BREAKING: Prosecutors allege Bankman-Fried used customer funds for $100 million in political contributions
faces seven counts of conspiracy and fraud in the latest indictment against him brought by U.S. prosecutors that alleges he used stolen customer funds to spend over $100 million for political contributions.
“To conceal the fact that the Alameda account containing FTX customer deposits was a source of the donations, Bankman-Fried directed that money from the Alameda account be wired to these executives' personal bank accounts, and that these executives then make donations in their own names,” according to the indictment.
“He leveraged this influence, in turn, to lobby Congress and regulatory agencies to support legislation and regulation he believed would make it easier for FTX to continue to accept customer deposits and grow, which would, in turn, allow the misappropriation scheme to continue,” prosecutors said.that it planned to file the superseding indictment to include arguments that Bankman-Fried conducted an “illegal campaign finance scheme.
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