Ryan Salame (born 1993)[3] is an American felon who operated an illegal money-transmitting business. He was the CEO of FTX Digital Markets, the FTX subsidiary based in the Bahamas. He was the founder of the American Dream Federal Action super PAC.[4]
Ryan Salame | |
|---|---|
| Employer | FTX |
| Criminal status | Incarcerated at FCI Cumberland, a medium-security federal prison in Maryland[1][2] |
| Conviction(s) | Conspiracy to make unlawful political contributions Conspiracy to operate an unlicensed money transmitting business |
| Criminal penalty | 7.5 years (90 months) in prison |
Early life and education
editSalame grew up in Sandisfield, Massachusetts.[5] He attended high school at Monument Mountain Regional High School in Great Barrington.[6] He earned Bachelor of Business Administration in accounting from Isenberg School of Management[7] and also Bachelor of Arts in economics from the University of Massachusetts Amherst in 2015. He later received a master's in finance from McDonough School of Business at Georgetown University in 2019.[8][4]
Career
editSalame worked briefly for Ernst & Young.[4] In 2019, he started working for Alameda Research in Hong Kong.[4] He later became co-chief of FTX Digital Markets, FTX's Bahamas unit.[9]
During the primaries of the 2022 United States elections, Salame donated millions of dollars to Republican candidates.[10]
Salame invested over $6 million in Lenox, Massachusetts restaurants and real estate.[11]
During the 2022 bankruptcy proceedings of FTX, it was revealed that the company loaned Salame $55 million.[5] Salame’s girlfriend Michelle Bond received $400,000 in consulting fees from FTX Digital Markets.[12] Salame claimed to have learned about the impending collapse of FTX in the week before it filed for bankruptcy and to have vomited upon hearing the news.[13] In April 2023 the FBI raided Salame’s Potomac, Maryland home.[14]
In September 2023, he pleaded guilty to violating campaign finance laws and operating an illegal money-transmitting business. He agreed to forfeit two properties in Lenox, MA and a Porsche automobile, and pay a $6 million fine and more than $5 million in restitution to FTX.[15][9] Despite prosecutors recommending a term of 5-7 years, in May 2024 Salame was sentenced to 7.5 years in federal prison.[16]
As of October 2024, he is incarcerated at FCI Cumberland in Maryland.[17]
References
edit- ^ Hetzner, Christiaan. "Convicted FTX exec announces his 'new role' at Maryland prison on LinkedIn". Fortune.
- ^ Intarasuwan • •, Kiki (October 11, 2024). "Ex-FTX exec who helped finance lover's congress run in NY updates LinkedIn job to 'inmate'". NBC New York.
- ^ Salame, Ryan [@rsalame7926] (May 29, 2024). "1993 my god" (Tweet). Archived from the original on May 30, 2024. Retrieved May 30, 2024 – via Twitter.
- ^ a b c d Goldstein, Matthew; Vogel, Kenneth P.; Yaffe-Bellany, David (December 17, 2022). "Restaurateur, Political Donor, Tipster: The Many Roles of FTX's Ryan Salame". New York Times. Archived from the original on December 20, 2022. Retrieved December 20, 2022.
- ^ a b Parnass, Larry (November 17, 2022). "His crypto firm loaned Berkshires native Ryan Salame $55 million. The FTX unit he led is under new management". The Berkshire Eagle. Archived from the original on November 17, 2022. Retrieved November 18, 2022.
- ^ Fanto, Clarence (November 30, 2021). "At 28, Bitcoin tycoon Ryan Salame owns nearly half the full-service restaurants in Lenox". The Berkshire Eagle. Archived from the original on August 15, 2023. Retrieved October 11, 2023.
- ^ Wanna, Carly (December 15, 2022). "Former FTX exec Ryan Salame invested $6 million in Massachusetts restaurants - The Boston Globe". BostonGlobe.com. Archived from the original on December 19, 2022. Retrieved September 26, 2023.
- ^ "Ryan Salame : Isenberg School of Management : UMass Amherst". www.isenberg.umass.edu. Archived from the original on November 18, 2022. Retrieved November 18, 2022.
- ^ a b "Another FTX executive Ryan Salame pleads guilty". BBC News. September 8, 2023. Archived from the original on September 26, 2023. Retrieved September 26, 2023.
- ^ Rojas, Warren. "Crypto donor dead set on preventing the next global pandemic gave millions to Trump-backed candidates who opposed COVID regulations to court MAGA base". Business Insider. Archived from the original on November 12, 2022. Retrieved November 12, 2022.
- ^ correspondent, Clarence Fanto, Eagle (November 11, 2022). "Crypto meltdown: What does it mean for FTX executive Ryan Salame's $6 million investment in Lenox?". The Berkshire Eagle. Archived from the original on November 12, 2022. Retrieved November 12, 2022.
{{cite web}}:|last=has generic name (help)CS1 maint: multiple names: authors list (link) - ^ Robins-Early, Nick. "FTX's Bahamas unit paid co-CEO's MAGA Republican congressional candidate girlfriend $400,000". Insider.
- ^ Dean, Grace. "An executive at an FTX affiliate threw up when he learnt of the crypto exchange's impending collapse, report says". Business Insider. Archived from the original on November 17, 2022. Retrieved November 17, 2022.
- ^ Goldstein, Matthew; Yaffe-Bellany, David (April 27, 2023). "F.B.I. Searches Home of Top FTX Executive". The New York Times. Archived from the original on May 13, 2023. Retrieved May 14, 2023 – via NYTimes.com.
- ^ Yaffe-Bellany, David; Goldstein, Matthew (September 7, 2023). "Fourth Top FTX Executive Pleads Guilty Ahead of Sam Bankman-Fried Trial". The New York Times. Archived from the original on September 8, 2023. Retrieved September 8, 2023 – via NYTimes.com.
- ^ "Southern District of New York | Former FTX Executive Ryan Salame Sentenced To 90 Months In Prison | United States Department of Justice". www.justice.gov. May 28, 2024. Retrieved May 28, 2024.
- ^ "FTX's Ryan Salame's Crazy LinkedIn Update: "New Position as Inmate"". Financial and Business News | Finance Magnates. October 11, 2024. Retrieved October 11, 2024.