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Several members of the US Democratic Party and campaign committees have reportedly been questioned by federal prosecutors about donations from former FTX CEO Sam Bankman-Fried (SBF) and another crypto exchange executive. collapsed currency. “To any person, entity or political campaign that has received money from stolen customers, we ask that you work with us to return that money to the innocent victims,” a U.S. District Attorney said after Bankman- Fried.
Federal prosecutors are investigating Sam Bankman-Fried’s political donations
The United States District Attorney’s Office for the Southern District of New York is reportedly investigating illegal campaign contributions by Sam Bankman-Fried (SBF) and two other former FTX executives.
Following Bankman-Fried’s arrest in the Bahamas last week, the District Attorney’s Office emailed a few Democratic political organizations, including the party’s official campaign offices, some of its top PACs and the individual campaigns of some politicians, including Rep. Hakeem Jeffries (D-NY).
The email requests information about donations from SBF, colleagues and companies, The New York Times reported on Saturday, citing people familiar with the request. Referring to the FTX affair as “the biggest campaign finance scandal in years,” the publication noted that the Justice Department investigations “appear to be an effort to gather evidence against Mr. Bankman-Fried and other former FTX executives, rather than against their policy.
During a press conference announcing Bankman-Fried’s indictment on Tuesday, U.S. District Attorney Damian Williams asked:
To any person, entity, or political campaign that has received money from stolen customers, we ask that you work with us to return that money to innocent victims.
One of the formal charges federal prosecutors uncovered last week after SBF’s arrest was conspiring to violate campaign finance laws. The former FTX CEO was the second-biggest campaign donor of 2020, contributing nearly $45 million, mostly to Democratic campaigns and committees, according to the publication. In an interview before his arrest, Bankman-Fried claimed he had made dark donations of a similar amount to Republicans. Tesla CEO and Twitter boss Elon Musk estimates the former FTX boss donated more than $1 billion to Democrats.
Federal Election Commission regulations require that donations be returned if they are later found to be illegal, even if the funds have already been spent and new funds need to be raised.
Nishad Singh, another former FTX executive, also donated nearly $9.7 million, mostly to Democratic candidates and groups, the outlet noted. Prosecutors are also reportedly investigating donations to Republican campaigns and committees by Ryan Salame, another former FTX executive, who gave $24 million, mostly to Republican candidates and committees.
Karl J. Sandstrom, a former member of the Federal Election Commission and current Democratic campaign adviser, told the publication that the FTX case could be:
Biggest case of corporate conduct we’ve had.
FTX filed for bankruptcy on Nov. 11, and an estimated one million customers and investors lost billions of dollars in the collapse. The US government and regulators have brought several fraud charges against the crypto firm and Bankman-Fried. The former FTX leader was arrested and is currently in jail in the Bahamas; he is expected to agree to be extradited to the United States this week.
What are your thoughts on federal prosecutors’ investigation into political campaign donations from Sam Bankman-Fried and other former FTX executives? Let us know in the comments section below.
Kevin Helms
Image credits: Shutterstock, Pixabay, Wiki Commons
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