A former FTX executive, Ryan Salame, receives a seven and a half-year prison term.
Salame admitted his guilt in September for providing illegal campaign donations worth millions to promote causes backed by his superior.
Bankman-Fried, on the other hand, received a 25-year prison sentence earlier this year due to stealing $8 billion from FTX clients. A jury convicted him in November on seven charges, such as fraud and conspiracy, related to FTX's 2022 collapse – regarded as one of the most significant financial frauds in the U.S.
As mentioned in court, Salame, Singh, and Bankman-Fried used FTX customers' money to fund political candidates who supported pro-crypto legislation.
In the aftermath, in addition to the prison sentence, Salame, 30, also faced three years of supervised probation and was ordered to give back over $6 million and provide $5 million in compensation, asserted the US Attorney's office in New York on Tuesday.
Williams, the U.S. Attorney for the Southern District of New York, stressed, "Salame's participation in two major federal offences harmed the trust in America's elections and the trustworthiness of its financial system."
Salame, who is currently unreachable for comment, gave $24 million to Republicans and right-leaning causes during the 2022 election cycle, making him one of the top donors that year, per Federal Election Commission data.
He acknowledged charges of conspiring to make unlawful political contributions and operating an illegal money transmitting business without proper licensing.
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Salame's involvement in funding political causes through his business activities raised questions about the influence of money in politics.In light of the recent political donations scandal, some are calling for stricter regulations and transparency in business contributions to political campaigns.
Source: edition.cnn.com
