Balanced News: Former FTX exec Salame to forfeit $1.5 billion, pleads guilty to two criminal counts

Former FTX executive Ryan Salame has pleaded guilty to campaign finance and money-transmitting crimes and has agreed to forfeit over $1.5 billion. Salame admitted to funneling tens of millions of dollars of political contributions in his own name, which actually came from Alameda Research, a hedge fund associated with FTX. The contributions were made under the direction of former FTX CEO Sam Bankman-Fried. Salame faces a maximum sentence of 10 years in prison, and his sentencing is scheduled for March 6. Bankman-Fried is set to go on trial in October on wire fraud and securities fraud charges related to alleged customer fund looting.