FTX Executive Ryan Salame Sentenced to Seven and a Half Years in Prison

Ryan Salame, a prominent executive at FTX, the collapsed cryptocurrency exchange, was handed a seven and a half-year prison term on Tuesday. This makes him the first of Sam Bankman-Fried’s circle at FTX to face incarceration.

Guilty Plea and Charges

The 30-year-old Mr. Salame, a close associate of Mr. Bankman-Fried, admitted guilt last year to violating campaign finance laws and running an unlicensed money transmitting business. Alongside three other senior deputies in the FTX network, he has confessed to various offenses since the company’s downfall in November 2022.

Notably, Mr. Salame’s sentence surpasses the prosecutors' recommended range of five to seven years. His defense counsel had advocated for a much shorter 18-month term.

Role at FTX and Lavish Spending

Prior to FTX’s collapse, Mr. Salame held a pivotal position in the exchange, overseeing its operations in the Bahamas, the company’s headquarters. His opulent lifestyle included indulgences in luxury cars, private jets, and the acquisition of restaurants in Massachusetts' Berkshires region. Additionally, he was an active political contributor, with donations exceeding $24 million in the 2022 midterm elections, with a significant portion allocated to Republican candidates.