Bankman-Fried used customer funds for ‘$100 million in US political donations’

Reuters | | Posted by Nisha Anand

Sam Bankman-Fried used stolen buyer funds to make greater than $100 million in marketing campaign contributions forward of the 2022 U.S. midterm elections, federal prosecutors mentioned on Monday in a brand new indictment filed in opposition to the founding father of the FTX cryptocurrency change.

Indicted FTX founder Sam Bankman-Fried exits United States Court in New York City, New York, U.S.(REUTERS)
Indicted FTX founder Sam Bankman-Fried exits United States Court docket in New York Metropolis, New York, U.S.(REUTERS)

The brand new indictment expenses the 31-year-old former billionaire with seven counts of conspiracy and fraud over the collapse of the change. He has beforehand pleaded not responsible.

Mark Botnick, a spokesman for Bankman-Fried, declined to remark.

Bankman-Fried rode a growth in cryptocurrency values to compile a internet price estimated at $26 billion, and have become an influential donor to largely Democratic candidates and causes.

The U.S. Legal professional’s workplace in Manhattan had initially charged him with violating U.S. marketing campaign finance legal guidelines, however dropped that cost in late July after the Bahamas mentioned it had by no means meant to extradite Bankman-Fried to america on that cost. FTX was primarily based within the Bahamas and he was arrested there in December 2022.

In a letter final week to U.S. District Decide Lewis Kaplan in Manhattan, prosecutors indicated they might quickly file a brand new indictment that “will make clear that Mr. Bankman-Fried remains charged with conducting an illegal campaign finance scheme as part of the fraud and money laundering schemes originally charged.”

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