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29 May 2024
Former FTX Executive Sentenced to 7.5 Years in Prison

The Southern District Court of New York has sentenced former director of the Bahamian branch of FTX, Ryan Salame, to 90 months in prison.

According to the US Department of Justice, he was also given three years of probation and ordered to pay $6 million in forfeiture and over $5 million in restitution.

Prosecutor Damian Williams noted that Salame’s actions undermined public trust in elections and the financial system.

In September 2023, Salame pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange. He admitted his guilt in conspiring for illegal donations and operating an unlicensed money business.

Earlier, his lawyers had requested 1.5 years in prison, but the prosecution insisted on a harsher sentence.

In November 2022, two days before FTX filed for bankruptcy, Salame alerted Bahamian authorities to a possible fraudulent scheme.

FTX co-founder and former CEO Sam Bankman-Fried was found guilty on all charges in November 2023. In March 2024, he was sentenced to 25 years in prison. His lawyers have filed an appeal.

It should be noted that before Salame, former Alameda Research director Caroline Ellison, FTX CTO Gary Wang, and the head of the exchange’s engineering department Nishad Singh also pleaded guilty.