Sam “SBF” Bankman-Fried, the founder of the now closed cryptocurrency exchange FTX, has been embroiled in a financial scandal involving the misappropriation of over $10 billion in company assets for political donations.
Recent revelations from emails published by The Wall Street Journal suggest that the Bankman-Fried family transferred funds from FTX customer accounts to influence the 2022 elections, sparking legal scrutiny.
These emails show that SBF’s father, Joe Bankman, provided advice on the financial strategy behind these illegal political donations.
Sam Bankman-Fried’s mother, Barbara Fried, and brother, Gabriel Bankman-Fried, are alleged to have funneled money to various political groups, with Barbara supporting progressive causes and Gabriel contributing to epidemic prevention efforts.
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Former Federal Election Commission chairman David Mason cited “substantial evidence” from the emails indicating that Joe Bankman was aware of potential campaign finance violations. Despite these investigative findings, a spokesperson for Joe Bankman denied knowledge of any wrongdoing.
In related news, former FTX CEO Ryan Salameh has been sentenced to 7.5 years in prison on charges including operating an unlicensed money transmitting business and campaign finance fraud. With the guilty pleas of former directors Carolyn Ellison and Nishad Singh, Salameh’s case has intensified the legal troubles surrounding FTX.
