SBF allegedly funneled $100M+ for political influence.
Disgraced FTX Founder Accused of Using Stolen Funds for Political Influence
In a shocking court filing on Monday, federal prosecutors accused Sam Bankman-Fried, the disgraced founder of FTX, of conducting a massive political influence operation using over a hundred million dollars of stolen funds.
FTX, a digital asset exchange, recently collapsed and filed for bankruptcy after it was revealed that the company was closely tied to sister firm Alameda Research, both controlled by Bankman-Fried and other young business leaders operating from a luxurious penthouse in the Bahamas.
“Exploiting the trust of FTX customers, BANKMAN-FRIED misappropriated and embezzled FTX customer deposits, and used billions of dollars in stolen funds for a variety of purposes, including, among other things, to enrich himself; to support the operations of FTX; to fund speculative venture investments; to help fund over a hundred million dollars in campaign contributions to Democrats and Republicans to seek to influence cryptocurrency regulation; and to pay for Alameda’s operating costs,”
Bankman-Fried, who donated nearly $40 million primarily to Democratic nominees and political action committees, was also the second-largest donor to the 2020 Biden presidential campaign and had multiple meetings with senior advisers at the White House before his companies filed for bankruptcy.
In addition to the political influence allegations, the Department of Justice accuses Bankman-Fried of conspiring to make false statements to investors and lenders. He now faces charges of wire fraud, securities fraud, commodities fraud, and money laundering.
While campaign finance charges were not pursued due to extradition complications, the superseding indictment reveals that Bankman-Fried used customer funds for personal expenses, real estate, speculative investments, and payments to lenders.
The court filing comes after Bankman-Fried was jailed for allegedly tampering with witnesses and leaking confidential information. His actions have jeopardized his upcoming trial.
Zach Jewell contributed to this report.
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