Business

Fourth Top FTX Executive to Plead Guilty Ahead of Sam Bankman-Fried Trial

Ryan Salame, a former high-ranking executive at the cryptocurrency exchange FTX, is set to plead guilty to criminal charges linked to the sweeping fraud case against Sam Bankman-Fried, FTX’s founder, a person with knowledge of the matter said.

A federal court hearing has been scheduled for Thursday afternoon, in which Mr. Salame is expected to enter his guilty plea, according to the person and a notice sent out by federal prosecutors. Mr. Salame has been under investigation for campaign finance violations, but it was not immediately clear what charges he faced.

Mr. Salame, who ran FTX’s subsidiary in the Bahamas and was a prolific donor to Republican politicians, is set to become the fourth executive in Mr. Bankman-Fried’s circle of close advisers to admit to criminal conduct since FTX collapsed in November.

The move raises the legal pressure on Mr. Bankman-Fried, 31, who has been charged with fraud over the collapse of FTX and is set to stand trial beginning Oct. 3. He has pleaded not guilty. After FTX imploded and Mr. Bankman-Fried was criminally charged, three of his closest colleagues — Nishad Singh, Caroline Ellison and Gary Wang — pleaded guilty to fraud charges and agreed to cooperate against him.

Mr. Salame’s plea agreement was earlier reported by Bloomberg.

A spokesman for Mr. Salame and a spokesman for the U.S. attorney’s office in the Southern District of New York, which is overseeing the FTX case, did not immediately respond to requests for comment.

This is a developing news story. Stay tuned for updates.

Benjamin Weiser contributed reporting.

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