Sam Bankman-Fried Hit With 4 New Criminal Charges

Posted on

  • Sam Bankman-Fried has been charged with four additional criminal charges. 
  • An indictment unsealed in Manhattan federal court earlier today revealed the new charges against the former FTX CEO. 
  • The new indictment includes eight conspiracy charges and four fraud charges. 
  • Bankman-Fried’s questionable political contributions have been highlighted in the new indictment. 

Sam Bankman-Fried is facing additional charges for the crimes he perpetrated during his stint at the Bahamas-based crypto exchange FTX. The new charges against Bankman-Fried came to light earlier today when an indictment was unsealed in the U.S District Court for the Southern District of New York. 

Sam Bankman-Fried allegedly violated federal campaign finance laws

According to the 39-page indictment which was unsealed in Manhattan federal court earlier today, Sam Bankman-Fried is facing four fraud charges including conspiracy to commit wire fraud, wire fraud, fraud, and conspiracy to commit fraud on FTX customers in connection with the purchase and sales of derivatives, conspiracy to commit securities fraud, conspiracy to commit bank fraud, among others. 

The indictment also introduced charges associated with the wrongdoings at Bankman-Fried’s quantitative trading firm Alameda Research, namely conspiracy to commit wire fraud and wire fraud on lenders of Alameda. The grand jury also charged the disgraced CEO with conspiracy to operate as an unlicensed money-transmitting business and conspiracy to commit money laundering. 

Sam Bankman-Fried’s political donations were also called into question in the latest indictment. As per the document, SBF and his co-conspirators made over 300 political contributions worth tens of millions of dollars that have been deemed unlawful. Data from Opensecrets.org shows that SBF personally donated nearly $40 million. The indictment alleged that SBF used straw donors to evade campaign contribution limits on individual donations to political candidates. To that end, the grand jury has charged him with conspiracy to make unlawful political contributions and defraud the Federal Election Commission (FEC). 

“SBF and others would and did defraud the United States, and an agency thereof, by impairing, obstructing and defeating the lawful functions of a department and agency of the United States through deceitful and dishonest means, to wit, the Federal Election Commission’s function to administer federal law concerning source and amount restrictions in federal elections,” the indictment read. 

Source: Read Full Article