Former FTX Executive Ryan Salame Will Not Testify in FTX Trial
Former FTX executive Ryan Salame will not testify in the alleged illegal campaign donation scheme that’s part of the FTX trial. U.S. federal prosecutors filed a motion stating that Salame would invoke his Fifth Amendment right against self-incrimination if subpoenaed. Salame, the former co-CEO of FTX’s Bahamian unit, is accused of using customers’ funds to donate over $24 million to Republican candidates and causes in the 2022 election cycle. Salame’s decision not to testify is influenced by a private message he shared with a family member in which he admits his involvement in the donation scheme. These statements are considered direct evidence of alleged fraud and money laundering schemes.
Main Points:
– Ryan Salame will not testify in the alleged illegal campaign donation scheme as part of the FTX trial.
– Salame would invoke his Fifth Amendment right against self-incrimination if subpoenaed.
– He is accused of using customers’ funds to donate over $24 million to Republican candidates and causes.
– A private message he shared with a family member contains admissions of his involvement in the donation scheme.
– These statements are considered direct evidence of alleged fraud and money laundering schemes.
What’s Next for FTX’s SBF?
FTX’s former CEO, Sam Bankman-Fried (SBF), now faces charges of conspiracy and fraud over FTX’s collapse. The indictment no longer includes conspiracy to violate campaign finance laws as a separate count, but the Department of Justice (DoJ) has indicated that Bankman-Fried remains charged with conducting an illegal campaign finance scheme. Bankman-Fried was jailed on August 11 and is scheduled for trial in October 2022, with another trial set for March 2024 for additional charges. FTX has not yet responded to Decrypt’s request for comments.
Hot Take:
The decision by Ryan Salame not to testify in the FTX trial is significant, as it is based on incriminating evidence contained in a private message. This development further implicates Salame in the alleged illegal campaign donation scheme. The case against FTX’s former CEO, Sam Bankman-Fried, also continues to evolve, with charges of conspiracy and fraud. The DoJ’s indication that Bankman-Fried remains charged with conducting an illegal campaign finance scheme highlights the seriousness of the allegations. With trials scheduled for October 2022 and March 2024, the legal proceedings surrounding FTX and its executives are far from over.
By
By
By
By
By