Former FTX co-CEO Ryan Salame’s sentencing has been rescheduled for May 28, as stated in a filing in the Southern New York District Court. The reason for the postponement from the original date of May 1 remains unclear.
Salame, along with Sam Bankman-Fried, was one of the four FTX top managers charged by the United States government in connection with the collapse of the cryptocurrency exchange. Unlike the others, which included former Alameda Research head Caroline Ellison, FTX co-founder Gray Wang, and FTX top engineer Nishad Singh, Salame chose not to testify against Bankman-Fried.
All four executives reportedly reached plea deals with U.S. prosecutors. Salame is currently out on a $1 million bond.
Similar to the other executives, Salame pleaded guilty to federal charges relating to the FTX debacle. Additionally, he is facing charges of campaign finance violations related to his girlfriend Michelle Bond’s unsuccessful bid for New York’s First District in the House of Representatives. Bond was defeated in the Republican primary.
Both charges against Salame could potentially result in prison sentences of up to five years. Bankman-Fried’s legal team argued that he should not be charged with campaign contribution violations because it was not part of his extradition agreement from the Bahamas. However, those charges were later added to the conspiracy to commit fraud charges against him.
During the trial, where Bankman-Fried pleaded not guilty, he claimed that he did not discuss his political donations with Salame. All four executives charged alongside Bankman-Fried have pleaded guilty to their respective charges.
Salame’s role in the criminal activities at FTX remains somewhat unclear. He was reportedly not closely associated with Bankman-Fried’s inner circle and was genuinely shocked by the exchange’s collapse to the point of falling ill. However, court records from the Bahamas later revealed that Salame had informed the country’s Securities Commission about irregularities at the exchange in November 2022, prompting an investigation.
Source: Ryan Salame
In related news, YouTuber Brian Jung, known as Hall of Flame, has declined “seven-figure” sponsorships following the FTX scandal.