Sam Bankman-Fried Charged with Conspiracy to Make Unlawful Political Donations and Defraud the Federal Election Commission

ByEvans Karanja

Updated: 23 February 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

FTX co-founder, Sam Bankman-Fried (SBF), has now been charged with four additional criminal conspiracies in a superseding indictment. Among the new charges is a conspiracy to make illegal political donations and defraud the Federal Election Commission.

What: Sam Bankman-Fried has been charged with a conspiracy to make illegal political donations and defraud the Federal Election Commission.
Why: According to an indictment filed in a New York Federal court, Fried violated federal campaign finance laws by donating more than $25,000 limit to political campaigns.
What Next: Fried faces 12 charges and is set to face trial this October.

According to a new indictment unsealed in a New York federal court today, Fried donated more than $25,000 annually to candidates from 2020 to November 2022. The amount is more than the limit. It is also illegal for donors to make more donations under different names. Fried allegedly agreed to make corporate donations to candidates and committees in the Southern District of New York that were reported under a different individual’s name.

The document also details how Fried donated to a pro-LGBTQ political action committee (PAC) using the names of two executives. Former FTX executive Nishad Singh donated $1.1 million to the LGBTQ Victory Fund Federal PAC. The PAC is an independent policing body responsible for enforcing federal campaign finance law in the U.S. Additionally, internal documents from Alameda, a company owned by Fried, showed that the company made over $100 million in political contributions. However, FEC records show that Alameda did not make any political contributions to candidates or PACs for the 2022 midterm elections.

Smog (SMOG) - Meme Coin With Rewards

Rating