Sam Bankman-Fried charged with fraudulent campaign donations exceeding $100M


Prosecutors filed a superseding indictment against ex-FTX CEO Sam Bankman-Fried that reasserts charges of campaign finance violations.

Cover art/illustration via CryptoSlate

Sam Bankman-Fried, the founder and former CEO of FTX, is now facing charges of illegal campaign financing activity, per superseding indictment filed Aug. 14.

The prosecutor’s filing alleges that Bankman-Fried contributed more than $100 million to Democratic and Republican campaigns with the intention of influencing cryptocurrency regulation. Those funds were supposedly drawn from customer deposits.

How To Get Free Crypto  

The filing further alleges that Bankman-Fried made donations in the names of other executives, including Nishad Singh, FTX’s former Director of Engineering. This approach allegedly intended to conceal that those donations came from customer deposits held at Alameda Research. Bankman-Fried supposedly had funds wired to executives’ bank accounts before those individuals made donations in their names.

Prosecutors allege that Bankman-Fried was able to “maximize FTX’s political influence” through these donations. He allegedly lobbied regulators and Congress to support pro-crypto legislation for FTX’s own benefit. Furthermore, despite its wrongdoing, he allegedly used those political connections to improve FTX’s public image.

Superseding indictment modifies charges

The relevant facts were included in a superseding indictment, which modifies previous charges. Events in July suggested prosecutors would temporarily withdraw charges around Bankman-Fried’s campaign financing activities because those charges were not part of an earlier extradition agreement with the Bahamas.

Later, on Aug. 8, prosecutors announced plans to reintroduce those campaign financing charges in the current superseding indictment.

Though the latest filing mentions campaign financing violations, it does not include those violations in its counts against the accused. The relevant charges were previously listed as “Conspiracy to Defraud the United States and Violate the Campaign Finance Laws.”

Coinbase Banner  

Prosecutors filed other superseding indictments against Bankman-Fried in March and February 2023 after the first indictment was unsealed in December 2022.

Bankman-Fried’s trial is set to take place in October. His bail was revoked on Aug. 11, and he is currently being held in Brooklyn’s Metropolitan Detention Center.

Posted In: Crime, Legal

SBF agrees to gag order after New York Times article raises tampering concerns

Exchanges 3 weeks ago 2 min read

DOJ accuses SBF of leaking Caroline Ellison’s private diary to taint trial; FTX sues former executives for $1B

Bankruptcy 4 weeks ago 2 min read

Go to Source
Author: Mike Dalton

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.