Former Sam Bankman-Fried Lieutenant Ryan Salame Starts Jail Sentence, Jokes About “New Position” As Inmate At FCI Cumberland Prison

BySteven Walgenbach

Updated: 11 October 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Ryan Salame, a former top lieutenant to Sam Bankman-Fried at the collapsed FTX crypto exchange, announced his arrival at FCI Cumberland prison in Maryland by lighthearedly updating his LinkedIn profile with the new position of “inmate.”

“I’m happy to share that I’m starting a new position as Inmate at FCI Cumberland!” the former FTX Digital Markets co-CEO wrote on LinkedIn.

Ryan Salame Enters FCI Cumberland After Several Delays

The humorous job update comes after Salame was convicted in May this year following a guilty plea related to multiple charges, including campaign finance fraud and operating an unauthorized money-transmitting business.

During his trial, the prosecution said that Salame had helped Bankman-Fried conceal financial statements to make investors believe that the now-defunct exchange was in a good financial position prior to its collapse. Salame reportedly also donated a large sum of money to support Republicans.

Ryan Salame, the former co-CEO of FTX who is reporting to federal prison today to serve seven and a half years on campaign finance fraud charges, posted this on LinkedIn today. https://t.co/yykPAJ0Iko pic.twitter.com/aZkwzBRNUM

— Daniel Lippman (@dlippman) October 10, 2024

Judge Lewis Kaplan, who presided over Salame’s case, criticized the former FTX executive for having a “me first” attitude. The judge also accused Salame of intentionally avoiding taking actions that could have protected FTX investors’ funds. He was subsequently sentenced to 7.5 years in prison and 3 years of supervised release thereafter.

Salame’s start date to serve his sentence has faced multiple delays due to an injury from a dog bite.

Salame’s Guilty Plea Plan Backfires

According to Salame and his defense, his guilty plea was made as part of an agreement that it would protect his partner Michelle Bond from being investigated for illegally funding her political campaign with FTX funds.

Shortly before entering prison, the former FTX executive tried to withdraw his plea after prosecutors launched an investigation into Bond shortly after his deal.