Sam Bankman-Fried faces new charges for allegedly using stolen funds to make $100-million donation
Sam Bankman-Fried used stolen customer funds to make more than $100-million in political campaign contributions ahead of the 2022 U.S. midterm elections, federal prosecutors said on Monday in a new indictment filed against the FTX cryptocurrency exchange’s founder.
He has previously pleaded not guilty to charges of stealing billions in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund.Bankman-Fried rode a boom in cryptocurrency values to amass a net worth estimated at $26-billion, and became an influential donor to mostly Democratic candidates and causes.
“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 indictment read.
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