired with Bankman-Fried and FTX executive Nishad Singh to donate campaign contributions in a manner that obscured Bankman-Fried’s association with certain of the contributions.
These donations were made to improve Bankman-Fried’s personal standing in Washington, D.C., increase FTX’s profile, and curry favor with candidates that could help pass legislation favorable to FTX, Alameda, or Bankman-Fried’s personal agenda.
In total, SALAME and his co-conspirators made over 300 political contributions, totaling tens of millions of dollars, that were unlawful because they were made in the name of a straw donor or paid for with corporate funds and caused false information to be reported by campaigns and political action committees to the Federal Election Commission.
In addition to the prison term, SALAME, 30, of Potomac, Maryland, was sentenced to three years of supervised release and ordered to pay more than $6 million in forfeiture and more than $5 million in restitution.
Mr. Williams praised the outstanding investigative work of the Federal Bureau of Investigation.
This case is being handled by the Office’s Securities and Commodities Fraud Task Force, with assistance from the Office’s Illicit Finance and Money Laundering and Complex Frauds and Cybercrime Units. Assistant U.S. Attorneys Danielle Kudla, Samuel Raymond, Thane Rehn, Nicolas Roos, and Danielle Sassoon are in charge of the prosecution.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Health
Mental health experts seek more drug rehabilitation centres, affordable treatment
Ms Ezeh said the number of people abusing drugs was growing faster than available treatment spaces.

States
Police kill suspected armed robber, recover two vehicles in Ogun
“On sighting the operatives, the armed robbers opened fire, prompting an immediate tactical response,” Mr Babaseyi said.

Abuja
Two Europe-bound businessmen excreted 200 wraps of cocaine at Abuja airport: NDLEA
The suspects, who reportedly travelled to Nigeria for a holiday, were arrested while attempting to return to Paris, France.

States
Traders, consumers lament rising cost of protein in Lagos
Mr Sodiq attributed the increase to rising fuel prices and the cost of purchasing cattle.

Africa
Senegal kicks off first-ever Youth Olympic Games in Africa
Senegalese President Bassirou Diomaye Faye declared the Games open.

States
2027: Ex-minister Betta Edu targets 1.5 million votes for Tinubu in Cross River
Ms Edu expressed confidence that the state would deliver more than 1.5 million votes for the ruling APC.





