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| {{Infobox Person | | {{Infobox Person |
| | name = Ryan Salame | | |name = Ryan Salame |
| | image = | | |image = |
| | birth_date = 1994 | | |birth_date = 1993 |
| | birth_place = United States | | |birth_place = United States |
| | conviction = Conspiracy to make unlawful political contributions, conspiracy to operate an unlicensed money transmitting business | | |residence = Potomac, Maryland |
| | sentence = 7.5 years in federal prison | | |charges = Conspiracy to make unlawful political contributions and defraud the Federal Election Commission; conspiracy to operate an unlicensed money transmitting business |
| | facility = [[FCI_Cumberland_(medium-security)|FCI Cumberland]] | | |conviction_date = September 7, 2023 |
| | status = Incarcerated | | |sentence = 90 months (7.5 years) federal prison, 3 years supervised release |
| | |sentencing_date = May 28, 2024 |
| | |forfeiture = More than $6 million |
| | |restitution = More than $5 million |
| | |judge = Hon. Lewis A. Kaplan |
| | |case_number = 1:23-cr-00501 (S.D.N.Y.) |
| | |facility = FCI Cumberland |
| | |status = Incarcerated |
| | |occupation = Former cryptocurrency executive |
| | |known_for = Co-CEO of FTX Digital Markets; political donor in the FTX campaign finance case |
| }} | | }} |
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| '''Ryan Salame''' is an American former cryptocurrency executive who served as co-CEO of FTX Digital Markets, the Bahamian subsidiary of the FTX cryptocurrency exchange. Unlike other FTX executives who cooperated with prosecutors, Salame pleaded guilty but did not become a cooperating witness against Sam Bankman-Fried. In May 2024, he was sentenced to 7.5 years in federal prison for campaign finance violations and operating an unlicensed money transmitting business—the harshest sentence of any FTX executive who pleaded guilty. | | '''Ryan Salame''' is an American former cryptocurrency executive. He served as co-CEO of FTX Digital Markets, the Bahamian subsidiary of the cryptocurrency exchange FTX. On September 7, 2023, he pleaded guilty in the Southern District of New York to two federal conspiracy counts. The first was conspiracy to make unlawful political contributions and defraud the Federal Election Commission. The second was conspiracy to operate an unlicensed money transmitting business.<ref name="cnbcplea">{{cite news |last=Goswami |first=Rohan |title=Former FTX executive Salame to forfeit $1.5 billion, pleads guilty to two criminal counts |url=https://www.cnbc.com/2023/09/07/former-ftx-exec-salame-to-forfeit-1point5-billion-pleads-guilty-to-two-criminal-counts.html |work=CNBC |date=2023-09-07 |access-date=2026-06-03}}</ref><ref name="cnnplea">{{cite news |last=Morrow |first=Allison |title=Former FTX executive Ryan Salame will forfeit $1.5 billion after pleading guilty to criminal charges |url=https://www.cnn.com/2023/09/07/business/ryan-salame-criminal-charges-ftx |work=CNN Business |date=2023-09-07 |access-date=2026-06-03}}</ref> |
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| == Early Life and Education == | | On May 28, 2024, U.S. District Judge Lewis A. Kaplan sentenced Salame to 90 months in prison, a term of seven and a half years. The sentence was higher than the five to seven years prosecutors had requested. It was far above the 18 months his defense had asked for.<ref name="cnbcsentence">{{cite news |last=Goswami |first=Rohan |title=FTX exec who turned on Sam Bankman-Fried sentenced to 7.5 years in prison |url=https://www.cnbc.com/2024/05/28/ftx-ryan-salame-sentenced.html |work=CNBC |date=2024-05-28 |access-date=2026-06-03}}</ref><ref name="coindesksentence">{{cite news |last=Reynolds |first=Cheyenne Ligon |title=Former FTX Executive Ryan Salame Sentenced to 7.5 Years in Prison |url=https://www.coindesk.com/policy/2024/05/28/former-ftx-executive-ryan-salame-sentenced-to-75-years-in-prison |work=CoinDesk |date=2024-05-28 |access-date=2026-06-03}}</ref> The court also ordered three years of supervised release, more than $6 million in forfeiture, and more than $5 million in restitution.<ref name="coindesksentence"/><ref name="theblock">{{cite news |title=Former FTX executive Ryan Salame begins his seven and a half year prison sentence |url=https://www.theblock.co/post/320749/former-ftx-executive-ryan-salame-begins-his-seven-and-a-half-year-prison-sentence |work=The Block |date=2024-10-11 |access-date=2026-06-03}}</ref> Salame reported to FCI Cumberland in Maryland on October 11, 2024.<ref name="cnnlinkedin">{{cite news |last=Goldman |first=David |title=Former top FTX executive has updated his LinkedIn profile. His new role? Prison inmate |url=https://www.cnn.com/2024/10/11/business/ryan-salame-ftx-linkedin-profile-prison-intl-scli/index.html |work=CNN Business |date=2024-10-11 |access-date=2026-06-03}}</ref><ref name="dailyhodl">{{cite news |title='Inmate at FCI Cumberland': Former FTX Exec Ryan Salame Updates LinkedIn Title After Judge Orders Him to Prison |url=https://dailyhodl.com/2024/10/12/inmate-at-fci-cumberland-former-ftx-exec-ryan-salame-updates-linkedin-title-after-judge-orders-him-to-prison/ |work=The Daily Hodl |date=2024-10-12 |access-date=2026-06-03}}</ref> He was the first FTX defendant to be sentenced. |
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| Ryan Salame was born in 1994 in the United States and grew up in Sandisfield, Massachusetts, a rural town in the Berkshires. He attended Georgetown University in Washington, D.C., where he graduated from the prestigious McDonough School of Business with a degree in finance and accounting.
| | == Background and FTX Role == |
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| Before entering the cryptocurrency industry, Salame spent several years at Ernst & Young (EY), one of the "Big Four" accounting firms, where he worked as an auditor. This experience provided him with technical expertise in financial reporting, internal controls, and regulatory compliance—skills that would later prove valuable in his role at FTX. His background in traditional finance gave him credibility when dealing with regulators and financial institutions in the Bahamas, though prosecutors would later allege he used this expertise to facilitate illegal activities.
| | Salame grew up in Sandisfield, a small town in the Berkshires of western Massachusetts.<ref name="cnnlinkedin"/> He earned undergraduate degrees in accounting and economics from the University of Massachusetts Amherst. He later completed a master's degree in finance at Georgetown University's McDonough School of Business. After graduate school he worked at Ernst & Young, one of the largest accounting firms in the world.<ref name="umass">{{cite web |title=Ryan Salame |url=https://www.isenberg.umass.edu/people/ryan-salame |publisher=Isenberg School of Management, UMass Amherst |access-date=2026-06-03}}</ref> |
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| == Career at FTX == | | In 2019 Salame joined Alameda Research, the trading firm founded by Sam Bankman-Fried, working out of its Hong Kong office. He moved into FTX as the exchange grew.<ref name="umass"/> When FTX relocated its operations to the Bahamas in 2021, Salame became co-CEO of FTX Digital Markets, the company's Bahamian subsidiary.<ref name="cnbcsentence"/> The post made him one of the most visible FTX executives in Nassau. He managed local operations and served as a point of contact with Bahamian officials. |
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| === Joining FTX ===
| | Salame lived at Albany, an exclusive gated community in the Bahamas where other senior FTX figures also kept residences.<ref name="cnnlinkedin"/> He spent heavily in his home region of western Massachusetts. He acquired restaurants and other property in the Berkshires.<ref name="cnbcsentence"/> |
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| Salame joined FTX in 2019 during the early phase of the exchange's meteoric growth. At the time, FTX was positioning itself as a more sophisticated alternative to existing cryptocurrency exchanges, targeting institutional investors and professional traders. Salame's background in traditional finance and accounting made him an attractive recruit for Sam Bankman-Fried, who was assembling a team to handle FTX's expansion into new jurisdictions.
| | == Charges and Guilty Plea == |
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| Within two years, Salame rose to become co-CEO of FTX Digital Markets, the exchange's subsidiary based in the Bahamas. This rapid ascent reflected both his capabilities and FTX's aggressive expansion strategy, which prioritized speed over traditional corporate governance. His appointment coincided with FTX's decision to relocate its headquarters from Hong Kong to the Bahamas in 2021, a move driven by the territory's favorable regulatory environment for cryptocurrency businesses.
| | FTX collapsed in November 2022. Customer withdrawals overwhelmed the exchange after reporting raised questions about the relationship between FTX and Alameda Research. The company filed for bankruptcy on November 11, 2022. Federal prosecutors later described the failure as one of the largest financial frauds in American history.<ref name="cnnplea"/> |
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| === Role at FTX Digital Markets === | | Salame's exposure centered on two areas. The first was political money. From the fall of 2021 through November 2022, he made tens of millions of dollars in political contributions in his own name. The funds did not come from his own pocket. They came from Alameda Research.<ref name="cnbcplea"/> In total he was tied to roughly $24 million in donations, most of it directed to Republican candidates and causes. That figure placed him among the largest Republican donors of the 2022 cycle.<ref name="cnbcsentence"/> Bankman-Fried gave publicly to Democratic candidates. The split let FTX money flow to both parties while keeping the source obscured. Salame founded and funded a super PAC, American Dream Federal Action, that backed candidates aligned with cryptocurrency-friendly and deregulatory positions.<ref name="wikipedia">{{cite web |title=Ryan Salame |url=https://en.wikipedia.org/wiki/Ryan_Salame |publisher=Wikipedia |access-date=2026-06-03}}</ref> |
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| As co-CEO of FTX Digital Markets, Salame held significant operational and strategic responsibilities for FTX's Bahamian operations. His role included:
| | The second area was money transmission. Prosecutors charged that FTX operated as a money transmitting business without the licenses that federal and state law require. Salame admitted his role in running those payment flows for FTX customers.<ref name="cnbcplea"/> |
| * Overseeing day-to-day operations of FTX's largest international subsidiary
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| * Managing relationships with the Securities Commission of the Bahamas and other regulatory authorities
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| * Serving as a primary liaison between FTX and Bahamian government officials
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| * Supervising compliance and licensing matters for the exchange
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| * Coordinating FTX's extensive real estate investments in Nassau
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| * Managing the company's corporate presence and reputation in the Caribbean
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| Salame became one of the most visible representatives of FTX in the Bahamas, regularly attending meetings with government officials and participating in public events designed to showcase FTX as a responsible corporate citizen. He was instrumental in FTX's efforts to cultivate political goodwill in the Bahamas, which included charitable donations, sponsorships, and partnerships with local institutions. This public-facing role would later prove problematic when prosecutors highlighted the disconnect between FTX's carefully managed image and its underlying fraudulent operations.
| | On September 7, 2023, Salame appeared in federal court in Manhattan and pleaded guilty to both conspiracy counts before Judge Lewis A. Kaplan. The first count was charged under Title 18, United States Code, Section 371. The second was charged under Title 18, United States Code, Section 1960.<ref name="cnbcplea"/> As part of the plea agreement he consented to forfeit more than $1.5 billion. That figure was a cap tied to the assets potentially traceable to the conduct. It was not the amount ordered at sentencing.<ref name="cnnplea"/> He was not charged with defrauding FTX customers or investors. Those fraud charges fell on Bankman-Fried, who was convicted at trial in November 2023.<ref name="cnbcsentence"/> |
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| === Lifestyle ===
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| Salame's compensation and access to FTX funds allowed him to live extraordinarily well, even by the standards of successful cryptocurrency executives. He maintained a luxury waterfront residence in Albany, an exclusive resort community in the Bahamas where other FTX executives also lived. The compound became known for its lavish parties and the concentration of young, newly wealthy crypto millionaires. | |
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| Beyond the Bahamas, Salame invested heavily in his home region of western Massachusetts. He purchased multiple restaurants in the Berkshires, including a popular farm-to-table establishment, as well as commercial and residential real estate throughout the area. These investments were presented as a commitment to his hometown community, though prosecutors would later allege that some were financed with misappropriated customer funds.
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| Salame also became one of the most significant political donors in the United States, contributing tens of millions of dollars to Republican candidates and causes—a role that would ultimately form the basis of his federal prosecution.
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| == Political Contributions ==
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| === Straw Donor Scheme ===
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| Unlike Sam Bankman-Fried, who publicly donated to Democratic causes and became a major figure in progressive politics, Salame served as FTX's primary conduit for contributions to Republican candidates and causes. This division of political giving was strategic: by splitting donations along partisan lines, FTX executives maximized their influence across both parties while avoiding the appearance that any single individual was dominating the political landscape.
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| Between 2020 and 2022, Salame made approximately $24 million in political contributions, making him one of the largest Republican donors in the country during the 2022 election cycle. Prosecutors later alleged that this massive giving operation violated federal [[Campaign Finance Law|campaign finance laws]] in multiple ways:
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| * Contributions were funded with customer deposits that had been misappropriated from FTX
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| * Salame made contributions in the names of other individuals (straw donors) to circumvent federal contribution limits
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| * The scheme allowed FTX executives to multiply their political influence beyond what any single donor could legally achieve
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| * Contributions were coordinated among FTX executives as part of a broader strategy to gain influence with lawmakers and regulators
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| * Some donations were concealed to hide the true source and extent of FTX's political spending
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| The straw donor scheme worked by having Salame make contributions in the names of FTX employees, friends, and associates who agreed to let their names be used. FTX would then reimburse these individuals, effectively allowing the company to exceed federal contribution limits that restrict how much any individual can donate to a candidate or political committee.
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| === Key Recipients ===
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| Salame's $24 million in political contributions flowed to numerous Republican candidates and organizations, including:
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| * Senate and House candidates in competitive races nationwide
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| * National Republican Congressional Committee (NRCC) and other party committees
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| * Super PACs aligned with Republican leadership
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| * State and local candidates in Massachusetts, where Salame had business interests
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| * Candidates focused on cryptocurrency-friendly legislation and regulation
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| Notably, Salame's giving targeted candidates who sat on committees with jurisdiction over financial regulation, cryptocurrency policy, and campaign finance law—the very areas where FTX sought favorable treatment. Some recipients were specifically chosen for their ability to influence the Securities and Exchange Commission, the Commodity Futures Trading Commission, and other agencies that regulated FTX's business.
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| The geographic concentration of donations in Massachusetts reflected Salame's business interests in the state, where he owned restaurants and real estate. By cultivating relationships with state and local officials, Salame sought to protect these investments and expand his influence in his home region.
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| == Girlfriend and Business Partner ==
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| Salame's romantic and business partner, Michelle Bond, became entangled in the campaign finance scheme in ways that would lead to her own federal indictment. Bond, a former Securities and Exchange Commission attorney and cryptocurrency industry lobbyist, ran as a Republican candidate for Congress in New York's 1st Congressional District in 2022.
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| Prosecutors alleged that Salame orchestrated approximately $400,000 in illegal contributions to Bond's campaign, using the same straw donor tactics he employed for other candidates. The scheme allegedly included:
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| * Direct contributions made in the names of FTX employees who were reimbursed by the company
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| * Inflated "consulting" payments to Bond that were disguised campaign contributions
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| * Coordination between Salame and Bond to structure the contributions to avoid detection
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| * False statements to the Federal Election Commission about the source of Bond's campaign funding
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| Bond's candidacy was part of FTX's broader political strategy. As a former crypto industry insider running for federal office, she represented an opportunity for FTX to gain an ally in Congress who understood cryptocurrency regulation and could advocate for the industry from within the legislative branch.
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| Bond lost her Republican primary in August 2022, just months before FTX's collapse. In October 2023, federal prosecutors in Manhattan indicted her on charges of conspiracy to cause unlawful campaign contributions, causing and accepting excessive campaign contributions, and causing a false statement to the FEC. She has pleaded not guilty, and her case continues separately from Salame's prosecution. The Bond case represents a rare instance of prosecutors charging both the donor and recipient in a campaign finance scheme.
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| == The Collapse of FTX ==
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| FTX's implosion in November 2022 began with a CoinDesk article revealing the overlapping finances between FTX and Alameda Research, Sam Bankman-Fried's trading firm. Within days, customer withdrawals overwhelmed the exchange, revealing that billions in customer funds were missing. On November 11, 2022, FTX filed for bankruptcy, exposing what prosecutors would later describe as one of the largest financial frauds in American history.
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| Salame was in the Bahamas when the collapse occurred, watching as the empire he helped build disintegrated within a matter of days. His personal wealth, largely consisting of FTX equity and cryptocurrency held on the exchange, evaporated. The restaurants and real estate he had purchased in Massachusetts became liabilities as investigators scrutinized whether they had been acquired with misappropriated customer funds.
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| Unlike Gary Wang, Caroline Ellison, and Nishad Singh—who quickly retained counsel and began cooperating with federal prosecutors—Salame initially adopted a defensive legal strategy. He hired experienced white-collar defense attorneys but did not immediately offer cooperation. This decision would prove consequential: prosecutors would later emphasize his lack of cooperation as an aggravating factor at sentencing.
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| == Criminal Prosecution ==
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| === Charges ===
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| On September 7, 2023, federal prosecutors in the Southern District of New York charged Salame with two conspiracy counts:
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| * Conspiracy to make unlawful political contributions and defraud the Federal Election Commission (Title 18, United States Code, Section 371)
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| * Conspiracy to operate an unlicensed money transmitting business (Title 18, United States Code, Section 1960)
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| The charging decision was notable for what it excluded. Unlike Sam Bankman-Fried, who faced [[Wire Fraud]] and securities fraud charges, Salame was not charged with defrauding FTX customers or investors. Prosecutors instead focused on his role in the campaign finance scheme and FTX's operation without proper money transmitting licenses in various jurisdictions.
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| This narrower charging approach likely reflected the evidence available against Salame. While he was a senior executive, prosecutors may not have had direct evidence that he participated in or was aware of the misappropriation of customer funds that formed the core of the fraud charges against Bankman-Fried. The campaign finance violations, by contrast, were well-documented through Federal Election Commission records, bank transfers, and witness testimony.
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| === Guilty Plea === | |
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| On September 7, 2023, the same day charges were filed, Salame appeared in federal court in Manhattan and pleaded guilty to both conspiracy counts. In his plea allocution before Judge Lewis Kaplan, Salame admitted to:
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| * Making tens of millions of dollars in illegal political contributions that exceeded federal limits
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| * Using straw donors—including FTX employees and associates—to disguise the source and amount of contributions
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| * Reimbursing straw donors with company funds to circumvent contribution limits
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| * Operating FTX as an unlicensed money transmitting business in violation of federal and state laws
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| * Making false statements to financial institutions about the purpose of certain transactions
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| During the plea hearing, Salame acknowledged that he knew his conduct was illegal and that he had engaged in it anyway to advance FTX's business interests and his own political goals. The plea agreement included his consent to forfeit $1.5 billion in assets, though the actual forfeiture would depend on what assets could be recovered.
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| === No Cooperation Agreement ===
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| Unlike Gary Wang, Caroline Ellison, and Nishad Singh—all of whom entered into cooperation agreements with the government—Salame pleaded guilty without agreeing to cooperate. He did not testify at Sam Bankman-Fried's trial in October-November 2023, nor did he provide substantial assistance to prosecutors in their investigation of other FTX executives or related criminal conduct.
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| The reasons for Salame's decision not to cooperate remain unclear. Possible explanations include:
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| * He may not have possessed information about the core fraud that prosecutors considered valuable enough to warrant a cooperation agreement
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| * His involvement in the Michelle Bond campaign may have complicated cooperation discussions, as prosecutors were simultaneously investigating her
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| * He may have made a strategic calculation that cooperating would not significantly reduce his sentence
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| * Personal or ethical considerations about testifying against former colleagues
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| This decision had profound consequences. Under the [[U.S. Sentencing Guidelines|federal sentencing guidelines]], cooperation with prosecutors is one of the most significant mitigating factors available to defendants. Cooperators can receive departures below the guideline range, while non-cooperators typically face sentences at or near the top of the applicable range. Salame's refusal to cooperate meant he would be sentenced based solely on the seriousness of his conduct, without credit for assistance to the government.
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| == Sentencing == | | == Sentencing == |
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| === May 2024 Sentencing ===
| | Judge Kaplan sentenced Salame on May 28, 2024. The term was 90 months in federal prison.<ref name="cnbcsentence"/> The court added three years of supervised release. It ordered Salame to forfeit more than $6 million and to pay more than $5 million in restitution.<ref name="coindesksentence"/><ref name="theblock"/> |
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| On May 28, 2024, U.S. District Judge Lewis Kaplan—the same judge who presided over Sam Bankman-Fried's trial and sentencing—sentenced Salame to:
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| * 90 months (7.5 years) in federal prison
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| * Forfeiture of $1.5 billion in assets
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| * Three years of [[Supervised Release]] following imprisonment
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| * Restitution obligations to FTX victims, amount to be determined
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| The 7.5-year sentence exceeded what Salame's defense attorneys had requested (18-24 months) but fell well below the statutory maximum of five years per count (10 years total). Prosecutors had recommended a sentence of 5-7 years, arguing that Salame's campaign finance violations had undermined public confidence in elections and that his operation of an unlicensed money transmitting business had facilitated FTX's broader fraud.
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| === Comparison to Cooperators ===
| | Prosecutors had recommended a sentence between five and seven years. They argued that the campaign finance scheme corrupted the political process and that the unlicensed money transmitting business helped FTX evade oversight. Salame's lawyers had asked for 18 months. They told the court that Salame had alerted authorities to FTX's problems and had cooperated with the government's investigation.<ref name="coindesksentence"/> The judge went past the prosecution's recommendation. The 90-month term was the longest imposed on any FTX executive who pleaded guilty. |
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| Salame's sentence stood in stark contrast to his former colleagues: | | Salame did not enter a formal cooperation agreement of the kind that can produce a reduced sentence. He did not testify at Bankman-Fried's trial. His co-defendants Caroline Ellison, Gary Wang, and [[Nishad Singh]] cooperated with prosecutors and testified against Bankman-Fried. Ellison received two years. Wang and Singh avoided prison time. Bankman-Fried, who went to trial and was convicted, received 25 years.<ref name="cnbcsentence"/> |
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| {| class="wikitable"
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| ! Defendant !! Sentence !! Cooperated?
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| | Sam Bankman-Fried || 25 years || No
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| | Ryan Salame || 7.5 years || No
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| | Caroline Ellison || 2 years || Yes
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| | Gary Wang || Time served || Yes
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| | Nishad Singh || Time served || Yes
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| |}
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| The disparity illustrated the premium federal prosecutors and judges place on cooperation.
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| === Judge's Remarks ===
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| During the sentencing hearing, Judge Kaplan delivered pointed remarks about the gravity of Salame's conduct. The judge emphasized that campaign finance violations represent attacks on the democratic process itself, noting that Salame's $24 million in illegal contributions had the potential to distort electoral outcomes and corrupt the legislative process.
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| Judge Kaplan specifically addressed Salame's lack of cooperation, stating that while defendants have no obligation to cooperate with prosecutors, those who choose not to do so cannot expect the same sentencing treatment as those who accept responsibility and assist the government. The judge noted that Caroline Ellison, Gary Wang, and Nishad Singh had provided "substantial assistance" through their testimony and cooperation, which warranted significant sentencing departures in their cases.
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| The judge also addressed Salame's claim that he had been misled about whether prosecutors would investigate Michelle Bond if he pleaded guilty. Judge Kaplan rejected this argument, stating that plea agreements are explicit about what they do and do not promise, and that Salame—represented by experienced counsel—could not credibly claim surprise that his girlfriend faced separate prosecution.
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| Finally, Judge Kaplan emphasized that the unlicensed money transmitting business charge was not merely a technical regulatory violation but represented Salame's role in facilitating FTX's operations in a manner that evaded oversight and enabled fraud.
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| == Incarceration == | | == Incarceration == |
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| === FCI Cumberland ===
| | Salame is serving his sentence at the Federal Correctional Institution in Cumberland, Maryland, a medium-security facility.<ref name="dailyhodl"/> He surrendered on October 11, 2024.<ref name="cnnlinkedin"/> |
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| Salame is serving his sentence at [[FCI_Cumberland_(medium-security)|Federal Correctional Institution Cumberland]], a medium-security facility located in Cumberland, Maryland. The facility houses approximately 1,200 inmates and offers educational and vocational programs typical of medium-security institutions. | |
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| Salame surrendered to begin serving his sentence on October 11, 2024, after his medical issues from the dog bite incident were resolved. With his 90-month sentence and assuming he earns standard [[Good Time Credit|good time credits]] (15% reduction for good behavior under federal law), Salame is projected to be released in approximately 2031. He will then serve three years of supervised release under conditions imposed by the court.
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| === Pre-Surrender Incident ===
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| In a bizarre twist that drew media attention, Salame suffered a serious injury just weeks before his scheduled surrender date. His German Shepherd allegedly bit off part of his finger in June 2024, requiring surgical intervention and physical therapy. Salame's attorneys filed a motion requesting a delay in his surrender date to allow time for medical treatment and rehabilitation.
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| The request was met with skepticism from prosecutors, who questioned the timing and severity of the injury. Federal prosecutors noted that Salame could receive medical treatment while incarcerated and argued that granting delays for such injuries would set a problematic precedent. The incident generated speculation in media coverage about whether the injury was genuinely accidental or potentially self-inflicted to delay incarceration, though no evidence supported the latter theory.
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| Judge Kaplan ultimately granted a brief delay to allow for initial medical treatment but rejected requests for an extended postponement. Salame surrendered to FCI Cumberland in October 2024, several months after his original surrender date but far earlier than his attorneys had requested.
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| == Civil and Regulatory Matters ==
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| === Forfeiture ===
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| As part of his plea agreement, Salame consented to forfeit approximately $1.5 billion in assets. This forfeiture represented his estimated ill-gotten gains from his criminal conduct, including:
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| * FTX equity and cryptocurrency holdings
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| * Real estate in Massachusetts and the Bahamas
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| * Restaurants and commercial properties
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| * Cash and investment accounts
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| * Other assets traceable to his illegal activities
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| However, the actual forfeiture amount depended heavily on what assets could be located, valued, and liquidated. Many of Salame's assets consisted of FTX equity that became worthless after the company's collapse, and cryptocurrency holdings that had declined dramatically in value. The restaurants and real estate in Massachusetts retained some value, but whether they would be seized and sold to satisfy the forfeiture order remained uncertain as of late 2024. The forfeiture proceedings are part of the broader effort to recover assets for distribution to FTX victims through the bankruptcy process.
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| === FEC Investigation ===
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| In addition to the criminal prosecution, the Federal Election Commission opened its own investigation into Salame's campaign finance violations. The FEC has civil enforcement authority over campaign finance law and can impose fines, require disgorgement of illegal contributions, and refer cases for criminal prosecution.
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| However, the FEC's investigation was effectively superseded by the criminal case brought by the Department of Justice. Federal practice typically holds criminal prosecutions in abeyance while related civil enforcement actions proceed, or vice versa. Given the severity of Salame's criminal sentence and the $1.5 billion forfeiture order, any additional FEC civil penalties would likely be negligible by comparison. The FEC's primary focus shifted to ensuring that illegal contributions were returned to donors or disgorged to the U.S. Treasury.
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| === Campaign Finance Clawbacks ===
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| Political campaigns and organizations that received Salame's $24 million in illegal contributions faced significant pressure to return the funds following his guilty plea. The clawback process has been complicated and politically fraught:
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| * Some campaigns and committees voluntarily returned contributions once Salame's illegal activity became public
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| * Others argued they had no legal obligation to return funds unless specifically ordered to do so
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| * The FTX bankruptcy estate sought to recover contributions as fraudulent transfers of customer funds
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| * Some recipients claimed they had already spent the money on campaign activities and lacked the resources to return it
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| * Political opponents of contribution recipients used the FTX scandal to attack candidates who had accepted Salame's donations
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| The National Republican Congressional Committee (NRCC), which received substantial sums from Salame, initially resisted returning funds but eventually agreed to cooperate with the bankruptcy estate's recovery efforts. Individual candidates faced varying degrees of public pressure, with some proactively returning contributions to avoid association with the scandal while others quietly retained the funds.
| |
| | |
| == Michelle Bond Case ==
| |
| | |
| Michelle Bond's indictment in October 2023 represented an unusual prosecutorial decision to charge both sides of an illegal contribution scheme. Bond, who had a distinguished career as an SEC attorney and cryptocurrency industry advocate before her congressional run, faced serious federal charges stemming from her relationship with Salame.
| |
| | |
| The indictment charged Bond with:
| |
| * Conspiracy to cause and accept excessive campaign contributions (18 U.S.C. § 371)
| |
| * Causing and accepting excessive campaign contributions from Salame (52 U.S.C. § 30116)
| |
| * Causing false statements to be filed with the Federal Election Commission (18 U.S.C. § 1001)
| |
| | |
| Prosecutors alleged that Bond knowingly accepted illegal contributions from Salame, including approximately $400,000 that exceeded federal limits and was disguised through straw donors and consulting payments. The indictment also alleged that she made false statements to the FEC about the source of her campaign funding.
| |
| | |
| Bond has pleaded not guilty and mounted a vigorous defense. Her attorneys argue that she had no knowledge of any illegal scheme and that she reasonably believed the contributions and consulting payments were legitimate. The case raises novel legal questions about when a political candidate can be held criminally liable for accepting illegal contributions, particularly when the donor (Salame) concealed the true nature of the contributions.
| |
| | |
| As of late 2024, Bond's case remains pending in the Southern District of New York before Judge Lewis Kaplan. Her defense has been complicated by Salame's guilty plea and his admission that he funneled illegal contributions to her campaign, though Salame has not cooperated with prosecutors in their case against her.
| |
| | |
| == Legacy ==
| |
| | |
| === Campaign Finance System ===
| |
| | |
| Salame's case highlighted fundamental weaknesses in the American campaign finance system that allow wealthy individuals and corporations to evade legal restrictions on political giving. The $24 million straw donor scheme succeeded for years before being detected, raising questions about the effectiveness of existing safeguards:
| |
| | |
| * '''Detection Difficulties''': The FEC lacks sophisticated data analytics to identify patterns suggesting straw donor arrangements. Salame's contributions appeared legitimate on their face, with individual donors making contributions within legal limits. Only the subsequent criminal investigation revealed the underlying coordination and reimbursement scheme.
| |
| | |
| * '''Enforcement Resource Constraints''': The FEC operates with a limited budget and staff, making it difficult to investigate the millions of political contributions made each election cycle. Even when suspicious patterns are identified, the agency's bipartisan structure can lead to deadlock on enforcement actions.
| |
| | |
| * '''Legal Loopholes''': While federal law limits direct contributions to candidates, Super PACs and other independent expenditure committees can accept unlimited funds. Salame's scheme focused on direct contributions where limits are most stringent, but the broader campaign finance landscape offers numerous ways for wealthy donors to exert influence.
| |
| | |
| * '''Reliance on Self-Reporting''': The campaign finance system depends heavily on voluntary compliance and accurate reporting by donors and campaigns. Sophisticated schemes like Salame's can exploit this trust-based system.
| |
| | |
| The case has prompted renewed calls for campaign finance reform, though partisan divisions have prevented legislative action. Some reform advocates have pointed to Salame's prosecution as evidence that criminal enforcement, rather than new regulations, may be the most effective deterrent to illegal contributions.
| |
| | |
| === Non-Cooperation Consequences ===
| |
| | |
| Salame's case has become a prominent example in white-collar criminal defense circles of the stark consequences defendants face when they decline to cooperate with federal prosecutors. The sentencing disparity between Salame and his cooperating co-defendants illustrates the federal system's strong incentive structure favoring cooperation:
| |
|
| |
|
| * Caroline Ellison, who provided extensive testimony against Bankman-Fried, received 2 years despite her central role in the fraud
| | The surrender date moved more than once. Salame was injured before his original report date. He cited a dog bite that required surgery and asked the court to push his surrender from August to October. The court granted that delay.<ref name="cnnlinkedin"/> He then sought a further postponement, to December 7, 2024, to continue medical treatment. Judge Kaplan denied that request in a ruling dated October 10, 2024. Salame reported the next day.<ref name="dailyhodl"/> |
| * Gary Wang and Nishad Singh, who also cooperated, received no prison time
| |
| * Salame, who pleaded guilty to lesser charges but did not cooperate, received 7.5 years
| |
|
| |
|
| This disparity raises important questions about the federal cooperation system. Critics argue that it creates undue pressure on defendants to provide testimony regardless of its reliability, while proponents contend that cooperation is essential to prosecuting complex white-collar crimes where documentary evidence may be insufficient.
| | After he entered custody, Salame changed his LinkedIn profile to list his title as "Inmate at FCI Cumberland." The change drew wide coverage.<ref name="cnnlinkedin"/><ref name="dailyhodl"/> With his 90-month sentence and standard federal good-time credit, his projected release falls in the early 2030s. He will then serve three years of supervised release. |
| | |
| For defense attorneys, Salame's case reinforces conventional wisdom: absent extraordinary circumstances, defendants in federal white-collar cases who possess valuable information should seriously consider cooperation. The sentencing differential—potentially years or even decades of imprisonment—often outweighs other considerations.
| |
| | |
| However, Salame's case also demonstrates that cooperation is not always possible or advisable. Defendants who lack valuable information, face conflicts with potential cooperation (such as Salame's relationship with Michelle Bond), or have ethical objections to testifying may find that a guilty plea without cooperation is their best option despite the sentencing consequences.
| |
| | |
| == See Also ==
| |
| * [[Sam Bankman-Fried]]
| |
| * [[Gary Wang]]
| |
| * [[Nishad Singh]]
| |
| * [[Caroline Ellison]]
| |
| * [[FCI Cumberland (medium-security)]]
| |
| * [[Wire Fraud]]
| |
|
| |
|
| == Frequently Asked Questions == | | == Frequently Asked Questions == |
| {{FAQSection/Start}} | | {{FAQSection/Start}} |
| {{FAQ|question=Who is Ryan Salame?|answer=Ryan Salame was co-CEO of FTX Digital Markets and a senior executive at FTX who was sentenced to 7.5 years in federal prison for campaign finance violations and operating an unlicensed money transmitting business.}} | | {{FAQ|question=Who is Ryan Salame?|answer=Ryan Salame is an American former cryptocurrency executive who served as co-CEO of FTX Digital Markets, the Bahamian subsidiary of FTX. He pleaded guilty in 2023 to two federal conspiracy counts and was sentenced in 2024 to 7.5 years in prison.}} |
| {{FAQ|question=How long is Ryan Salame's prison sentence?|answer=Salame was sentenced to 7.5 years (90 months) in federal prison in May 2024. He is serving his sentence at FCI Cumberland in Maryland.}} | | {{FAQ|question=What did Ryan Salame plead guilty to?|answer=On September 7, 2023, Salame pleaded guilty to conspiracy to make unlawful political contributions and defraud the Federal Election Commission, and conspiracy to operate an unlicensed money transmitting business.}} |
| {{FAQ|question=Did Ryan Salame cooperate with prosecutors?|answer=No. Unlike other FTX executives such as Gary Wang, Caroline Ellison, and Nishad Singh, Salame did not enter into a cooperation agreement or testify against Sam Bankman-Fried.}} | | {{FAQ|question=How long is Ryan Salame's prison sentence?|answer=Judge Lewis A. Kaplan sentenced Salame to 90 months, which is 7.5 years, in federal prison on May 28, 2024. The sentence also included three years of supervised release.}} |
| {{FAQ|question=How much did Ryan Salame donate to political campaigns?|answer=Salame made approximately $24 million in political contributions between 2021 and 2022, primarily to Republican candidates and causes, some of which prosecutors alleged came from misappropriated funds.}} | | {{FAQ|question=Where is Ryan Salame incarcerated?|answer=Salame is serving his sentence at FCI Cumberland, a medium-security federal prison in Cumberland, Maryland. He reported to the facility on October 11, 2024.}} |
| {{FAQ|question=Why was Ryan Salame's sentence longer than other FTX executives?|answer=Salame did not cooperate with prosecutors, while his former colleagues who received lighter sentences (or no prison time) provided extensive cooperation and testimony in the case against Sam Bankman-Fried.}} | | {{FAQ|question=How much did Ryan Salame donate to political campaigns?|answer=Salame was tied to roughly $24 million in political contributions made between 2021 and 2022, primarily to Republican candidates and causes. Prosecutors established that the money came from Alameda Research rather than from Salame's own funds.}} |
| | {{FAQ|question=How much did Ryan Salame have to forfeit?|answer=At sentencing the court ordered Salame to forfeit more than $6 million and to pay more than $5 million in restitution. His 2023 plea agreement separately included consent to forfeit more than $1.5 billion, a cap tied to assets potentially traceable to the conduct rather than the amount imposed at sentencing.}} |
| | {{FAQ|question=Did Ryan Salame cooperate against Sam Bankman-Fried?|answer=Salame did not enter a formal cooperation agreement and did not testify at Sam Bankman-Fried's trial. His co-defendants Caroline Ellison, Gary Wang, and Nishad Singh cooperated and received far lighter sentences.}} |
| | {{FAQ|question=When will Ryan Salame be released?|answer=With a 90-month sentence and standard federal good-time credit, Salame's projected release falls in the early 2030s. He will then serve three years of supervised release.}} |
| {{FAQSection/End}} | | {{FAQSection/End}} |
|
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| <references /> | | <references /> |
|
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| {{MetaDescription|Ryan Salame, FTX co-CEO, was sentenced to 7.5 years for campaign finance violations. Learn about his role in the cryptocurrency scandal and incarceration.}} | | {{DEFAULTSORT:Salame, Ryan}} |
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| [[Category:High-Profile Federal Offenders]]
| | {{MetaDescription|Ryan Salame, former co-CEO of FTX Digital Markets, was sentenced to 7.5 years in federal prison in the FTX campaign finance and unlicensed money transmitting case. Case file, charges, sentencing, and incarceration on Prisonpedia.}} |
| [[Category:Cryptocurrency Fraud]]
| |
| [[Category:FTX Scandal]]
| |
| Ryan Salame
|
| Born:
|
1993
United States
|
| Charges:
|
Conspiracy to make unlawful political contributions and defraud the Federal Election Commission; conspiracy to operate an unlicensed money transmitting business
|
| Sentence:
|
90 months (7.5 years) federal prison, 3 years supervised release
|
| Facility:
|
FCI Cumberland
|
| Status:
|
Incarcerated
|
Ryan Salame is an American former cryptocurrency executive. He served as co-CEO of FTX Digital Markets, the Bahamian subsidiary of the cryptocurrency exchange FTX. On September 7, 2023, he pleaded guilty in the Southern District of New York to two federal conspiracy counts. The first was conspiracy to make unlawful political contributions and defraud the Federal Election Commission. The second was conspiracy to operate an unlicensed money transmitting business.[1][2]
On May 28, 2024, U.S. District Judge Lewis A. Kaplan sentenced Salame to 90 months in prison, a term of seven and a half years. The sentence was higher than the five to seven years prosecutors had requested. It was far above the 18 months his defense had asked for.[3][4] The court also ordered three years of supervised release, more than $6 million in forfeiture, and more than $5 million in restitution.[4][5] Salame reported to FCI Cumberland in Maryland on October 11, 2024.[6][7] He was the first FTX defendant to be sentenced.
Background and FTX Role
Salame grew up in Sandisfield, a small town in the Berkshires of western Massachusetts.[6] He earned undergraduate degrees in accounting and economics from the University of Massachusetts Amherst. He later completed a master's degree in finance at Georgetown University's McDonough School of Business. After graduate school he worked at Ernst & Young, one of the largest accounting firms in the world.[8]
In 2019 Salame joined Alameda Research, the trading firm founded by Sam Bankman-Fried, working out of its Hong Kong office. He moved into FTX as the exchange grew.[8] When FTX relocated its operations to the Bahamas in 2021, Salame became co-CEO of FTX Digital Markets, the company's Bahamian subsidiary.[3] The post made him one of the most visible FTX executives in Nassau. He managed local operations and served as a point of contact with Bahamian officials.
Salame lived at Albany, an exclusive gated community in the Bahamas where other senior FTX figures also kept residences.[6] He spent heavily in his home region of western Massachusetts. He acquired restaurants and other property in the Berkshires.[3]
Charges and Guilty Plea
FTX collapsed in November 2022. Customer withdrawals overwhelmed the exchange after reporting raised questions about the relationship between FTX and Alameda Research. The company filed for bankruptcy on November 11, 2022. Federal prosecutors later described the failure as one of the largest financial frauds in American history.[2]
Salame's exposure centered on two areas. The first was political money. From the fall of 2021 through November 2022, he made tens of millions of dollars in political contributions in his own name. The funds did not come from his own pocket. They came from Alameda Research.[1] In total he was tied to roughly $24 million in donations, most of it directed to Republican candidates and causes. That figure placed him among the largest Republican donors of the 2022 cycle.[3] Bankman-Fried gave publicly to Democratic candidates. The split let FTX money flow to both parties while keeping the source obscured. Salame founded and funded a super PAC, American Dream Federal Action, that backed candidates aligned with cryptocurrency-friendly and deregulatory positions.[9]
The second area was money transmission. Prosecutors charged that FTX operated as a money transmitting business without the licenses that federal and state law require. Salame admitted his role in running those payment flows for FTX customers.[1]
On September 7, 2023, Salame appeared in federal court in Manhattan and pleaded guilty to both conspiracy counts before Judge Lewis A. Kaplan. The first count was charged under Title 18, United States Code, Section 371. The second was charged under Title 18, United States Code, Section 1960.[1] As part of the plea agreement he consented to forfeit more than $1.5 billion. That figure was a cap tied to the assets potentially traceable to the conduct. It was not the amount ordered at sentencing.[2] He was not charged with defrauding FTX customers or investors. Those fraud charges fell on Bankman-Fried, who was convicted at trial in November 2023.[3]
Sentencing
Judge Kaplan sentenced Salame on May 28, 2024. The term was 90 months in federal prison.[3] The court added three years of supervised release. It ordered Salame to forfeit more than $6 million and to pay more than $5 million in restitution.[4][5]
Prosecutors had recommended a sentence between five and seven years. They argued that the campaign finance scheme corrupted the political process and that the unlicensed money transmitting business helped FTX evade oversight. Salame's lawyers had asked for 18 months. They told the court that Salame had alerted authorities to FTX's problems and had cooperated with the government's investigation.[4] The judge went past the prosecution's recommendation. The 90-month term was the longest imposed on any FTX executive who pleaded guilty.
Salame did not enter a formal cooperation agreement of the kind that can produce a reduced sentence. He did not testify at Bankman-Fried's trial. His co-defendants Caroline Ellison, Gary Wang, and Nishad Singh cooperated with prosecutors and testified against Bankman-Fried. Ellison received two years. Wang and Singh avoided prison time. Bankman-Fried, who went to trial and was convicted, received 25 years.[3]
Incarceration
Salame is serving his sentence at the Federal Correctional Institution in Cumberland, Maryland, a medium-security facility.[7] He surrendered on October 11, 2024.[6]
The surrender date moved more than once. Salame was injured before his original report date. He cited a dog bite that required surgery and asked the court to push his surrender from August to October. The court granted that delay.[6] He then sought a further postponement, to December 7, 2024, to continue medical treatment. Judge Kaplan denied that request in a ruling dated October 10, 2024. Salame reported the next day.[7]
After he entered custody, Salame changed his LinkedIn profile to list his title as "Inmate at FCI Cumberland." The change drew wide coverage.[6][7] With his 90-month sentence and standard federal good-time credit, his projected release falls in the early 2030s. He will then serve three years of supervised release.
Frequently Asked Questions
Q: Who is Ryan Salame?
Ryan Salame is an American former cryptocurrency executive who served as co-CEO of FTX Digital Markets, the Bahamian subsidiary of FTX. He pleaded guilty in 2023 to two federal conspiracy counts and was sentenced in 2024 to 7.5 years in prison.
Q: What did Ryan Salame plead guilty to?
On September 7, 2023, Salame pleaded guilty to conspiracy to make unlawful political contributions and defraud the Federal Election Commission, and conspiracy to operate an unlicensed money transmitting business.
Q: How long is Ryan Salame's prison sentence?
Judge Lewis A. Kaplan sentenced Salame to 90 months, which is 7.5 years, in federal prison on May 28, 2024. The sentence also included three years of supervised release.
Q: Where is Ryan Salame incarcerated?
Salame is serving his sentence at FCI Cumberland, a medium-security federal prison in Cumberland, Maryland. He reported to the facility on October 11, 2024.
Q: How much did Ryan Salame donate to political campaigns?
Salame was tied to roughly $24 million in political contributions made between 2021 and 2022, primarily to Republican candidates and causes. Prosecutors established that the money came from Alameda Research rather than from Salame's own funds.
Q: How much did Ryan Salame have to forfeit?
At sentencing the court ordered Salame to forfeit more than $6 million and to pay more than $5 million in restitution. His 2023 plea agreement separately included consent to forfeit more than $1.5 billion, a cap tied to assets potentially traceable to the conduct rather than the amount imposed at sentencing.
Q: Did Ryan Salame cooperate against Sam Bankman-Fried?
Salame did not enter a formal cooperation agreement and did not testify at Sam Bankman-Fried's trial. His co-defendants Caroline Ellison, Gary Wang, and Nishad Singh cooperated and received far lighter sentences.
Q: When will Ryan Salame be released?
With a 90-month sentence and standard federal good-time credit, Salame's projected release falls in the early 2030s. He will then serve three years of supervised release.
References
