FTX Founder Bankman-Fried Allegedly Used Over $100 Million in Customer Funds Towards Political Donations
“He leveraged this influence, in turn, to lobby Congress and regulatory agencies to support legislation and regulation he believed would make it easier for FTX to continue to accept customer deposits and grow.”
The prosecutors at the U.S. District Court – Southern District of New York allege FTX cryptocurrency exchange founder Sam Bankman-Fried used $100 million in customer funds towards political donations.
The prosecutors write that Bankman-Fried spent millions “in campaign contributions to Democrats and Republicans to seek to influence cryptocurrency regulation.”
The new indictment against Bankman-Fried charges him with seven counts of conspiracy and fraud (Almeda Research is the cryptocurrency trading firm Bankman-Fried also founded):
As noted above, SAMUEL BANK.MAN-FRIED, a/k/a “SBF,” the defendant, also used misappropriated customer money to help fund over $100 million in political contributions in advance of the 2022 election. At BANKMAN-FRIED’s direction, and to conceal the source of the funds used for the contributions, some of the political contributions were made in the names of FTX executives, including Nishad Singh. To conceal the fact that the Alameda account containing FTX customer deposits was a source of the donations, BANK.MAN-FRIED directed that money from the Alameda account be wired to these executives’ personal bank accounts, and that these executives then make donations in their own names. By directing donations through Singh and another FTX executive, BANK.MAN-FRIED was able to evade restrictions on certain types of political contributions, and thereby maximize FTX’s political influence. He leveraged this influence, in turn, to lobby Congress and regulatory agencies to support legislation and regulation he believed would make it easier for FTX to continue to accept customer deposits and grow, which would, in turn, allow the misappropriation scheme to continue. BANK.MAN-FRIED also used these connections with politicians and government officials to falsely burnish the public image of FTX as a legitimate exchange.
The seven counts are:
Bankman-Fried mostly donated to Democrats and their causes.
Prosecutors had initially charged him with violating U.S. campaign finance laws but dropped that charge in late July after the Bahamas said it had never intended to extradite Bankman-Fried to the United States on that charge. FTX was based in the Bahamas, and he was arrested there last December.
Bankman-Fried “pleaded not guilty to charges of stealing billions in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund.”
The prosecutors originally dropped the charge of violating U.S. campaign finance laws when the Bahamas said it would not extradite Bankman-Fried on the charge.
Bankman-Fried was in the Bahamas at the time. He based FTX out of the country.
Superseding indictment of Sam Bankman-Fried says he directed more than $100 million in illegal campaign contributions to buy influence to "make it easier for FTX to continue to accept customer deposits and grow, which would…allow the misappropriation scheme to continue." pic.twitter.com/CYHECroynS
— Chuck Ross (@ChuckRossDC) August 14, 2023
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Comments
The Rich men North of Richmond have a chance to take the honorable course and voluntarily return all of the $100 million in stolen customer funds to the customers. Let’s see what happens but if I were betting on it…… the politicians ain’t all gonna voluntarily send the money back to the receiver now in charge of FTX so the bilked customers can be made partially whole.
The bankruptcy court should claw it back. They often claw back funds paid on legitimate debts this is totally illegitimate so shouldn’t be a problem.
Ya, but not one cent for hair products.
I wonder how much of that laundered money was tax money sent to Ukraine and “invested” in this crypto.
Most if it has made its way into the pockets of democrat politicians. Bankman should hang, but look to his parents: it’s hard to believe this jackass organized and executed this by himself. Follow the parents’ money.
Who are Sam Bankman-Fried’s parents?
https://nypost.com/2022/12/14/who-are-sam-bankman-frieds-parents-meet-joseph-and-barbara/
Why Samuel Bankman-Fried’s Parents May Have To Pay Treble Damages For Any Assets They Received From FTX:
https://www.forbes.com/sites/jayadkisson/2022/12/26/why-samuel-bankman-frieds-parents-may-have-to-pay-treble-damages-for-any-assets-they-received-from-ftx/?sh=7e3d9a39383a
His parents have a rather curious view of ethics
If anything Ukraine was a victim of SBF/FTX. FTX was used as an exchange for charity donations so who knows how much of those donations were stolen.
“Prosecutors had initially charged him with violating U.S. campaign finance laws but dropped that charge in late July after the Bahamas said it had never intended to extradite Bankman-Fried to the United States on that charge.” <<<
Sham. The last thing the Fed wants to do is uncover illegal cash flowing into political coffers. So, the Fed and Bahamian officials collude to foul the extradition request.
https://twitter.com/unusual_whales/status/1691184306742292481
The graph showing contributions.
As someone in the twitter comments said, “Every Red Bar Republican [in that list] is suspect.”
Huh? That makes no sense. Of course the Bahamas wouldn’t extradite him on a campaign finance charge. No country ever would. Nor would the USA extradite anyone to another country based on such charges.
Yahbut.
You have two charges against the guy.
One is eminently extraditable.
You extradite him on that charge.
You DON’T have to promise that once extradited, he will never be prosecuted on additional charges.
If you do that, it’s because you WANTED to do it, to have an EXCUSE.
He k owns too much…
On another note.. hmm, but I thought you couldn’t access the internet with voting machines ?
We are so screwed
https://www.thegatewaypundit.com/2023/08/report-nationwide-cellular-network-connects-election-equipment-gives/
There is probably no other “conservative” web site that publishes more bogus and deliberately false “news” than the Gateway Pundit. It is barely one step above Alex Jones and the Conservative Treehouse. Don’t believe a word of it.
Yeah. Conservative Treehouse. Gonzo cuts and pastes garbage from that site pretty often. It’s 4chan, showered, shaved and tidied up.
DEBKA files.
News of the World for conservatives.
Big statement. Refute the story or stop spreading false information yourself.
So you’re claiming Dominion’s CEO was Pelosi’s chief of staff?! And Feinstein’s husband was a major shareholder in Dominion?!
These are both outright deliberate lies propagated by the congenital liar Joe Hoft, who had such contempt for his worshipers such as you, that he actually linked to evidence that contradicted his claims.
Got a source that isn’t professional fake news?
What my learned friend the prosecutor meant to say was:
“Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months, placing him among the nation’s top political donors. He personally gave at least $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, making him the second overall top donor to Democrats, only behind George Soros, according to the Center for Responsive Politics.”
Unless anyone refuting Gateway Pundit and Conservative Treehouse can do so with specifics, realize you’re no less a useful idiot than useful idiots of the left we mock.
And just so everyone is aware Bankman-Fried had his bail revoked (does that mean Mommy & Daddy lose the $2.5 million they put up as collateral?) for attempted witness tampering. Guess having rich parents doesn’t save you from your own idiocy.
https://www.cnn.com/2023/08/11/business/sam-bankman-fried-bail-hearing/index.html