Ryan Salame, a former executive at FTX Derivatives Exchange, will be sentenced on May 28 in a New York courtroom after pleading guilty to charges related to financial fraud and political contributions. The sentencing hearing will take place before Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York at 11 a.m.

In September 2023, Salame pleaded guilty to conspiracy charges involving unlawful political contributions and operating an unlicensed money-transmitting business. Originally scheduled for May 1, Salame's sentencing was rescheduled to May 28, according to the court docket.

Prosecutors accused Salame and his accomplices of coordinating political donations exceeding tens of millions of dollars through unlawful means such as straw donors or corporate funds. Straw donors refer to those who illegally use someone else's money to make political contributions in their own name.

In addition to admitting to conspiring to defraud the Federal Elections Committee and engaging in illegal campaign contributions, Salame also confessed to running an unlicensed money-transmitting business. He was fined $1.5 billion and forfeited several assets as part of his plea agreement.

Other individuals, including former Alameda Research CEO Caroline Ellison, former FTX Co-Founder Gary Wang, and former FTX Engineering Director Nishad Singh, have also pleaded guilty in connection with the fraud case. The sentencing of former FTX CEO Sam Bankman-Fried, which occurred recently, resulted in a 25-year prison term.

Despite Salame's guilty plea, legal experts suggest that the judge might not be lenient when imposing his sentence due to the seriousness of the charges. During a previous trial, Judge Kaplan accused Bankman-Fried of perjury and condemned his actions as deliberate wrongdoing, particularly in relation to political donations.

Following the bankruptcy of the FTX Exchange, efforts are being made to repay investors. Under the leadership of John Ray III, the company has managed to recover over $7 billion since declaring bankruptcy.