Ryan Salame, the former co-CEO of FTX Digital Markets, who has admitted to two felony charges, is set to be sentenced in a New York courtroom on May 1.
According to court documents released on February 23, Salame will appear before Judge Lewis Kaplan on May 1 to face sentencing for his involvement in the fraud at the now-defunct cryptocurrency exchange FTX. In September 2023, Salame pleaded guilty to one count of making illegal political donations and one count of conspiring to run an unlicensed money-transmitting business.
Salame was charged in the same case as former FTX CEO Sam “SBF” Bankman-Fried, former Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang, and former FTX engineering director Nishad Singh. In court, Salame confessed to making $10 million in political donations and referred to them as loans that he never intended to repay.
The charges also revolve around Salame’s contributions to the 2022 congressional campaign of his then-girlfriend, Michelle Bond. Reports suggest that he also made campaign donations on behalf of a corporation, which violates US law. Following his sentencing, the former FTX executive could face several years in prison, although the US Attorney’s Office has apparently suggested probation instead of jail time.
Bankman-Fried is scheduled to be sentenced in New York on March 28 after being convicted of seven felony charges in November 2023. On February 19, a photo of the former FTX CEO in jail was released by crypto reporter Tiffany Fong, offering a rare glimpse into his life since his conviction.
None of the five crypto executives involved in the downfall of FTX have been sentenced yet since criminal charges were brought against them in November 2022. Ellison, Wang, Singh, and Salame all pleaded guilty and reached agreements, while Bankman-Fried chose to proceed with a trial.
Salame was the only party who did not testify against SBF during the trial. His plea agreement reportedly included approximately $6 million in fines to the US government, $5 million in reimbursement to FTX creditors, and the surrender of two properties in Massachusetts and a Porsche. As of now, Salame remains free on a $1 million bond until his sentencing.
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