FTX co-CEO and SBF associate sentenced to 90 months in prison

The sentence was handed down Tuesday by Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York. In addition to the prison term, Salame was sentenced to three years of supervised release and ordered to pay $6 million in forfeiture and more than $5 million in restitution, according to the U.S. Department of Justice.

Salame managed electronic deposits and fiat currency conversions for FTX clients, participated in political contributions using Alameda funds, and led charitable initiatives in the Bahamas. His lawyers say his involvement was primarily operational rather than central to the fraud perpetrated by key figures at FTX and Alameda.

U.S. Attorney Damian Williams commented on the case: “Ryan Salame agreed to promote the interests of FTX, Alameda Research and his co-conspirators through an illegal political influence campaign and through a money transfer business. unlicensed money, which helped FTX grow faster and wider by operating outside the law. Salame's involvement in two serious federal crimes undermined public confidence in U.S. elections and the integrity of the financial system. “Today’s sentence highlights the far-reaching consequences of such offences.”

Salame pleaded guilty in September to charges of conspiracy to make illegal political contributions and operating an unlicensed money transmitting business. He was previously co-CEO of FTX's Bahamian subsidiary and worked closely with former FTX CEO Sam Bankman-Fried.

Salame's legal team had hoped for a lighter sentence, no more than 18 months, arguing that he lost much of his personal fortune when FTX collapsed in 2022. Prosecutors, however, argued for a sentence of five to seven years, claiming that Salame had committed serious crimes. promote the growth of FTX and the image of Bankman-Fried.

Former Alameda-FTX executives, including CEO Caroline Ellison and Gary Wang, have also pleaded guilty to the charges and are negotiating plea deals to avoid prison time. However, Salame did not testify during Bankman-Fried's criminal trial last year.