Security News > 2023 > February > FTX fiasco founder SBF faces further fraud charges

FTX founder Sam Bankman-Fried's eight-count indictment related to the collapse of his crypto empire has been superseded by a new 12-count indictment unsealed in New York which provide graphic details about the extent the defunct biz paid off politicians.

According to the superseding indictment [PDF], SBF "Corrupted the operations of the cryptocurrency companies he founded and controlled through a pattern of fraudulent schemes that victimized FTX customers, investors, financial institutions, lenders and the [FEC]."

The latest indictment reveals the full extent to which SBF and his co-conspirators made over 300 allegedly unlawful contributions to politicians and causes on the left and right of the political spectrum.

According to the indictment, SBF "Became one of the largest publicly reported political donors for the 2022 midterm elections," but those contributions were only a portion of his actual funding exercise.

The DoJ alleges SBF conspired to keep his donations to Republican candidates quiet, as well as to distance himself from left-wing causes, by making anonymous donations in the names of two unnamed FTX executives, and with FTX and Alameda funds.

One of the FTX executives reportedly expressed discomfort with being used as the public donor to a political action committee supporting pro-LGBTQ issues, according to the indictment.

News URL

https://go.theregister.com/feed/www.theregister.com/2023/02/23/sbf_additional_charges_ftx/