Ryan Salame Explained

Ryan Salame (born [1]) is an American convicted 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.[2]

Early life and education

Salame grew up in Sandisfield, Massachusetts.[3] He attended high school at Monument Mountain Regional High School in Great Barrington.[4] He earned Bachelor of Business Administration in accounting from Isenberg School of Management[5] 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.[6]

Career

Salame worked briefly for Ernst & Young.[2] In 2019, he started working for Alameda Research in Hong Kong. He later became co-chief of FTX Digital Markets, FTX's Bahamas unit.[7]

During the primaries of the 2022 United States elections, Salame donated millions of dollars to Republican candidates.[8]

Salame invested over $6 million in Lenox, Massachusetts restaurants and real estate.[9]

During the 2022 bankruptcy proceedings of FTX, it was revealed that the company loaned Salame $55 million.[3] Salame’s girlfriend Michelle Bond received $400,000 in consulting fees from FTX Digital Markets.[10] 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.[11] In April 2023 the FBI raided Salame’s Potomac, Maryland home.[12]

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 along with a Porsche automobile, and to pay a $6 million fine and more than $5 million in restitution to FTX.[13] [7] Despite prosecutors recommending a term of 5-7 years, it was announced May 2024 that Salame was sentenced to serve 7.5 years in federal prison.[14]

Notes and References

  1. 1796009919490998578 . rsalame7926 . 1993 my god . Ryan . Salame . May 29, 2024 . May 30, 2024 . https://web.archive.org/web/20240530153258/https://twitter.com/x/migrate?tok=7b2265223a222f7273616c616d65373932362f7374617475732f31373936303039393139343930393938353738222c2274223a313731373038333137387d516eb7308c0b43c342f4b4c78f57d327 . May 30, 2024.
  2. News: Restaurateur, Political Donor, Tipster: The Many Roles of FTX's Ryan Salame. Matthew. Goldstein. Kenneth P.. Vogel. David. Yaffe-Bellany. December 17, 2022. New York Times. December 20, 2022. December 20, 2022. https://web.archive.org/web/20221220072220/https://www.nytimes.com/2022/12/17/business/ftx-ryan-salame.html. live.
  3. Web site: His crypto firm loaned Berkshires native Ryan Salame $55 million. The FTX unit he led is under new management. Larry. Parnass. The Berkshire Eagle. November 17, 2022 . November 18, 2022. November 17, 2022. https://web.archive.org/web/20221117225420/https://www.berkshireeagle.com/news/local/ryan-salame-lenox-ftx-collapse-loan-bankruptcy/article_13f413bc-66af-11ed-837e-db7d7b67db78.html. live.
  4. News: Fanto . Clarence . November 30, 2021 . At 28, Bitcoin tycoon Ryan Salame owns nearly half the full-service restaurants in Lenox . The Berkshire Eagle . October 11, 2023 . August 15, 2023 . https://web.archive.org/web/20230815060535/https://www.berkshireeagle.com/business/sandisfield-native-ryan-salame-cryptocurrency-lenox-restaurant-empire/article_8d2a2cc2-5205-11ec-af1b-d769f18cf13c.html . live .
  5. Web site: Wanna . Carly . December 15, 2022 . Former FTX exec Ryan Salame invested $6 million in Massachusetts restaurants - The Boston Globe . September 26, 2023 . BostonGlobe.com . en-US . December 19, 2022 . https://web.archive.org/web/20221219101009/https://www.bostonglobe.com/2022/12/15/business/former-ftx-co-ceo-ryan-salame-invested-6-million-massachusetts-restaurants/ . live .
  6. Web site: Ryan Salame : Isenberg School of Management : UMass Amherst. www.isenberg.umass.edu. November 18, 2022. November 18, 2022. https://web.archive.org/web/20221118001415/https://www.isenberg.umass.edu/people/ryan-salame. live.
  7. News: September 8, 2023 . Another FTX executive Ryan Salame pleads guilty . en-GB . BBC News . September 26, 2023 . September 26, 2023 . https://web.archive.org/web/20230926202638/https://www.bbc.com/news/business-66747694 . live .
  8. Web site: Crypto donor dead set on preventing the next global pandemic gave millions to Trump-backed candidates who opposed COVID regulations to court MAGA base. Warren. Rojas. Business Insider. November 12, 2022. November 12, 2022. https://web.archive.org/web/20221112213528/https://www.businessinsider.com/ryan-salame-pandemic-preparedness-ted-budd-katie-britt-bo-hines-2022-9. live.
  9. Web site: Crypto meltdown: What does it mean for FTX executive Ryan Salame's $6 million investment in Lenox?. Clarence Fanto, Eagle. correspondent. The Berkshire Eagle. November 11, 2022 . November 12, 2022. November 12, 2022. https://web.archive.org/web/20221112213800/https://www.berkshireeagle.com/news/central_berkshires/ryan-salame-cryptocurrency-ftx-lenox-eats/article_88218650-61de-11ed-9662-ffcf0494adbe.html. live.
  10. Web site: FTX's Bahamas unit paid co-CEO's MAGA Republican congressional candidate girlfriend $400,000. Nick. Robins-Early. Insider.
  11. Web site: An executive at an FTX affiliate threw up when he learnt of the crypto exchange's impending collapse, report says. Grace. Dean. Business Insider. November 17, 2022. November 17, 2022. https://web.archive.org/web/20221117162049/https://www.businessinsider.com/ftx-collapse-digital-markets-ryan-salame-vomit-bankman-fried-2022-11. live.
  12. News: F.B.I. Searches Home of Top FTX Executive. Matthew. Goldstein. David. Yaffe-Bellany. The New York Times . April 27, 2023. NYTimes.com. May 14, 2023. May 13, 2023. https://web.archive.org/web/20230513154912/https://www.nytimes.com/2023/04/27/technology/ftx-ryan-salame-sam-bankman-fried.html. live.
  13. News: Fourth Top FTX Executive Pleads Guilty Ahead of Sam Bankman-Fried Trial. David. Yaffe-Bellany. Matthew. Goldstein. The New York Times . September 7, 2023. NYTimes.com. September 8, 2023. September 8, 2023. https://web.archive.org/web/20230908161551/https://www.nytimes.com/2023/09/07/technology/ftx-guilty-plea.html. live.
  14. Web site: 2024-05-28 . Southern District of New York Former FTX Executive Ryan Salame Sentenced To 90 Months In Prison United States Department of Justice . 2024-05-28 . www.justice.gov . en.

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