Founder of bankrupt crypto exchange, FTX, Sam Bankman-Fried, has been arrested in the Bahamas by the Royal Bahamas Police Force.

Bankman-Fried Faces Fresh Criminal Charges

  • Prosecutors accused Bankman-Fried of bypassing US campaign policies to make illegal donations.
  • The 30-year-old now faces 12 counts of fraud.
  • Bankman-Fried pleaded not guilty to all charges of fraud and is set to appear in court later in the year.

Sam Bankman-Fried (SBF), the disgraced former CEO of FTX, is now charged with 12 counts of fraud, according to a recent filing from the Southern District of New York attorney’s office. Bankman-Fried was recently charged with deceiving the Federal Elections Committee (FEC), along with further accusations of wire fraud and money laundering.

US campaign finance laws cap the amount of money that political donors can contribute during an election cycle, and it is unlawful for donors to bypass these limits by making extra donations in other people’s names.

Bankman-Fried is currently accused of breaking these campaign rules. The crypto wunderkind, along with other conspirators, is said to have “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.”

SBF was accused of making more than 300 illegal political donations in the US, which prosecutors believe were “to try to purchase influence over cryptocurrency regulation in Washington, D.C.” The crypto businessman donated almost $40 million to mostly Democrats in the run-up to the 2022 midterm elections. However, he claimed in an interview that he provided an equal amount to Republican organizations, much of which is not disclosed.

Bankman-Fried also rose in popularity among US politicians, mostly due to his supposed generosity. The 30-year-old is alleged to have dined with high-profile politicians in Washington, including President Joe Biden. Reports state that some lawmakers are returning SBF’s political contributions.

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Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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