HomeCrypto NewsFTX's ex-executive Salame receives a 7.5-year prison sentence in the US |...

FTX’s ex-executive Salame receives a 7.5-year prison sentence in the US | Crypto News

Former FTX Executive Sentenced to 90 Months in Prison for Unlawful Campaign Donations

Former FTX executive Ryan Salame has been sentenced to 90 months in prison for his involvement in making tens of millions of dollars in unlawful campaign donations to boost causes supported by his boss, Sam Bankman-Fried. Salame, the former co-CEO of FTX’s Bahamian subsidiary, pleaded guilty in September to the charges.

His seven-and-a-half-year prison sentence was announced by United States federal prosecutors on Tuesday, which was longer than the five to seven years sought by the prosecution. Bankman-Fried, the founder of the bankrupt cryptocurrency exchange FTX, was sentenced earlier this year to 25 years in prison for stealing $8 billion from customers.

Prosecutors allege that Salame, Bankman-Fried, and former FTX engineering chief Nishad Singh used customer funds to donate to political candidates supporting crypto-friendly legislation. Salame’s lawyers have tried to distance him from the FTX fraud, claiming that he was deceived into believing the company was legitimate and profitable.

In addition to the prison term, Salame, 30, was sentenced to three years of supervised release and ordered to pay over $6 million in forfeiture and more than $5 million in restitution. US Attorney Damian Williams stated that Salame’s actions undermined public trust in American elections and the financial system.

Salame, who was one of the top donors in the 2022 election cycle, gave over $24 million to Republican candidates and causes. He pleaded guilty to conspiracy to make unlawful political contributions and conspiracy to operate an unlicensed money-transmitting business. The case highlights the consequences of illegal campaign donations and the importance of upholding the integrity of the financial system.

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