Former FTX executive, Ryan Salame, has pleaded guilty to unlawfully making campaign donations, as reported on Matzav Blog. Salame, along with FTX founder Sam Bankman-Fried and former FTX engineering chief Nishad Singh, allegedly utilized FTX customer funds to support political candidates advocating for crypto-friendly legislation. Salame’s guilty plea marks the fourth from Bankman-Fried’s companies’ executives.
Bankman-Fried, scheduled to face trial for accusations of embezzling billions of dollars in FTX customer funds, now faces further scrutiny. Meanwhile, Salame pled guilty to conspiracy to make illegal political contributions and conspiracy to run an unlicensed money transmitting business.
It has been revealed that Salame donated over $24 million to Republican candidates and causes during the 2022 election cycle. Consequently, Salame has been ordered to forfeit more than $1.5 billion and make a restitution payment of $5.6 million to FTX.
Salame’s sentencing is set to take place on March 6, 2024. This development highlights the increasing scrutiny surrounding the involvement of cryptocurrency companies in political campaigns, emphasizing the importance of transparency and adherence to financial laws and regulations.
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