SBF Hit With New Charges For Illegal Political Donations

SBF Hit With New Charges For Illegal Political Donations. 

FTX co-founder and former CEO Sam Bankman-Fried (SBF) has been hit yet again with four new criminal charges accusing him of conspiring to make illegal political donations and to commit bank fraud.

SBF’s Charges

On Thursday, prosecutors accused SBF of having worked together with two other former FTX executives to unlawfully “flood the political system with tens of millions of dollars in illegal contributions to both Democrats and Republicans.”

According to prosecutors, these donations were made through “straw” donors or with corporate funds, helping SBF to evade contribution limits. Prosecutors also claim that SBF had made over 300 in political contributions, totalling tens of millions of dollars.

Previously, SBF had been charged with wire fraud, conspiracy, as well as money laundering, however, all of which Bankman-Fried has already pleaded not guilty. These new additional charges, however, now mean that SBF faces a total of 12 criminal charges.

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What Now For SBF

After FTX’s major collapse back in November and his arrest in December, Bankman-Fried was released on a $250 million bail package and is now still awaiting his trial on October 2nd. If found guilty of all his charges, Bankman-Fried may be looking at facing more than 100 years in prison for his offences.

Although he has pleaded guilty to most of his charges so far, these new charges made against him will put even more pressure on the former FTX co-founder as his two former executives, fellow FTX co-founder Gary Wang and ex-Alameda CEO Caroline Ellison, have both already pleaded guilty to their charges in December.

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