Marc Elias, a prominent lawyer, represents a PAC that is covertly funded by SBF.
Disgraced Crypto Kingpin and His Mother Accused of Illegal Campaign Contributions
First it was Hillary Clinton, Andrew Gillum, and the Black Lives Matter Foundation. Now add disgraced crypto kingpin Sam Bankman-Fried to Democratic superlawyer Marc Elias’s list of controversial clients.
Mind the Gap, a political action committee founded by Bankman-Fried’s mother, has paid Elias Law Group nearly $30,000 since February 2022, according to campaign finance disclosures. A lawsuit filed this week alleges that Bankman-Fried and his mother, Stanford Law professor Barbara Fried, conspired to make illegal campaign contributions to Mind the Gap.
Bankman-Fried’s former company, FTX, revealed the scheme in a lawsuit against Fried, in which the law professor is accused of aiding and abetting her son’s fraud against the cryptocurrency exchange.
It’s the latest in a string of controversial clients for Elias, who as an attorney for failed Democratic presidential candidate Hillary Clinton commissioned an infamous dossier that falsely accused the Trump campaign of colluding with Russia to influence the 2016 election. Elias’s firm has represented the Black Lives Matter Global Network Foundation, a left-wing group accused of misappropriating millions of dollars in donations. Elias also represented former Florida gubernatorial candidate Andrew Gillum (D.) in a 21-count federal fraud case.
It is unclear what services Elias Law Group provided Mind the Gap, which Fried launched in 2018 to support Democratic campaigns. The law firm provides an array of campaign services to its clients, including campaign finance issues, ballot recount initiatives, and election-related legal challenges.
Elias Law Group has represented Mind the Group amid Bankman-Fried’s high-profile fraud case. Bankman-Fried was indicted in December on federal charges for defrauding FTX customers out of billions of dollars. Prosecutors alleged that Bankman-Fried stole billions of dollars from FTX customers to fund his lavish lifestyle and make political donations to boost his personal profile and that of his company. Bankman-Fried gave $40 million to Democratic campaigns, including $5 million to a political action committee that supported Joe Biden in 2020. He visited the White House at least four times last year, the Washington Free Beacon reported.
Fried, who resigned from Mind the Gap after FTX declared bankruptcy in November, has not been charged in connection with her son’s activities. But FTX accused her in the lawsuit of orchestrating a potentially illegal scheme to funnel political contributions from her son to Mind the Gap. In April 2021, Fried advised Bankman-Fried and his FTX colleague, Nishad Singh, to make a $1 million contribution in Singh’s name to Mind the Gap, according to emails cited in the lawsuit.
Fried said she wanted to conceal her son’s involvement because “we don’t want to create the impression that funding [Meet the Gap] is a family affair, as opposed to a collective effort by many people.”
Bankman-Fried and Singh both agreed to the proposal, and a donation in Singh’s name was made to Mind the Gap on April 13, 2021. Singh has pleaded guilty to fraud and campaign finance violations.
Elias Law Group did not respond to a request for comment.
What are the potential consequences if the allegations against Bankman-Fried and Fried are proven to be true
Aud case involving corruption and bribery allegations.
The lawsuit against Bankman-Fried and Fried alleges that they used Mind the Gap, a PAC that supports progressive candidates, as a vehicle to funnel illegal campaign contributions. The lawsuit claims that Bankman-Fried and Fried conspired to disguise the true source of the funds by making donations in other individuals’ names. It further alleges that the duo used their positions of power, influence, and expertise to orchestrate this illegal scheme.
The accusations against Bankman-Fried and Fried are particularly damaging given Bankman-Fried’s status as a prominent figure in the cryptocurrency industry. As the founder and former CEO of FTX, one of the largest cryptocurrency exchanges, Bankman-Fried had been hailed as a trailblazer in the field. However, this latest scandal threatens to tarnish his reputation and cast a shadow on the legitimacy of the cryptocurrency industry as a whole.
While the allegations against Bankman-Fried and Fried are serious, it is important to note that they have not been proven in a court of law. Both individuals have denied any wrongdoing and vowed to fight the lawsuit. It will be up to the legal system to determine the truth behind these allegations.
For Marc Elias, the accusations against his clients add to a growing list of controversial cases. As the attorney for Hillary Clinton’s failed presidential campaign, Elias faced backlash for his involvement in the creation of the infamous dossier that falsely implicated the Trump campaign in collusion with Russia. His representation of the Black Lives Matter Global Network Foundation, which has faced accusations of financial mismanagement, further raised eyebrows.
Elias’s involvement with Andrew Gillum, who faced federal corruption charges, also drew criticism. Critics argue that his willingness to represent clients involved in such high-profile scandals raises questions about his ethics and judgment as a lawyer.
As the legal battle unfolds, it is crucial for the truth to be uncovered and justice to be served. The allegations against Bankman-Fried and Fried, if proven true, would not only expose unethical behavior but also undermine the integrity of the political system. It is imperative for the legal system to thoroughly investigate the claims and hold all parties accountable.
Furthermore, this scandal sheds light on the need for stricter regulations and transparency in campaign finance. The ability for individuals to funnel illicit funds into political campaigns undermines the principles of democracy and calls into question the legitimacy of the electoral process. It is essential for policymakers to address these issues and ensure that campaign finance laws are robust enough to prevent such abuses.
In conclusion, the recent allegations against Sam Bankman-Fried and his mother, Barbara Fried, regarding illegal campaign contributions are a blow to their reputations and potentially to the cryptocurrency industry. The lawsuit raises serious concerns about the integrity of the political system and highlights the need for stronger regulations in campaign finance. As the legal battle unfolds, the truth behind these allegations must be uncovered, and those responsible must be held accountable.
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