Former FTX co-CEO Ryan Salame disclosed 'possible mishandling of clients' assets' by Sam Bankman-Fried to Bahamian regulators just before FTX bankruptcy filing.
The disclosure on Wednesday marks the first public acknowledgement of an insider turning on Bankman-Fried, who was arrested in the Bahamas on Monday after the U.S. Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government. The indictment,on Tuesday, charged Bankman-Fried with eight criminal counts related to fraud, money laundering and improper use of customer funds.
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. Salame said he advised Bankman-Fried and Alameda executives that the possible mishandling of customer funds, which were commingled with Alameda, was contrary to "normal corporate governance."says he's based in the Bahamas.
Like Bankman-Fried, Salame was a significant political donor, donating $20 million to Republican causes.
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