Days before FTX’s bankruptcy filing last month, co-CEO Ryan Salame disclosed to Bahamian authorities “possible mishandling of clients’ assets” by Sam Bankman-Fried, according to filings.
Days before FTX’s bankruptcy filing last month, co-CEO Ryan Salame told Bahamian authorities that founder Sam Bankman-Fried may have committed fraud by sending customer money from the crypto exchange to his other firm, Alameda Research.
According to a filing on Wednesday tied to FTX’s bankruptcy proceedings, Salame disclosed “possible mishandling of clients’ assets” by Bankman-Fried. The letter included in the filing was dated Nov. 9, and was sent from the Securities Commission of the Bahamas to the commissioner of police. FTXThe disclosure on Wednesday marks the first public acknowledgment of an insider turning on Bankman-Fried, who was arrested in the Bahamas on Monday after the U.S.
Salame told regulators that only three individuals at FTX — Bankman-Fried, Nishad Singh and Gary Wang — had the kind of access and authority to engineer the possibly fraudulent transfers to Alameda, a hedge fund and trading firm. Commissioners understood Salame have said the fund movements and commingling allegedly authorized by Bankman-Fried were contrary to “normal corporate governance” practices.”says he’s based in the Bahamas. He also has multiple residences in the U.S.
Like Bankman-Fried, Salame was a significant political donor, donating $20 million to Republican causes.
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