“Breaking: Biden administration quietly DROPS all charges against Sam Bankman-Fried. Yet posts on social media falsely claim that the Biden administration has dropped all charges against Bankman-Fried. He is under house arrest until his trial and is staying with his parents in California at their home on the Stanford University campus. Since his arrest, Bankman-Fried has been released on a $250 million bail bond. The judge granted the prosecution’s request to have a second trial in March 2024 on the additional five charges. Some Democratic groups that received the donations planned to return a portion of the funds.Ĭourt documents also say Bankman-Fried used money from FTX investments to pay off debts accumulated from Alameda Research.Īfter Bankman-Fried was extradited from the Bahamas, five more charges were added by federal prosecutors, including a bribery charge for a $40 million payment to Chinese officials and a charge for operating as an unlicensed money transmitter, which is a business that transfers funds. Attorney Damian Williams called the case “one of the biggest frauds in American history.”īankman-Fried is said to have made an estimated $40 million in donations to Democratic and Republican political candidates during the 2022 election cycle using money from Alameda Research.īankman-Fried was the sixth biggest individual donor of the 2022 midterms, giving $37.7 million in his name to Democrats and $286,700 to Republicans, according to Open Secrets. 2.įTX co-founder Sam Bankman-Fried leaves Manhattan Federal Court after an arraignment on March 30. Attorney’s Office for the Southern District of New York in an eight-count indictment that includes wire fraud, bank fraud, money laundering, conspiracy to defraud the Federal Elections Commission, violation of campaign finance laws and other counts of fraud. Sam Bankman-Fried, the co-founder and former CEO of the cryptocurrency firm FTX, is facing decades in prison after being charged with stealing billions of dollars from FTX investors and customers for his own use - including paying debts, buying real estate, investing in other companies and making political donations.īankman-Fried, who also co-founded the cryptocurrency trading firm Alameda Research, was placed in FBI custody after being arrested and extradited from the Bahamas - the headquarters for FTX - in December 2022. But he is under house arrest and awaiting trial. Online posts falsely claim the Biden administration has dropped all charges against Bankman-Fried. FTX co-founder Sam Bankman-Fried was arrested in 2022 for allegedly defrauding customers by stealing billions of dollars for personal use, including nearly $38 million in political donations to Democrats.
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