- The SBF family handled more than $100 million in political donations as per WSJ.
- Joe Bankman may have direct legal responsibilities under campaign finance regulations.
Sam Bankman-Fried’s (SBF) family is embroiled in a $100 million financial controversy. These involve the abuse of business assets to make political contributions. SBF is the founder of the defunct crypto exchange FTX.
The Wall Street Journal (WSJ) recently published emails. That showed the SBF family handled more than $100 million in political donations. Several court processes have been initiated due to the suspected improper use of monies from FTX customers in an effort to influence the 2022 election.
Violation of Campaign Finance Regulations
In emails showing SBF’s father Joe Bankman’s participation in recommending financial tactics relating to political contributions, the involvement of SBF’s family was clearly recorded.
The Wall Street Journal said that emails showed Joe Bankman was participating in the illegal finance activities. It is claimed that SBF’s brother Gabriel Bankman-Fried and his mother Barbara Fried steered money to different political groups and causes.
Furthermore, it is reported that Gabriel channeled contributions to pandemic prevention activities. While Barbara, a co-founder of the super PAC Mind the Gap, routed funding to progressive organizations and initiatives.
Joe Bankman may have direct legal responsibilities under campaign finance regulations, according to David Mason, a former head of the Federal Election Commission. Also, according to Mason, “strong evidence” was found in the emails. Indicating that Joe Bankman was aware of “the illegal straw-donor scheme.”
A representative for Joe Bankman stressed that he was unaware of any allegations of campaign finance crimes. Even if the evidence pointed in that direction. Ryan Salame, a former co-CEO of FTX Digital Markets, pleaded guilty to felony charges on May 28 and was sentenced to 7.5 years in jail. Moreover, SBF is also currently serving jail time.
Highlighted Crypto News Today:
Taiwan Mobile Seeks to Become the 26th Virtual Asset Service Provider
