Former FTX executive Ryan Salame pleads guilty, ordered to forfeit $1.5 billion in illegal proceeds

Former co-CEO of FTX Digital Markets, Ryan Salame, pleaded guilty to multiple charges, including violating campaign finance laws, after appearing in court on Thursday. He has been ordered to forfeit $1.5 billion in illegal proceeds.

Ryan Salame Expected to Plead Guilty

On the evening of September 7th, sources revealed that former FTX executive Ryan Salame is expected to plead guilty to criminal charges and is set to appear in court on Thursday in the United States. This will confirm his involvement in illicit activities with his former girlfriend and Republican congressional candidate Michelle Bond.

Following his court appearance, Ryan Salame did indeed plead guilty as expected, including charges related to violations of campaign finance laws.

Ryan Salame Does Not Turn into a Tainted Witness

CNBC cited sources indicating that Ryan Salame did not choose to cooperate with federal prosecutors as a tainted witness.

Nevertheless, this development will still have a significant impact on the upcoming trial in early October for SBF. Former FTX executives who have turned into tainted witnesses previously include:

• Nishad Singh, FTX Director of Engineering

• Gary Wang, Co-Founder and CTO of FTX

• Caroline Ellison, former CEO of Alameda Research

Ryan Salame Ordered to Forfeit $1.5 Billion Illicit Gains

According to CNBC, Ryan Salame's alleged violations of campaign finance laws and operating an unlicensed money transmission business could result in a maximum sentence of 10 years in prison.

In addition to paying fines, he is also required to pay $5 million to FTX creditors, surrender two properties in Massachusetts, and a 2021 Porsche sports car to meet the court's forfeiture amount.

Ryan Salame is currently out on a $1 million bail and will be officially sentenced by Judge Lewis Kaplan, the presiding judge in the FTX case, on March 6th next year.