- Four new criminal charges have been filed against Sam Bankman-Fried, taking the total indictments to 12.
- The former FTX boss has been charged with conspiring to make over 300 illegal political donations.
- The lawsuit also alleges that SBF accessed and stole FTX customer deposits without detection.
Sam Bankman-Fried, facing fraud charges over the collapse of the bankrupt crypto exchange FTX, has been hit with four new criminal charges for conspiring to make illegal political donations.
On Thursday, February 23rd, a new filing from the Southern District of New York attorney’s office brought four new criminal charges against Sam Bankman-Fried. The former FTX boss now faces a total of 12 criminal charges.
The latest charges alleged that the former FTX boss conspired to make more than 300 illegal political donations. The lawsuit states that Bankman-Fried tried “to purchase influence over cryptocurrency regulation in Washington, D.C.”
Bankman-Fried, who was a renowned donor to Democrat politicians and organizations, is now charged with “steering tens of millions of dollars in illegal campaign contributions” to both Democrats and Republicans. Unusual Whales has shared the full list of recipients:
SBF to Face Additional Financial Charges
In addition to illegal political donations, SBF was accused of bank fraud and operating an unlicensed money transmitter. He reportedly had access and stole “FTX customer deposits without detection.”
The former FTX boss told a bank that he was opening an account for the company for trading and market making. However, SBF used the account to receive and transmit customer funds.
More Pressure on Bankman-Fried
SBF now faces 12 criminal charges, four for fraud and eight for conspiracy. This adds more pressure to SBF, who pleaded not guilty to all the counts of criminal charges, including wire fraud and money laundering, last month.
The court filing calls on SBF to forfeit hundreds of millions of dollars worth of assets due to his illegal activities. The government has already seized many such assets, including the Robinhood shares and cash held in Silvergate.
Despite SBF’s stance, two of his top executives Gary Wang and Caroline Ellison, have both pleaded guilty to numerous charges and are cooperating with investigators. This could lead to a further indictment of the former crypto boss who was released from arrest in December on a $250m bail bond.
On the Flipside
- Following his indictment, some politicians and organizations have turned to return those donations. However, the White House, an alleged recipient, has remained silent.
Why You Should Care
Bankman-Fried’s trial date has been set for October 2nd, 2023, and he could face a maximum of 155 years in prison if convicted of multiple criminal charges.
Read the latest on FTX below:
FTX Japan Delivers on Promise to Re-Open Withdrawals
Find more info on SBF’s lawsuits below:
FTX Lawsuits Pile Up: Silvergate Bank, Sequoia Capital, Paradigm, Face Litigation