After SBF was accused of eight charges of financial crime, three democratic organizations, the DNC, the DSCC, and the DCCC, vowed to reimburse the entrepreneur's political contributions.
Three well-known Democratic organizations have resolved to repay over $1 million to investors who lost their money due to misappropriation following the arrest of former FTX CEO Sam Bankman-Fried (SBF). After the businessman was charged with eight counts of financial crimes on Dec. 16, the Democratic National Committee (DNC), the Democratic Senatorial Campaign Committee (DSCC), and the Democratic Congressional Campaign Committee (DCCC) vowed to repay SBF's campaign contributions.
In an interview with the Verge, a DNC spokeswoman confirmed this choice:
"In view of We are putting money aside to repay the $815,000 in contributions since 2020 due to suspicions of possible campaign finance breaches by Bankman-Fried. When we are given the correct instructions on the legal processes, we will return."
Where SBF's Funds went
According to the Washington Post, the other two Committees, DSCC, and DCCC have also allegedly promised to set aside $103,000 and $250,000, respectively (1). SBF previously acknowledged having given "significantly" to both political parties. SBF has previously stated in a podcast that he intended to spend up to $1 billion to influence the 2024 presidential election campaigns. (2)
Karine Jean-Pierre, the press secretary for the White House, declined to respond to inquiries on the reimbursement of SBF's prior contributions to the party. He was referring to a law that forbids civil service personnel, particularly those working for federal agencies, from engaging in certain political activities. With his $5.2 million contributions, Bankman was the second-largest "CEO contributor" to Biden's 2020 campaign.