Former FTX Executive Salame Pleads Guilty to Illegal Campaign Donations Using Customer Funds

Ryan Salame, former FTX executive, pleads guilty to illegal campaign contributions and unlicensed money transmitting
Salame, Bankman-Fried, and others used FTX customer funds for political donations to candidates supporting crypto
Salame gave over $24 million to Republican candidates and causes in 2022 election cycle
As part of plea deal, Salame agrees to forfeit over $1.5 billion in assets and pay $5.6 million in restitution
Salame released on $1 million bond ahead of March 2024 sentencing

reuters.com

Relevant topic timeline:

8/15/2023

Sam Bankman-Fried charged with using stolen funds for over $100 million in political donations

Main Topic: Sam Bankman-Fried's alleged use of stolen money from FTX customers for political campaign contributions. Key Points: 1. Bankman-Fried is accused of directing FTX executives to evade contribution limits and conceal the source of the money. 2. The funds were allegedly used to make over $100 million in campaign contributions to Democrats and Republicans. 3. Bankman-Fried leveraged his influence to lobby for legislation and regulations favorable to FTX.

8/22/2023

Sam Bankman-Fried Pleads Not Guilty to Latest Indictment

Sam Bankman-Fried, the founder of FTX, pleaded not guilty to fraud and money laundering charges related to the collapse of his cryptocurrency empire, with the new indictment accusing him of misusing customer funds for personal purposes.

9/13/2023

FTX Allowed to Liquidate Assets After Bankman-Fried Charged With Illegally Transferring Funds

The collapsed crypto exchange FTX has been granted permission to liquidate its digital assets to repay creditors, including Bitcoin, Ether, and Solana, amounting to around $3.4 billion. The founder of FTX, Sam Bankman-Fried, is facing charges of fraud and conspiracy, with his bail being revoked last month.

9/19/2023

FTX Sues Sam Bankman-Fried's Parents, Alleging They Received Millions in Gifts and Donations from the Company

FTX is suing the parents of Sam Bankman-Fried, alleging that they used company funds to enrich themselves through gifts and donations, despite knowing that the company was insolvent or on the brink of insolvency. The lawsuit also accuses Bankman of trying to cover up FTX mismanagement and fraud.

9/25/2023

Investor Loses $2 Million in FTX Collapse, Sues Celebrities as Founder Faces Fraud Charges

Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, is set to go on trial for fraud charges, leaving investors like Sunil Kavuri, who lost $2.1 million, hoping for justice and a chance to recover their funds.

10/2/2023

Sam Bankman-Fried Considered Paying Trump $5B Not to Run in 2024, New Book Says

FTX founder Sam Bankman-Fried considered paying Donald Trump $5 billion to not run for president in 2024, according to author Michael Lewis, but the proposal did not materialize and Bankman-Fried's crypto empire collapsed, resulting in his criminal trial for fraud.

10/6/2023

Paradigm Co-Founder Testifies FTX Misled Investors on Use of Customer Funds

Matt Huang's testimony in the trial against Sam Bankman-Fried suggests that FTX may have defrauded investors by using customer funds for its own purposes and not disclosing important information, potentially resulting in financial losses for Paradigm, the crypto investment firm.

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Posted 9/7/2023, 11:20:00 PM