Former FTX co-CEO Ryan Salame is expected to plead guilty to the criminal charges against him on Thursday, Bloomberg reported on Sept. 7.
Salame was jointly in charge of FTX Digital Markets with Sam Bankman-Fried before the exchange collapsed last November.
The former executive is scheduled to appear at the Manhattan federal court on Thursday to plead guilty. This development comes about a month prior to the scheduled start of Bankman-Fried’s trial, in which he faces multiple felony charges.
Former associates likely to testify
Salame’s guilty plea implies that the Department of Justice now has four former associates of Bankman-Fried, including Salame, to testify against him. The others include the exchange’s co-founder Gary Wang, former Alameda Research CEO Caroline Ellison, and former FTX executive Nishad Singh.
Salame’s testimony holds potential significance, particularly regarding the illegal campaign finance charges against SBF. Although these charges were temporarily removed from the upcoming October trial due to an extradition treaty, they are slated for inclusion in a subsequent trial next year.
During his tenure at FTX, Salame emerged as a substantial Republican Party contributor, channeling $24 million to various candidates. With prosecutors alleging that SBF directed political donations through other executives, Salame’s testimony could substantiate these claims.
Despite SBF’s persistent claims of innocence, emphasizing reliance on expert advice, the situation has taken a turn since the court revoked his bail.
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