The FTX founder orchestrated one of the largest ever campaign-finance frauds in an attempt to buy favorable political treatment, prosecutors will argue.
Sam Bankman-Fried orchestrated a massive campaign-finance fraud in an attempt to buy favorable treatment in Washington for his once-booming crypto empire, prosecutors will argue in a Manhattan courtroom this week.Under the scheme, Bankman-Fried allegedly doled out more than $100 million in funds stolen from FTX customers and then illegally routed tens of millions through two of his top lieutenants.
“That was a confession to breaking campaign law, criminally,” McPhail said, pointing to the federal prohibition on political donors evading disclosure rules by convincing others to contribute and then reimbursing them.Yet Bankman-Fried is not facing a separate charge for his campaign finance activity.
“I understood that the donations were in part for the benefit of Sam Bankman-Fried and FTX and their ability to be politically influential,” he said in a February court appearance. While he was unfamiliar with campaign finance law, he knew his conduct was wrong, he added.For his part, Salame, who doled out more than $23 million to Republicans and right-leaning groups, is not cooperating with the government.
In more typical cases, recipients of tainted political money often donate an equivalent amount to charity. Many FTX beneficiaries did just that in the weeks after the company’s collapse. But FTX’s new leadership in February wrote to those who received contributions and requested they return the funds to help pay back customers and creditors.Barbara Fried, Bankman-Fried’s mother, now finds herself ensnared in the matter, too.
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