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FTX insider is turning on Sam Bankman-Fried much before bankruptcy, flagging potential to regulators

FTX insider is turning on Sam Bankman-Fried much before bankruptcy, flagging potential to regulators

December 16, 2022: -In the previous month, much before FTX’s bankruptcy filing, co-CEO Ryan Salame stated to Bahamian authorities that the owner Sam Bankman-Fried may have committed fraud to send customer money from the crypto transfer to his other company, Alameda Research.

According to a filing tied to FTX’s bankruptcy proceedings on Wednesday, Salame is disclosing “possible mishandling of clients’ assets” by Bankman-Fried. The letter in the filing was dated November 9 and sent from the Bahamas Securities Commission to the police commissioner. FTX declared bankruptcy on November 11.

On Wednesday, the disclosure marks the initial public acknowledgement of an insider turning on Bankman-Fried, arrested in the Bahamas following the U.S. Attorney for the Southern area of New York shared his sealing indictment with the Bahamian government.

The indictment, unsealed, charged Bankman-Fried with eight criminal counts connected to fraud, money launders and difficult use of customer funds.

Salame stated to regulators that three individuals at FTX Bankman-Fried, Nishad Singh and Gary Wang, had the access and authority to engineer the possibly fraudulent changes to Alameda, a hedge fund and trading firm. Commissioners understood Salame had said the fund movements and commingling allegedly authorized by Bankman-Fried were contrary to “normal corporate governance” practices.”

Salame’s LinkedIn profile said that he’s based in the Bahamas. He also has multiple people in the U.S., with houses in Massachusetts, Washington, D.C., and New Jersey. According to the letter, he had gone to the Bahamas for the U.S. by November 9.

Like Bankman-Fried, Salame was a huge political donor, which donates $20 million to Republican reasons.

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