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2023-09-12 –

Raw: [The pleading comes ahead of the October trial of FTX founder Sam Bankman-Fried.] BBC HomepageSkip to contentAccessibility HelpYour accountHomeNewsSportReelWorklifeTravelFutureMore menuMore menuSearch BBCHomeNewsSportReelWorklifeTravelFutureCultureMusicTVWeatherSoundsClose menuBBC NewsMenuHomeWar in UkraineClimateVideoWorldUS & CanadaUKBusinessTechScienceMoreEntertainment & ArtsHealthIn PicturesBBC VerifyWorld News TVNewsbeatBusinessMarket DataNew Tech EconomyArtificial IntelligenceTechnology of BusinessEconomyCEO SecretsCompaniesPaths to SuccessAnother FTX executive Ryan Salame pleads guiltyPublished4 days agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, FTX executive Ryan SalameAnother former FTX executive has pleaded guilty in the US in a case stemming from the dramatic collapse and bankruptcy of the once popular cryptocurrency exchange.Ryan Salame, one of the firm's top executives, admitted he had violated campaign finance laws and operated an illegal money-transmitting business.He agreed to surrender more than $1.5bn (£1.2bn) to authorities.The pleading comes ahead of the October trial of FTX founder Sam Bankman-Fried.Mr Bankman-Fried, the so-called former 'King of Crypto, was arrested last year on fraud charges, after FTX filed for bankruptcy, leaving many users unable to withdraw their funds. Prosecutors have said the fall stemmed from a massive scheme run by Mr Bankman-Fried. He is accused of misusing money from investors and customers from FTX to pay for property, political donations and plug losses at his hedge fund, Alameda Research.He has denied the allegations and was recently returned to jail to await trial.Mr Salame started working at Alameda in 2019 and became co-chief of FTX's Bahamas unit and a major political donor.He is the fourth top executive from Mr Bankman-Fried's companies to plead guilty to charges, after former Alameda chief executive officer Caroline Ellison, former FTX technology chief Gary Wang and former FTX engineering chief Nishad Singh.Mr Salame on Thursday admitted to using money from Alameda and using false names to illegally make millions of dollars of donations, exceeding legal limits. Prosecutors also said he was involved in using Alameda accounts to process FTX customer funds, misrepresenting the activity to the bank involved, which had asked for more due diligence and proper registration when asked to work directly with FTX.”Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law,” said prosecutor Damian Williams, US attorney for the southern district of New York. Though Mr Salame has agreed to surrender $1.5bn, authorities said they would accept $6m, two properties in Massachusetts and a 2021 Porsche as part of the plea deal, according to Reuters.Related TopicsCryptocurrencyMore on this story'King of Crypto' living on bread and water – lawyerPublished23 AugustTop StoriesUS explorer freed from one of Turkey's deepest cavesPublished20 minutes agoLive. Kim enters Russia for suspected arms talks with PutinThousands feared dead in Libyan floodsPublished1 hour agoloadingFeatures'We need help from whomever will give it'Three minutes to the centre of the Earth. VideoThree minutes to the centre of the EarthWhat is Ethiopia's giant dam on the Nile?Robots are trained to help revive coral reefsQueen of African horror: I am terrified of ghosts'Everyone in this village is either dead or missing'A scientist determined to name Srebrenica’s deadUS denies Cold War with China in historic Vietnam visitHow chronic pain feels for me. VideoHow chronic pain feels for meElsewhere on the BBCFlorida's first hurricane-proof townThe greatest spy novel ever written?Why is everyone crazy about Aperol?Most Read1Female surgeons sexually assaulted while operating2US explorer freed from one of Turkey's deepest caves3Can new iPhone 15 thunder without lightning?4Plane problems strand Trudeau in India5Trump asks judge in elections case to step aside6Kim Jong Un enters Russia to visit Putin7Thousands feared dead in Libyan floods8Escaped US killer shaves beard as search widens9Children back with Sara grandfather after police raid10Spotify denies 30-second trick could make you richBBC News ServicesOn your mobileOn smart speakersGet news alertsContact BBC NewsHomeNewsSportReelWorklifeTravelFutureCultureMusicTVWeatherSoundsTerms of UseAbout the BBCPrivacy PolicyCookiesAccessibility HelpParental GuidanceContact the BBCGet Personalised NewslettersWhy you can trust the BBCAdvertise with us© 2023 BBC. The BBC is not responsible for the content of external sites. Read about our approach to external linking.