SBF/FTX
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Sam Bankman-Fried still slapped with campaign finance charge
Federal prosecutors in New York on Tuesday signaled their intention to hold embattled crypto executive Sam Bankman-Fried accountable for alleged campaign finance violations despite dropping the charge last month on a technicality.
Bankman-Fried, the former founder and CEO of cryptocurrency FTX, was slapped with a host of charges last year focused on an alleged multi-billion dollar fraud against company investors, which could land him in prison for decades.
Among those allegations, the charges included campaign finance violations accusing Bankman-Fried of seeking influence in Washington and in state capitals by improperly using customer and investor money to make political donations.
The campaign finance charge was dropped after officials in the Bahamas, where Bankman-Fried was arrested, said they had not agreed to extradite him based on that count.
In a letter to the judge on Tuesday, however, prosecutors said they intend to file a superseding indictment next week that will seek to incorporate Bankman-Fried's alleged campaign finance scheme into seven other existing charges.
"The superseding indictment will make clear that Mr. Bankman-Fried remains charged with conducting an illegal campaign finance scheme as part of the fraud and money laundering schemes originally charged," the letter said.
"The defendant's use of customer deposits to conduct a political influence campaign was part of the wire fraud scheme charged in the original indictment. And as part of the originally charged money laundering scheme, the defendant also concealed the source of his fraudulent proceeds through political straw donations," the letter added.
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Moar Charges.
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.
The new indictment charges the 31-year-old former billionaire with seven counts of conspiracy and fraud over the collapse of the exchange.
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.
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"FTX cryptocurrency exchange founder Sam Bankman-Fried is "subsisting on bread and water" because the federal jail where he is being held ahead of his fraud trial has not provided him with a vegan diet as he requested, his lawyer said on Tuesday."
LOL
https://www.reuters.com/legal/jailed-ftx-founder-bankman-fried-return-court-new-plea-2023-08-22/
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Sam Bankman-Fried and other FTX executives spent $8 billion worth of customer funds on real estate, venture capital investments, campaign donations, endorsement deals and even a sports stadium, according to testimony from former senior FTX executive Nishad Singh.
https://techcrunch.com/2023/10/16/ftx-execs-blew-through-8b-testimony-reveals-how/
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DON’T let them eat cake.
- RFK Jr -
@taiwan_girl said in SBF/FTX:
"FTX cryptocurrency exchange founder Sam Bankman-Fried is "subsisting on bread and water" because the federal jail where he is being held ahead of his fraud trial has not provided him with a vegan diet as he requested, his lawyer said on Tuesday."
LOL
https://www.reuters.com/legal/jailed-ftx-founder-bankman-fried-return-court-new-plea-2023-08-22/
He won't subsist on it long. Do you know what happens to a prisoner fed a diet of nothing but bread and water?
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Sam Bankman-Fried was sentenced Thursday to 25 years in prison for his role in defrauding users of the collapsed cryptocurrency exchange FTX.
In a federal courtroom in lower Manhattan, U.S. District Judge Lewis Kaplan called the defense argument misleading, logically flawed and speculative.
He said Bankman-Fried had obstructed justice and tampered with witnesses in mounting his defense — something Kaplan said he weighed in his sentencing decision.
Bankman-Fried, wearing a beige jailhouse jumpsuit, struck an apologetic tone, saying he had made a series of "selfish" decisions while leading FTX and "threw it all away."
"It haunts me every day," he said in his statement.
Prosecutors had sought as much as 50 years, while Bankman-Fried's legal team argued for no more than 6½ years. He was convicted on seven criminal counts in November and had been held at the Metropolitan Detention Center in Brooklyn since.
In a statement following Thursday's sentencing, Damian Williams, United States Attorney for the Southern District of New York, said Bankman-Fried had orchestrated one of the largest frauds in financial history.
