Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Ex-FTX Exec Ryan Salame Starts 7.5-Year Jail Sentence
Crypto Enforcement | Oct 11, 2024
Image: Freepik/kues1
Former FTX Executive Ryan Salame Begins 7.5 Year Sentence, Ironically Updating LinkedIn Profile with New "Inmate" Role
Ryan Salame, former co-CEO of FTX Digital Markets, begins his 7.5 years prison sentencing on October 11, 2024 for his role in political campaign finance violations and operating an unregistered money-transmitting company. Salame submitted a guilty plea in Sept 2023, admitting that he illegally contributed millions of dollars to Republican politicians in the 2020 and 2022 election cycles to gain political influence in Washington D.C..
See: Court Approves $16.5 Billion FTX Repayment Plan
In addition to jail time, most of Salame's assets including real estate properties and a Porsche sports car have been seized in the process as he was forced to pay $6 million, and another $5 million in restitution leaving him pretty much bankrupt.
Important to note that Salame decided not to testify against Sam Bankman-Fried and refused to assist prosecutors, whereas Caroline Ellison (former CEO of Alameda Research) received a much lighter sentence of 2 years in exchange for cooperating with prosecutors for her role in financial mismanagement that ignited FTX's failure.
Many media outlets reported that ironically (or sadly), Salame had time to update his Linkedin profile with his new role as 'inmate' (full-time) saying:
"I’m happy to share that I’m starting a new position as Inmate at FCI Cumberland!".
See: Prager Metis Pays $1.95 Million for FTX Auditing Failures
Conclusion
The FTX scandal was one of the largest and most significant in crypto's young history, resulting in prison sentences for some of its senior executives. Sam Bankman-Friend, former CEO of FTX was found guilty of fraud and conspiracy and received 25 years in jail earlier this year.
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