Ex FTX exec Salame will no longer testify in alleged campaign donation lawsuitRyan Salame, a former executive at FTX, is said to have plans to evade giving testimony regarding his involvement in the purported unlawful campaign contribution scheme tied to FTX. In the event of being issued a subpoena for Sam Bankman-Fried’s criminal trial, Salame, who was once a co-CEO at FTX, intends to refrain from providing his testimony. Legal representatives advocating for Salame conveyed his unavailability as a potential witness in the case, per a motion submitted by federal prosecutors in the United States.
Salame chooses to exercise his Fifth Amendment right in FTX case
Salame’s legal representative has conveyed that if he is issued a subpoena, Salame will choose to exercise his Fifth Amendment right, safeguarding himself from potential self-incrimination. The motion from the prosecutor’s office indicates that Salame would be categorized as “unavailable as a witness.”
Salame, who formerly held the position of co-CEO at FTX Digital Markets and was closely associated with Sam Bankman-Fried, has been documented as having made donations exceeding $24 million to Republican campaigns, per Open Secrets.
Recent reports suggest that the former FTX executive might be confronted with allegations of potential violations in campaign financing. He profited considerably from loans and payments disbursed to several key executives of FTX through Alameda Research, a trading entity associated with now-bankrupt companies. The U.S. Federal Bureau of Investigation searched Salame’s residence in April, though the exact focus of this investigation remains undisclosed.
As indicated in the government’s submission, in November 2021, Salame communicated that Bankman-Fried intended to contribute to both Democratic and Republican candidates in the United States. He further conveyed that donations across party lines would identify supporters and opponents of cryptocurrency within each party.
Salame’s message hinted at the likelihood of Bankman-Fried channeling funds through him to distinguish crypto-friendly Democrats from those less inclined and pro-crypto Republicans from those who were not. Prosecutors outlined their intention to present additional evidence at the trial, which includes notes and records taken during discussions about Alameda Research’s financial obligations to FTX. Among these records, a list titled “Things Sam is Freaking out About” contained annotations about the hedge fund’s trading activities and unfavorable media coverage surrounding the association between FTX and Alameda.
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