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4th FTX exec pleads guilty, agrees to forfeit Porsche and other property

NewsTech

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Wearing a suit and sunglasses, former FTX executive Ryan Salame walks out of a courthouse.

Enlarge / Ryan Salame, former co-chief executive officer of FTX Digital Markets Ltd., exits federal court in New York on Thursday, Sept. 7, 2023. (credit: Getty Images | Bloomberg)

Former FTX executive Ryan Salame pleaded guilty to two criminal charges yesterday, becoming the fourth former associate of Sam Bankman-Fried to enter guilty pleas.

A money judgment of $1.56 billion was entered against Salame, but he will be allowed to satisfy the judgment by making a $6 million payment to the US and forfeiting two properties, a business, and a Porsche. He also agreed to provide $5.6 million in restitution to FTX debtors.

Salame faces maximum imprisonment of 10 years, consisting of five years for each charge. Salame was released on a $1 million bond and has sentencing scheduled for March 6, 2024. Meanwhile, Bankman-Fried's trial is scheduled to begin in early October.

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