From one indictment to the other has been the case of Sam Bankman-Fried since the November meltdown of one of the world’s leading cryptocurrency exchanges.
The US federal officials have indicted Bankman-Fried with 12-count charges together with other charges he has been facing earlier.
The new charges accused BBF of operating an unlicensed money transmitter, and conspiracy to make illegal political contributions.
SBF since the collapse of the FTX exchange has been indicted with conspiracy to commit wire fraud on customers, lenders, and money laundering amongst others, adding to up to 12 count charges.
According to the charges, SBF and others In an attempt to open a bank account informed a financial institution that the account is meant for “trading and market making” which in truth, the account is to be used to receive and transmit customers’ money. SBF however opened a company using a deliberately obscure name of North Dimension to tell a “false story” to a bank which had earlier been reluctant to open an account, the document noted.
SBF as well as other conspirators “agreed to and did make corporate contributions to candidates and committees in the Southern District of New York that were reported in the name of another person,” the document added.
At a time, SBF wanted to donate $1 million to a pro-LGBTQ political action committee, but he couldn’t donate because he was not able to find any trusted bisexual individual in his firm, said the document. There also one executive at the firm whose name was not mentioned was asked to make the donation, while another executive did so for Repubilcan causes.
Prior to the midterms, “an internal Alameda spreadsheet noted over $100 million in political contributions, even though FEC records reflect no political contributions by Alameda for the 2022 midterm elections to candidates or PACs.”
“Bankman-Fried’s use of straw donors allowed him to evade contribution limits on individual donations to candidates to whom he had already donated,” the document added, furthering that the “fraudulent conduct” impaired the FEC’s functioning.
In the document, SBF was implored to forfeit assets worth hundreds of millions of dollars although many of the assets have been seized. SBF will however face the trial on these charges in October, later this year.
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