Four new criminal charges have been filed against the founder of FTX
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The former CEO and founder of the bankrupt FTX cryptocurrency exchange, Sam Bankman-Fried, has been indicted on four new criminal charges of conspiracy to commit illegal political contributions and bank fraud.
It is reported BBC.
Benkman-Fried is currently facing 12 criminal charges.
In the latest charge, prosecutors accused him of conspiring with two other former FTX executives to donate tens of millions of dollars to influence U.S. politicians to pass laws favorable to the company.
The donations were allegedly made through “front” donors or from corporate foundations, allowing Bankman-Fried to circumvent contribution limits, prosecutors said.
According to the investigation, Bankman-Fried directed one executive to donate to Democratic candidates and another to Republican candidates, with many of the donations funded by his hedge fund Alameda Research, including money from FTX clients.
Bankman-Fried has pleaded not guilty to using FTX customer deposits to finance Alameda Research, real estate purchases and political contributions.
If convicted, Bankman-Fried faces more than 100 years in prison.
Read also: FTX Collapse: How Sam Bankman-Fried Collapsed the $30 Billion Crypto Giant
We remind you:
Sam Bankman-Fried, founder of the bankrupt cryptocurrency exchange FTX, was arrested Dec. 12 in the Bahamas after being indicted by the U.S. Attorney’s Office. American regulators blamed in the implementation of a multi-year scheme to deceive investors.
Subsequently, Bankman-Fried decided to agree to extradition from the Bahamas to the United States to face fraud charges.
At the same time, FTX co-founder Gary Wang and former head of Alameda Research Caroline Ellison pleaded guilty in fraudulent activities and cooperate with the investigation.
Bankman-Fried was fired on bail $250 million while he awaits trial on fraud and money laundering charges.
Customers of the bankrupt FTX crypto exchange filed a lawsuit to bankruptcy court against ex-FTX CEO Sam Bankman-Fried and other exchange officials in hopes of being first in line for refunds.
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