Former FTX executive Ryan Salame has pleaded guilty to criminal campaign finance violation charges in a Manhattan court.
Former FTX Executive Ryan Salame Pleaded Guilty To Campaign Finance Violations
Former FTX executive Ryan Salame has pleaded guilty to criminal campaign finance violation charges in a Manhattan court, marking a significant development in the ongoing legal saga surrounding the defunct cryptocurrency exchange. The plea was made before Judge Kaplan, who is also set to oversee the case of FTX founder Sam Bankman-Fried.
Salame's guilty plea stems from his participation in a conspiracy to make illegal contributions and cheat the Federal Election Commission. Salame agreed to forfeit $1.5 billion as part of his plea agreement with the Department of Justice.
In April, FBI officials raided Salame's Washington, D.C. home, charging that he diverted $24 million from FTX customer funds to Republican groups. However, no formal criminal charges have been filed in connection with these allegations, though investigations into campaign funding irregularities continue.
The current development coincides with Sam Bankman-Fried's impending criminal trial in October, following his detainment in prison until the trial starts. Bankman-Fried is facing 13 criminal accusations coming from FTX and its connected organizations' unexpected collapse last year, which resulted in their bankruptcy filing in November. Prosecutors claim that Bankman-Fried and others misused customer cash, resulting in a $7 billion deficit.
