Ex-FTX Executive Ryan Salame Could Forfeit $1.5B as Part of Guilty Plea

[Eugene]

Last edited Thu Sep 7, 2023, 11:51 PM - Edit history (1)

UPDATE: Former FTX crypto executive pleads guilty to making millions in illegal campaign contributions (AP)

Under a deal with prosecutors, he agreed to forfeit up to $1.55 billion in assets. He could also be called as a witness to testify at the trial of FTX founder Sam Bankman-Fried, who was arrested last year in the Bahamas and extradited to the U.S. to face charges that he committed a host of crimes while running the popular digital currency trading platform.

https://apnews.com/article/ftx-cryptocurrency-ryan-salame-bankmanfried-1482383f50c21306b7e51a599b74feb7

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Source: CoinDesk

Ex-FTX Executive Ryan Salame Could Forfeit $1.5B as Part of Guilty Plea

Salame admitted to being a "straw donor” to secretly funnel millions of dollars to Republican political candidates while Bankman-Fried donated to Democrats.

By Sam Kessler
Sep 7, 2023 at 3:17 p.m.
Updated Sep 7, 2023 at 6:33 p.m.

NEW YORK — Ryan Salame, a top FTX executive who played a key role in the exchange’s political fundraising operations, will forfeit $1.5 billion after pleading guilty on Thursday to federal criminal charges tied to the exchange.

Salame, who was co-CEO of FTX's Bahamas entity FTX Digital Markets, pleaded guilty to conspiracy to make unlawful contributions and defraud the Federal Election Commission and conspiracy to operate an unlicensed money transferring business.

“I made political contributions in my name that were funded by transfers from an Alameda subsidiary,” Salame told Judge Lewis Kaplan, who is also overseeing Bankman-Fried's trial, as he entered his guilty plea.

The transfers were “categorized as loans,” Salame said, but “it was understood that the would not be repaid.” The donations, according to Salame, “were for the benefit of initiatives introduced by others but supported by Sam Bankman-Fried.”

As part of his plea agreement with the government, Salame has been ordered to forfeit more than $1.5 billion dollars. ...

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Read more: https://www.coindesk.com/policy/2023/09/07/ex-ftx-executive-ryan-salame-pleads-guilty-to-us-criminal-charges/

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Related: United States v Ryan Salame - Preliminary Order of Forfeiture

[peppertree]

1. Ryan Baloney, and Bankman-Fraud.

Those two - plus Shitkreli and Vulture Singer - are the very image of modern GOP business model.

Basically - third world-style, free-for-all rackets.