Court documents indicate that FTX boss Ryan Salame turned in Sam Bankman-Fried two days before the bankruptcy filing

According to court documents associated with FTX’s bankruptcy proceedings, on November 9 – two days before the company filed for Chapter 11 bankruptcy protection – FTX co-CEO Ryan Salame told Bahamian authorities that Sam Bankman-Fried (SBF) had sent client funds to Alameda Research. A letter written by Salame and sent to the Bahamas Commissioner of Police detailed the “possible mismanagement of client assets” by SBF.

Court documents indicate that FTX co-CEO Ryan Salame allegedly turned Bankman-Fried in.

A written account from FTX co-CEO Ryan Salame indicates that the former FTX executive may have disclosed Sam Bankman-Fried’s (SBF) alleged fraudulent actions two days before the crypto-currency company filed for bankruptcy protection.

Ryan Salame contacted law enforcement officials in the Bahamas and explained that SBF had sent illicit transfers to Alameda. The letter is dated November 9 and explains that customer funds were used to repay the “financial losses” of Alameda.

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Court documents detail that Ryan Salame’s letter was first sent to the Bahamas Securities Commission and then distributed to the Bahamas Commissioner of Police. The letter was reportedly received by the executive director of the Bahamas Securities Commission, Christina Rolle.

Ryan Salame reportedly explained that FTX’s top executives – SBF, Gary Wang, and Nishad Singh, were the only three people who had full access to transfer these funds to Alameda.

In addition, court documents show that FTX’s lawyers accused the Bahamian government of ordering SBF and Gary Wang to mint millions of chips. There are also accusations that Bahamian residents were given special treatment during the FTX collapse.

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There is a “allegation of $100 million in crypto-currency withdrawals that took place between November 10, 2022 and November 11, 2022, from 1,500 people.“It is assumed that the ostensible funds used for these withdrawals came from FTX Digital customers.

Ryan Salame also maintained relationships with Bahamian government officials, as he once traveled to Ohio for 80 Acres Farms with Bahamian Prime Minister Philip Davis and other representatives of the island nation.

In addition, Ryan Salame reportedly gave $22 million to Republican politicians for the 2022 midterm election cycle, according to data from opensecrets.org.

Regarding a special relationship between SBF and the Bahamian government, island officials say the allegations are “totally false.“Bahamian authorities claim that the government has only discussed the “insolvency proceedings in the Bahamas” with SBF prior to the filing of Chapter 11.

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