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Mon. Oct 14th, 2024
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Former FTX CEO Ryan Salame has updated his LinkedIn profile. His new role? Jail Inmate – Boston News, Weather, Sports

By Sheisoe
Former FTX CEO Ryan Salame has updated his LinkedIn profile. His new role? Jail Inmate – Boston News, Weather, Sports

(CNN) — Updating LinkedIn with a new position is a rite of passage for many professionals, a chance to let the world know that you’ve climbed a new rung on the career ladder.

But former FTX executive Ryan Salame made an unorthodox update to his profile on the site on Thursday as he began a prison sentence following the cryptocurrency exchange’s collapse.

“I am excited to share that I am starting a new position as an inmate at FCI Cumberland!” he wrote, next to a LinkedIn image of a cherry falling from a cupcake and people jumping in the air.

His post quickly went viral, prompting Salame to joke on X: “Today I learned that people still use LinkedIn.”

Salame, the former co-CEO of FTX’s Bahamian subsidiary and top lieutenant to company founder Sam Bankman-Fried, was sentenced in May to seven and a half years in prison, which he will serve at FCI Cumberland, a media outlet security federal prison in Maryland.

In September Last year, Salame pleaded guilty to making tens of millions of dollars in illegal campaign donations to charities supported by his boss. He also agreed to forfeit $1.5 billion.

In addition to the prison sentence and $1.5 billion forfeiture, Salame, 30, was sentenced to three years of supervised release and ordered to pay more than $6 million in forfeiture and more than $5 million in restitution..

Prosecutors said Salame, Bankman-Fried and former FTX engineering chief Nishad Singh used FTX customer funds to donate to political candidates supporting crypto-friendly legislation.

According to Federal Election Commission data, Salame donated more than $24 million to Republican candidates and causes during the 2022 election cycle, making him one of the top donors that year.

“Salame’s involvement in two serious federal crimes undermined public confidence in American elections and the integrity of the financial system,” Damian Williams, United States Attorney for the Southern District of New York, said after the sentencing. according to Reuters.

Salame pleaded guilty to one count of conspiracy to make unlawful political contributions and one count of conspiracy to operate an unlicensed money transmission business.

FTX imploded in November 2022, sending shockwaves through the crypto world as depositors rushed to withdraw their funds. Bankman-Fried resigned as CEO and the company filed for bankruptcy.

A year later, Bankman-Fried was found guilty of seven counts of fraud and conspiracy, including stealing billions from FTX customer accounts and defrauding lenders to its sister company, the hedge fund Alameda Research. He was sentenced to 25 years in prison in March.

(Copyright (c) 2024 CNN. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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