Last Updated on September 8, 2023 by Bitfinsider
Ryan Salame, a former FTX executive, pled guilty to criminal campaign financing violations in a Manhattan court on Thursday.
During the hearing, Salame appeared before Judge Kaplan, who will also hear the case of FTX founder Sam Bankman-Fried. He admitted to conspiring to make illegal contributions and to deceive 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 officers raided Salame’s house in Washington, D.C. He was accused of providing Republicans $24 million in cash using FTX consumer funds, although prosecutors have yet to file criminal charges against him. However, the New York Times reports that he is under investigation for campaign financing irregularities.
The announcement comes as FTX founder Sam Bankman-Fried prepares for the commencement of his own criminal trial in October, after his plea for immediate release from prison was denied.
Following allegations of criminal mismanagement, FTX and its connected firms filed for bankruptcy in November. It was once one of the most prominent crypto businesses, allowing consumers to purchase, sell, and speculate on the future value of digital assets.
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