FTX ex-CEO charged with fund misappropriation
According to a new filing from the southern district of New York attorney’s office, Bankman-Fried used the FTX customer funds he misappropriated, and was used in the unlawful political influence campaign, which involved flooding the political system with tens of millions of dollars in illegal contributions to both Democrats and Republicans.
WASHINGTON: Sam Bankman-Fried (SBF), former CEO of collapsed crypto exchange FTX, has now been charged with four additional counts of fraud, including unlawful political contributions leading up to the 2022 mid-term elections.
According to a new filing from the southern district of New York attorney’s office, Bankman-Fried used the FTX customer funds he misappropriated, and was used in the unlawful political influence campaign, which involved flooding the political system with tens of millions of dollars in illegal contributions to both Democrats and Republicans.
He now faces allegations that he led a fraud designed to hide from FTX investors the fact that their funds were being redirected to SBF’s Alameda crypto hedge fund.
“As he used Alameda to siphon off FTX’s customer funds and deploy them for political causes, SBF became one of the largest publicly reported political donors for the 2022 midterm elections,” according to the new filings.
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