Former FTX Co-CEO Ryan Salame is sentenced to 7.5 years in prison and ordered to pay $11 million, following the FTX CEO's 25-year sentence, according to CNBC.
Salame was sentenced for his involvement in unlawful activities, including conspiracy to make unlawful political contributions, defraud the Federal Election Commission, and operate an unlicensed money-transmitting business.
These actions undermined public trust in American elections and the financial system's integrity, leading to a penalty of 7.5 years in prison.
All these cases against him were mainly due to his suspicious transition from a high-ranking post at Alameda Research to a co-CEO of FTX's Bahamian subsidiary, which saw millions spent on real estate and campaign donations.
In addition to the prison sentence, Ryan Salame has been ordered to pay more than $6 million in forfeiture and more than $5 million in restitution, totaling $11 million. No further information was revealed regarding whether the fee has been paid yet.
Salame on FTX's Case
Allegations of fraud against FTX founder Sam Bankman-Fried led to Salame's disclosure and eventual testimony, which contributed to Bankman-Fried's guilty verdict.
However, according to experts, 7.5 years is less and more humane than 100 years for Bankman-Fried, who was supposed to be jailed for 100 years but appealed for just 25 years.
Sam Bankman-Fried initially faced a much longer prison sentence of 100 years but successfully appealed and received a reduced sentence of 25 years. Experts perceive the 7.5-year sentence given to Ryan Salame as less severe and more compassionate.
As of the latest update, VCPost reported that FTX will refund customers their money, but crypto gains are excluded.
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