After reportedly pleading guilty during his court appearance on September 7, Ryan Salame, former co-CEO of FTX Digital Markets, has been released on a $1 million bond with the support of two co-signers.
Following the confessions, Judge Kaplan reportedly stated,
“You will pay to the US $6 million by the time you are sentenced and give up two properties in Lenox Mass and a Porsche auto.”
Ryan Salame’s Guilty Plea Could Lead To A Decade In Prison
According to Inner City Press’ X (formerly Twitter) thread, following his guilty plea, Salame secured release under specific conditions. This includes a $1 million bond and the requirement of two guarantees to ensure his court appearances.
Judge Kaplan has pushed back sentencing for Salame until March 6. Salame reportedly pleaded guilty to campaign finance laws and operating FTX as “an unlicensed money transmitting business.”
To learn more about the downfall of FTX, read BeInCrypto’s guide: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell
Kaplan explains that both charges carry a maximum prison sentence of five years, and these sentences must be served consecutively.
Salame allegedly pleaded guilty to the charges:
“I made $10 million in political contributions and called them loans, which I never intended to repay, this was supported by Sam Bankman-Fried. I knew it was prohibited.”
FTX Executives Entering Pleas Continue to Grow
Kaplan reportedly stated that Salame would not be able to appeal any sentence shorter than 10 years. “Under this plea agreement, you are waiving any right to appeal any sentence below the stipulated guideline of 120 months. Do you understand?”
BeInCrypto recently reported that this marks the fourth instance where a senior FTX executive has entered a plea.
On December 21, 2022, Caroline Ellison, the former girlfriend of Bankman-Fried, willingly entered a guilty plea. She committed to providing full cooperation to the Southern District of New York’s investigation into FTX.
Additionally, Gary Wang, the former co-founder of FTX, has confessed to a variety of criminal charges. In February, FTX’s former engineering director, Nishad Singh, entered guilty pleas to six fraud charges.
Meanwhile, Bankman-Fried is in jail and continues to declare his innocence.
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