Bankman-Fried May Be Investigated For Political Donations

Citizens for Responsibility and Ethics in Washington (CREW) filed an FEC complaint charging Sam Bankman-Fried violated federal rules by failing to disclose millions he bragged of contributing to GOP-affiliated “dark money” groups and potentially distributing gifts in other people’s names.

According to CREW, public documents reveal the FTX co-founder, who has been evaluated by law enforcement since the exchange’s demise and has been chastised by the company’s current leadership for poor record-keeping, reported $320,400 in donations to Republicans and Republican-aligned NGOs.

Last month, the troubled former FTX CEO and significant political donor told YouTuber Tiffany Fong that he utilized dark money organizations to mask his contributions to Republicans because he expected negative press coverage.

Bankman-Fried provided around $37 million to Democrats and Democratic-leaning groups during the 2022 election season and stated in the interview that he gave the same amount to both parties.

According to the watchdog group, Bankman-Fried comments about reluctantly concealing political donations could be evidence that he violated the Federal Campaign Act because donations above $200 to influence election results must be announced by the donor, and the correct person who funds the donations must be named.

“Mr. Bankman-Fried’s frankness amounts to an admission that he, and other unknown persons, violated federal laws designed to ensure Americans have transparency into those funding elections,” the group said in its complaint.

The complaint mentions Bankman-Fried as well as the other unknown people to whom he gave. It’s unknown how much money Bankman-Fried contributes to dark money organizations or which organizations got donations. The groups did not publish donations.

Other FTX executives’ political donations totaling millions of dollars, some to Republicans, have also come under examination since the corporate empire’s abrupt demise.

Not only politics, but recent reports also reveal huge amounts of “possibly” sponsorship of FTX with music star Taylor Swift or even football clubs like Manchester United.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

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