{"id":547307,"date":"2023-08-15T10:50:16","date_gmt":"2023-08-15T10:50:16","guid":{"rendered":"https:\/\/wncen.com\/?p=547307"},"modified":"2023-08-15T08:55:07","modified_gmt":"2023-08-15T08:55:07","slug":"sam-bankman-fried-100m-political-favors","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ftx-ftt-bankman\/sam-bankman-fried-100m-political-favors\/","title":{"rendered":"US Prosecutors Accuse FTX\u2019s Sam Bankman-Fried Of Using $100M To Curry Political Favors"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The drama surrounding FTX and founder Sam Bankman-Fried (SBF) continues to unfold almost a year after the crypto exchange collapsed. This time around, prosecutors are coming after the former CEO for allegedly using customer funds to buy the favor of politicians.<\/span><\/p>\n<h2>SBF Used Customer Funds For Campaign Contributions<\/h2>\n<p><span style=\"font-weight: 400\">The latest <\/span><a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.590940\/gov.uscourts.nysd.590940.202.0.pdf\" rel=\"nofollow\"><span style=\"font-weight: 400\">indictment<\/span><\/a><span style=\"font-weight: 400\"> filed by the United States Department of Justice (DOJ) details how Bankman-Fried embezzled customer deposits and used these stolen funds towards various ventures, including funding the political campaigns of several politicians in the Democratic and Republican parties.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/altcoin\/bald-deployer-moves-proceeds\/\">BALD Deployer Moves Proceeds Of The Rug From Base To Ethereum<\/a><\/div>\n<p><span style=\"font-weight: 400\">According to the filing, SBF did this to lobby for crypto regulations that could favor him and his company. His plan was to get Congress and regulators to make laws and regulations that make it easier for FTX to accept customers\u2019 deposits, consequently allowing his embezzlement to continue without getting noticed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">SBF also apparently broke several campaign finance rules to maximize his influence on politicians by using straw donors as some of these political contributions were allegedly made in the names of FTX executives. The founder also made to conceal the fact that the source of these donations was customer funds, as he directed that the customer deposits be paid into the executives\u2019 bank accounts, who then made the donations in their names.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">SBF had been publicly known to make <\/span><a href=\"https:\/\/wncen.com\/breaking-news-ticker\/ftxs-sbf-hit-with-fresh-batch-of-bank-fraud-charges\/\"><span style=\"font-weight: 400\">contributions<\/span><\/a><span style=\"font-weight: 400\"> to the Democratic party while secretly funneling funds to the GOP. He previously <\/span><a href=\"https:\/\/bitcoinist.com\/ftx-sbf-bernie-madoff-of-crypto-democrats-ukraine\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">admitted<\/span><\/a><span style=\"font-weight: 400\"> that he made \u201csignificant\u201d donations to both parties before the midterm elections last year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time, the funds he reportedly <\/span><a href=\"https:\/\/bitcoinist.com\/ftx-to-politicos-return-donations\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">donated<\/span><\/a><span style=\"font-weight: 400\"> totaled over $40 million, making him the seventh-highest political donor between 2021 and 2022. However, the latest indictment filing reveals that he could have well been the second-highest political donor with over $100 million in political contributions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While SBF made these donations and portrayed himself as the \u201csavior of the cryptocurrency industry\u201d (in reference to SBF bailing out crypto firms that were struggling financially), there were gaps in FTX\u2019s finances resulting from his alleged misappropriation.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/QIGWmXVe\/\" alt=\"FTX FTT Token price chart from Tradingview.com (Sam Bankman-Fried)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">FTT Token struggles as SBF case intensifies | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">FTTBUSD on Tradingview.com<\/a><\/pre>\n<h2>Sam Bankman-Fried Faces Seven Counts Of Fraud<\/h2>\n<p><span style=\"font-weight: 400\">Despite this latest revelation, prosecutors will no longer be charging SBF with violation of campaign finance rules. This decision was made to protect the US government&#8217;s extradition agreement with the Bahamas as the latter \u201cdid not intend to extradite the defendant on the campaign contributions count.\u201d<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/former-sec-lawyer-spot-bitcoin-etf\/\">Here\u2019s Why This Former SEC Lawyer Thinks A Spot Bitcoin ETF Isn\u2019t Coming<\/a><\/div>\n<p><span style=\"font-weight: 400\">According to the latest indictment filing, SBF now faces seven counts of financial fraud. These charges cut across his misappropriation of funds that belonged to FTX customers and Alameda Research Creditors. He is also charged with money laundering.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Last week, a US Judge <\/span><a href=\"https:\/\/bitcoinist.com\/ftx-founder-faces-brooklyns-notorious-hellhole\/#:~:text=In%20a%20U.S.%20District%20Judge,Metropolitan%20Detention%20Center%20(MDC).\" rel=\"nofollow\"><span style=\"font-weight: 400\">ruled<\/span><\/a><span style=\"font-weight: 400\"> that SBF be remanded in the infamous Brooklyn Metropolitan Detention Center (MDC), known for its unfavorable living conditions. This ruling came after SBF was found to have tampered with evidence, and he is expected to remain in custody until his trial set for October 2.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Sky News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The drama surrounding FTX and founder Sam Bankman-Fried (SBF) continues to unfold almost a year after the crypto exchange collapsed. This time around, prosecutors are coming after the former CEO for allegedly using customer funds to buy the favor of politicians. SBF Used Customer Funds For Campaign Contributions The latest indictment filed by the United States Department of Justice (DOJ) details how Bankman-Fried embezzled customer deposits and used these stolen funds towards various ventures, including funding the political campaigns of several politicians in the Democratic and Republican parties.\u00a0 Related Reading: BALD Deployer Moves Proceeds Of The Rug From Base To Ethereum According to the filing, SBF did this to lobby for crypto regulations that could favor him and his company. His plan was to get Congress and regulators to make laws and regulations that make it easier for FTX to accept customers\u2019 deposits, consequently allowing his embezzlement to continue without getting noticed.\u00a0 SBF also apparently broke several campaign finance rules to maximize his influence on politicians by using straw donors as some of these political contributions were allegedly made in the names of FTX executives. The founder also made to conceal the fact that the source of these donations was customer funds, as he directed that the customer deposits be paid into the executives\u2019 bank accounts, who then made the donations in their names.\u00a0 SBF had been publicly known to make contributions to the Democratic party while secretly funneling funds to the GOP. He previously admitted that he made \u201csignificant\u201d donations to both parties before the midterm elections last year.\u00a0 At the time, the funds he reportedly donated totaled over $40 million, making him the seventh-highest political donor between 2021 and 2022. However, the latest indictment filing reveals that he could have well been the second-highest political donor with over $100 million in political contributions.\u00a0 While SBF made these donations and portrayed himself as the \u201csavior of the cryptocurrency industry\u201d (in reference to SBF bailing out crypto firms that were struggling financially), there were gaps in FTX\u2019s finances resulting from his alleged misappropriation.\u00a0 FTT Token struggles as SBF case intensifies | Source: FTTBUSD on Tradingview.com Sam Bankman-Fried Faces Seven Counts Of Fraud Despite this latest revelation, prosecutors will no longer be charging SBF with violation of campaign finance rules. This decision was made to protect the US government&#8217;s extradition agreement with the Bahamas as the latter \u201cdid not intend to extradite the defendant on the campaign contributions count.\u201d Related Reading: Here\u2019s Why This Former SEC Lawyer Thinks A Spot Bitcoin ETF Isn\u2019t Coming According to the latest indictment filing, SBF now faces seven counts of financial fraud. These charges cut across his misappropriation of funds that belonged to FTX customers and Alameda Research Creditors. He is also charged with money laundering.\u00a0 Last week, a US Judge ruled that SBF be remanded in the infamous Brooklyn Metropolitan Detention Center (MDC), known for its unfavorable living conditions. This ruling came after SBF was found to have tampered with evidence, and he is expected to remain in custody until his trial set for October 2.\u00a0 Featured image from Sky News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":547308,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[87361],"tags":[71704,89123,84460,83748,87382],"class_list":["post-547307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ftx-ftt-bankman","tag-ftx","tag-ftx-bankruptcy","tag-ftx-exchange","tag-sam-bankman-fried","tag-sbf"],"acf":[],"yoast_head":"\n<title>US Prosecutors Accuse FTX\u2019s Sam Bankman-Fried Of Using $100M To Curry Political Favors<\/title>\n<meta name=\"description\" content=\"US Prosecutors are coming after Sam Bankman-Fried for allegedly using customer 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