CandleFocus From LinkedIn to LockedIn: Former FTX Exec Ryan Salame Shares Bizarre Prison Post
2024-10-11
Author: Content Editor
Ryan Salame, former co-CEO of FTX, caused a stir on LinkedIn when he announced his new "position" as an inmate at FCI Cumberland just before he began serving a seven-and-a-half-year prison sentence. Salame's legal troubles started after FTX collapsed amid allegations of fraud and misuse of customer funds. He was charged with making illegal political donations and operating an unlicensed money-transmitting business. Despite pleading guilty, Salame gets to keep his 2021 Porsche 911 Turbo S but must pay a $1,500 maintenance cost. He claims to have been deceived by FTX founder Sam Bankman-Fried but withdrew over $5 million worth of crypto as the exchange faltered. Salame's sentencing is part of the fallout from FTX's downfall, with other executives also facing consequences. Caroline Ellison, former CEO of Alameda Research, received a two-year sentence, while Bankman-Fried received a 25-year sentence for financial fraud. Salame's decision not to testify likely contributed to his harsher sentence.
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