Sam Bankman-Fried, the discredited founder of FTX, was hit with four additional criminal accusations related to commodities fraud & illegal political donations on Thursday, February 23, when a super supplemental indictment was filed in a federal court in the state of New York.
Sam Bankman-Fried was thus accused of "several conspiracies to swindle" in light of these newly brought charges against him. If found guilty in this case, SBF may serve an additional forty years in prison, according to a source who is familiar with the situation.
The latest court filing reveals (1) the fraudulent activity that SBF engaged in with his cryptocurrency exchange FTX.
In addition, it sheds insight into his unethical behavior while working at an associated hedge fund known as Alameda Research. In November of the previous year, 2022, both businesses went into freefall.
The 12-count indictment includes details from several hundred political donations by SBF that allegedly violated federal campaign finance regulations. These donations were made in violation of the laws of SBF.
The disgraced founder of FTX is presently being held on bail as he stands accused of stealing customer funds and utilizing billions of dollars worth of the stolen monies to support the operations of both FTX and Alameda.
He is being accused of using his clients' money for speculative investments and donations to charitable organizations.
The most recent indictment, which was unsealed in the US District Court in Manhattan, states that SBF attempted
"to buy sway over cryptocurrency legislation in Washington, D.C., by guiding tens of millions of dollars in illicit contributions to campaigns to both Democrats and Republicans."
Before the criminal trial, SBF was well-known for the enormous amounts of money he donated to Democrats.
New Charges Being Brought Against SBF
The new indictment will most probably result in additional legal pressure being placed on Sam Bankman-Fried, his associates Gary Wang and Caroline Ellison, formerly Alameda's CEO.
Both have entered guilty pleas to many counts of fraud and other offenses, and they are currently assisting the U.S. attorney's office in Manhattan in their investigation of SBF.
In the new indictment, SBF is accused of various crimes, including bank fraud, wire fraud, securities fraud, money laundering, and illicit campaign contributions.
In the document that serves as the indictment, it is stated that Sam Bankman-Fried & his other executives gave more than $70 million to the mid-term elections of 2022.
According to the new documents, SBF and his co-conspirators
"made over 300 campaign donations, totaling tens of millions of dollars which were illegal as they were initiated in the title of a straw donor."
These contributions are said to have totaled tens of millions of dollars. Bankman-Fried conspired to and did have political donations done in the names of two other FTX officials to prevent certain contributions from being publicly published in his name.
According to the indictment, one component of SBF's plot to defraud the campaign finance system is efforts to conceal his donations to Republican candidates.