FTX executive receives 7.5-year prison sentence for involvement in collapsed crypto empire

Ryan Salame, a former top deputy at FTX, a crypto company, has been sentenced to 90 months in prison for committing crimes. He was one of four deputies who pleaded guilty after the company fell apart in November 2022. Salame's sentence was longer than what prosecutors recommended. Before FTX collapsed, Salame was an important person at the company, overseeing its operations in the Bahamas. Prosecutors said Salame committed a major campaign finance offense in American history. As part of his plea deal, Salame agreed to pay a $6 million fine, over $5 million in restitution, and forfeit two properties and his Porsche. Salame and three other FTX executives pleaded guilty to financial crimes. They are waiting for their sentences. Salame was also ordered to forfeit $11.2 billion. His defense lawyers said Salame didn't know that the company's founder, Bankman-Fried, was stealing money. Salame's lawyers said his life was ruined by FTX's collapse. Bankman-Fried was criticized for trying to appear likable during his sentencing. Salame's sentence is heavier than what prosecutors suggested and more than what his defense team asked for. Salame pleaded guilty to making unlawful political contributions and other crimes. He spent millions on real estate and campaign donations. Salame raised concerns about Bankman-Fried's actions before FTX filed for bankruptcy. Bankman-Fried was found guilty of stealing billions from customers. Salame's sentence shows the serious consequences of such crimes. He is the first of FTX's executives to be sentenced after the company filed for bankruptcy.