Former FTX executive Ryan Salame received a prison sentence of seven and a half years on Tuesday, according to a Department of Justice (DOJ) press release.
Salame and his co-conspirators’ more than 300 political donations, which totaled tens of millions of dollars, were illegal in part because some were paid using the cryptocurrency exchange’s customer funds, according to the press release. Federal prosecutors had recommended that the former cryptocurrency executive receive a sentence of between five and seven years, according to The New York Times. (RELATED: ‘He Directed Me To Commit These Crimes’: Alleged Fraudster’s Ex Blames Him At Trial)
“Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law,” U.S. Attorney for the Southern District of New York Damian Williams said in the press release. “Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system. Today’s sentence underscores the substantial consequences for such offenses.”
WOAH former FTX executive Ryan Salame was just sentenced to 7.5 years in prison… MORE than the government’s recommendation of 5-7 years. Ryan Salame pleaded guilty in September 2023, but he didn’t cooperate with prosecutors. Oooof.
— Tiffany Fong (@TiffanyFong_) May 28, 2024
Salame contributed $23 million to mostly Republican candidates and groups during the midterm elections, according to OpenSecrets. He previously pleaded guilty to conspiracy to make unlawful political donations, according to Tuesday’s press release.
Fraudster and former FTX CEO Sam Bankman-Fried received a prison sentence of 25 years in March after a jury found him guilty on seven counts of fraud and conspiracy-related charges in November. Federal prosecutors sought a sentence of between 40 and 50 years.
Bankman-Fried co-founded and was CEO FTX, which collapsed in November 2022 as it faced accusations of mishandling billions in customer funds. He contributed $27 million to Protect Our Future PAC and was its main backer in the 2022 midterm election cycle, according to OpenSecrets.
The PAC spent $23 million to boost Democrats during the cycle.
U.S. District Judge Lewis A. Kaplan, who former President Bill Clinton appointed, sentenced both Salame and Bankman-Fried. Kaplan also oversaw former President Donald Trump’s E. Jean Carroll defamation case, where a jury in January found the former Elle Magazine writer should receive damages totaling $83.3 million.
Williams did not immediately respond to the Daily Caller News Foundation’s request for comment.
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