by William Upton, The National Pulse:
Executives at the bankrupt crypto-exchange and hedge fund FTX used employees as straw donors to funnel stolen customer money to Democrat political campaigns in 2022. The revelations come from testimony from Nishad Singh, the company’s director of engineering, at the trial of FTX founder Sam Bankman-Fried on Monday.
According to Singh, he acted as a straw donor under the direction of Ryan Salame, another FTX executive. Salame would access Singh’s bank account and direct funds to be sent to a political candidate. Singh would then approve the transaction after Salame notified him through an encrypted messaging app.
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“My role was to click a button,” he told the court.
Singh, FTX’s second biggest political donor, handled contributions to Democrats, contributing $418,500 to left-wing candidates and committees – including a $36,500 contribution to the Democratic Senatorial Campaign Committee. Since 2020, Singh has contributed just under $10 million – mostly to Democrats.
Singh’s donations to Democrat candidates, however, weren’t coming out of his own pocket. “It was useful for my name to be associated with some donations, even if the end recipient understood they were really coming from something else,” Singh testified. Instead, Singh’s bank account received regular deposits from Alameda Research – FTX’s ‘in house’ trading firm. The money Alameda deposited came directly from customer accounts with FTX.
FTX executive Ryan Salame has already pled guilty for his roll in the campaign finance scheme.
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