{"id":526460,"date":"2022-12-14T01:09:45","date_gmt":"2022-12-13T22:09:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ftx-founder-bankman-frieds-campaign-finance-charges-just-the-tip-of-the-iceberg\/"},"modified":"2022-12-14T01:09:45","modified_gmt":"2022-12-13T22:09:45","slug":"ftx-founder-bankman-frieds-campaign-finance-charges-just-the-tip-of-the-iceberg","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ftx-founder-bankman-frieds-campaign-finance-charges-just-the-tip-of-the-iceberg\/","title":{"rendered":"#FTX founder Bankman-Fried\u2019s campaign finance charges \u2018just the tip of the iceberg\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a214afa9cf07\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a214afa9cf07\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ftx-founder-bankman-frieds-campaign-finance-charges-just-the-tip-of-the-iceberg\/#FTX_founder_Bankman-Frieds_campaign_finance_charges_%E2%80%98just_the_tip_of_the_iceberg\" >FTX founder Bankman-Fried\u2019s campaign finance charges \u2018just the tip of the iceberg\u2019<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"FTX_founder_Bankman-Frieds_campaign_finance_charges_%E2%80%98just_the_tip_of_the_iceberg\"><\/span>FTX founder Bankman-Fried\u2019s campaign finance charges \u2018just the tip of the iceberg\u2019<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/11\/bankmanfriedsam_12182021getty.jpg?w=900\" \/><\/p>\n<div>\n<p>FTX founder and former CEO Sam Bankman-Fried was charged with violating a slew of campaign finance laws on Tuesday, marking another major blow for the former crypto leader.\u00a0<\/p>\n<p>According to<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.docdroid.net\/kxfZltq\/unsealed-indictment-in-us-v-bankman-fried-22-cr-673-abrams-as-sam-bankman-fried-of-ftx-heads-to-sdny-echoes-of-onecoin-and-un-bribery-cases-pdf#page=12\">\u00a0the unsealed indictment<\/a>, the U.S. District Court in Manhattan alleged that in addition to committing securities and wire fraud, Bankman-Fried gave a minimum of $25,000 in campaign finance donations to campaigns and political action committees \u201cin the names of other persons.\u201d\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>The court also said Bankman-Fried and others conspired to make \u201ccorporate<\/p>\n<p>contributions to candidates and committees in the Southern District of New York that were reported in the name of another person.\u201d\u00a0<\/p>\n<p>The charges against Bankman-Fried in relation to campaign finance laws are notable given his status as one of the most prominent political donors in this campaign cycle.\u00a0<\/p>\n<p>\u201cAll of this dirty money was used in service of Bankman-Fried\u2019s desire to buy bipartisan influence and impact the direction of public policy in Washington,\u201d Damian Williams, the U.S. attorney for the Southern District of New York, told reporters\u00a0at a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> conference on Tuesday.\u00a0<\/p>\n<p>Additionally, a civil complaint filed by the Securities and Exchange Commission accused Bankman-Fried of using his crypto investment firm Alameda \u201cas his personal piggy bank to buy luxury condominiums, support political campaigns, and make private investments, among other uses.\u201d\u00a0<\/p>\n<p>\u201cThis was a massive, massive campaign finance scheme to buy political favors,\u201d said Craig Holman, the government affairs lobbyist for the consumer rights advocacy group Public Citizen. \u201cHe\u2019s facing some very serious consequences that could add up to 20 years in prison or more.\u201d\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>Earlier this month the watchdog organization Citizens for Responsibility and Ethics in Washington (CREW)\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.citizensforethics.org\/wp-content\/uploads\/2022\/12\/SBF-FEC-Complaint-FINAL.pdf\">filed a complaint\u00a0<\/a>with the Federal Election Commission requesting that it investigate Bankman-Fried for campaign finance violations.\u00a0<\/p>\n<p>\u201cTaking him at his word, Bankman-Fried was able to direct at least $37 million to influence federal elections while evading federal laws that require disclosure of the true source of the contributions,\u201d CREW\u2019s senior vice president and chief counsel Donald Sherman said in a statement announcing the complaint last week.\u00a0<\/p>\n<p>The complaint points to\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/youtu.be\/6DezodR9hNI\">an interview<\/a>\u00a0Bankman-Fried gave to cryptocurrency vlogger Tiffany Fong in which he said he donated to Democrats and Republicans, but that all of his Republican donations were \u201cdark.\u201d\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>\u201cDespite Citizens United being literally the highest-profile Supreme Court case of the decade and the thing everyone talks about with campaign finance, for some reason, in practice, no one can possibly fathom the idea that someone actually gave dark. All my Republican donations were dark,\u201d Bankman-Fried told Fong.\u00a0<\/p>\n<p>\u201cThe reason was not for regulatory reasons, it\u2019s because reporters freak the f\u2014 out if you donate to Republicans. They\u2019re all super liberal, and I didn\u2019t want to have that fight,\u201d he said.\u00a0<\/p>\n<p>According to Open Secrets, Bankman-Fried was the second biggest donor to Democrats this election cycle, publicly giving nearly $40 million. However, only about $235,000 in donations from Bankman-Fried was publicly listed as going to Republicans.<\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<p>\u201cWe\u2019re off in a different world where we don\u2019t have a donor saying what they\u2019re doing and they will feign ignorance,\u201d CREW\u2019s senior litigation counsel Stuart McPhail said. \u201cThe way they\u2019ll play cute and get around charges is they\u2019ll say \u2018I didn\u2019t give money to this person or this 501(c) to then give it somebody else. I was giving them a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> charitable contribution. I was just giving them a gift and they just chose on their own to hand it over to somebody else.\u2019 And unfortunately, that works too well with the FEC.\u201d\u00a0<\/p>\n<p>\u201cBut here we have a donor literally saying \u2018I was giving money to candidates, I knew where it was going, that was the point. But I was doing it in a way to evade reporting,\u2019\u201d McPhail said.\u00a0<\/p>\n<p>McPhail added that the charge shows there is at least \u201cprobable cause\u201d there is a violation of campaign finance rules.\u00a0<\/p>\n<p>\u201cIt\u2019s pretty bare bones,\u201d he said. \u201cWe don\u2019t know exactly what they\u2019re including here. All they allege is at least $25,000 [in contributions]. Based on the complaint and what he said, we\u2019re talking more like $37 million, potentially if you take his boast about being the second biggest donor, that could be up to $80 million.\u201d\u00a0<\/p>\n<p>Holman agreed that the $25,000 cited in Tuesday\u2019s unsealed indictment is likely \u201cjust the tip of the iceberg.\u201d\u00a0<\/p>\n<p>\u201cI suspect since Bankman-Fried felt free to launder money through third parties, he would have done so with the dark money contributions as well,\u201d Holman said.\u00a0<\/p>\n<p>Tuesday\u2019s development is the latest in the turbulent saga involving Bankman-Fried and his ill-fated cryptocurrency company FTX. Bankman-Fried was arrested on Monday in the Bahamas, which was where FTX was established and run until its collapse. He is set to be extradited to the U.S.\u00a0<\/p>\n<p>Bankman-Fried was originally set to virtually testify before the House Financial Services Committee on Tuesday. However, the committee still received testimony from attorney John Jay Ray III, who was t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed to shepherd FTX through its demise and has extensive experience in dealing with corporate bankruptcies.\u00a0<\/p>\n<p>While the former crypto billionaire\u2019s future remains grim, experts say the fiasco could present a silver lining for campaign finance reform.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr5_ab\"><\/aside>\n<p>\u201cWe frequently get some of our best campaign finance reforms following scandals that are massive in scale,\u201d Holman said. \u201cWe\u2019re talking foreign money, corporate money, we\u2019re talking laundered money. This is a massive scandal that could give rise to some serious campaign finance reforms.\u201d\u00a0\n<\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/homenews\/campaign\/3774054-ftx-founder-bankman-frieds-campaign-finance-charges-just-the-tip-of-the-iceberg\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX founder Bankman-Fried\u2019s campaign finance charges \u2018just the tip of the iceberg\u2019 FTX founder and former CEO Sam Bankman-Fried was charged with violating a slew of campaign finance laws on Tuesday, marking another major blow for the former crypto leader.\u00a0 According to\u00a0the unsealed indictment, the U.S. District Court in Manhattan alleged that in addition to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":526461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/11\/bankmanfriedsam_12182021getty.jpg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135234,89897,134344,134343,71128,137200,134420,70610,90482,40445,115,4965],"class_list":["post-526460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-sam-bankman-fried","tag-administration","tag-campaign","tag-campaign-finance","tag-charges","tag-equilibrium-sustainability","tag-finance","tag-house","tag-media","tag-news","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/526460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=526460"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/526460\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/526461"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=526460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=526460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=526460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}