Former FTX executive Ryan Salame pleads pleads guilty
Former FTX executive Ryan Salame pleads pleads guilty

The FTX logo on a laptop screen.

Andrey Rudakov | Bloomberg via Getty Images

Former FTX executive Ryan Salame pleaded guilty Thursday in New York federal court to campaign finance and money-transmitting crimes, and agreed to forfeit more than $1.5 billion.

Salame, who was released on a $1 million bond, faces a maximum possible sentence of 10 years in prison for his crimes. His sentencing was scheduled for March 6.

In addition to the monetary forfeiture, which will be paid to the U.S. government, the 30-year-old Salame will pay $5 million to debtors of FTX, the fallen cryptocurrency exchange.

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A source told CNBC that Salame is not cooperating with federal prosecutors, who are preparing for the criminal fraud trial of former FTX chief Sam Bankman-Fried.

U.S. Attorney Damien Williams in a statement said, “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 the law.”

This is breaking news. Please check back for updates.

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