Former FTX Executive Ryan Salame May Forfeit $1.5 Billion After Guilty Plea ByJane LubalePRO INVESTOR Updated: 08 September 2023 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Former senior FTX executive Ryan Salame pleaded guilty to charges of making illegal campaign contributions and fraud and agreed to forfeit up to $1.5 billion as part of a plea deal. Salame, former co-CEO of FTX Digital Markets, admitted to using money from FTX affiliate Alameda Research to make millions of dollars of illegal donations. He also pleaded guilty to operating an unlicensed money transfer business. “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,” said prosecutor Damian Williams During his plea before Judge Lewis Kaplan, Salame said he had made political contributions using his own name, with the funds originating from a subsidiary of Alameda. The transfers were labeled as “loans” but with the understanding that they wouldn’t be repaid, he said. “I knew it was prohibited by campaign finance laws to make contributions in my name with money that was not my own,” he said. As part of his plea deal, Salame agreed to forfeit up to $1.5 billion. But if he pays $6 million before sentencing, likely in March next year, he won’t need to pay the full amount. To help meet his obligations, he has agreed to transfer ownership of a “2021 Porsche automobile”, two residences located in Massachusetts, and ownership of the East Rood Farm Corporation. Ryan Salame, former FTX employee, leaves Manhattan Federal Court No Sign Salame Will Testify Against FTX Founder Sam Bankman-Fried There were no signs that Salame was cooperating with the prosecution or would be a witness against FTX founder Sam Bankman-Fried. Following the hearing, he was released on a $1 million bond. His sentencing is scheduled for March 6. “Ryan is eager to move past this chapter in his life,” stated Salame’s attorney, Jason Linder of Mayer Brown. The trial of Bankman-Fried is scheduled to begin next month. Accused of masterminding a multibillion-dollar fraud that bankrupted FTX, he has pleaded not guilty to all charges. Related Articles Best Crypto to Buy Now Victim Loses $24 Million Staked ETH In One Of Biggest Ever Phishing Thefts From An Individual IMF-FSB Crypto Roadmap Says Blanket Bans Don’t Work New Crypto Mining Platform - Bitcoin Minetrix Rating Audited By Coinsult Decentralized, Secure Cloud Mining Earn Free Bitcoin Daily Native Token On Presale Now - BTCMTX Staking Rewards - Over 10,000% APY Learn More Join Our Telegram channel to stay up to date on breaking news coverage