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Sources Informed: Former FTX Executive Ryan Salame Negotiating Plea Deal With Federal Prosecutors

Bloomberg quoted sources as saying that former FTX CEO Ryan Salame is negotiating with federal prosecutors to admit to criminal charges against him after the FTX crash. The details of a potential plea agreement have not yet been finalized.

It is unclear whether he will sign a cooperation agreement with prosecutors and testify against FTX co-founder Sam Bankman-Fried (SBF). According to reports, Salame's former colleagues Gary Wang, Caroline Ellison, and Nishad Singh have already admitted to playing a role in the multi-billion dollar fraud case at FTX and will be key witnesses for the government's case against SBF. If Salame pleads guilty, he will become the fourth former FTX executive to do so.

In addition, the US Department of Justice still plans to bring charges of illegal campaign donations against SBF when he is tried in October. Prosecutors will submit an alternative indictment next week, with seven charges against SBF. The DOJ plans to include the charge of using customer funds for campaign donations in the wire fraud charge.

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