Sam Bankman-Fried, who pleaded not guilty to the 8 counts of which he was the target following the bankruptcy of FTX, today faces 4 new charges. He is notably accused of having exceeded the laws on political donations by having used the money of FTX customers through companies reserved for this purpose, with the ultimate goal of favoring the exchange from a regulatory point of view.
Sam Bankman facing new charges
Sam Bankman-Friedthe former CEO and founder of bankrupt exchange FTX, finds himself faced with 4 new charges in addition to the previous 8 having been launched against him last year. The person concerned had pleaded not guilty, whereas the evidence against him continues to mount over time.
The charges recently brought against him are diverse, but mainly concern fraudulent use of FTX client funds for illegal purposes. In particular, his political donations are questioned, a question that has occupied the ground for some time in the FTX file:
“Exploiting the trust that FTX customers have placed in him and his exchange, Sam Bankman-Fried stole FTX customer deposits and used billions of dollars in stolen funds for a variety of purposes, including supporting operations and FTX and Alameda investments, to fund risky speculative investments, to make charitable contributions, to enrich themselves and to try to gain influence over the regulation of cryptocurrencies in Washington DC, directing tens of millions dollars of illegal campaign contributions to Democrats and Republicans. »
The 39-page document, filed with the Manhattan court today, mentions in particular the multiple illegal procedures to which Sam Bankman-Fried would have resorted, in particular concealed transfers of client funds to Alameda Researchor in order to meet personal expenses.
Regarding political donations, SBF would have succeeded in exceeding the regulated donation limits by making these indirectly via companies with vague or even non-existent activities. According to the court document, the ex-CEO of FTX neither wanted to be seen as a leftist nor a rightist, and these donations would thus have had the main objective of favoring FTX and its subsidiaries.
👉 Read also – FTX warns investors about the tokens supposed to represent the debt of the platform
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Source: Bloomberg
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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