FTX founder Sam Bankman-Fried is accused through a superseding indictment of using stolen customer funds in a 'wide-ranging political influence operation.'
Securities attorney Andrew Stoltmann joins ‘The Big Money Show’ to discuss FTX founder Sam Bankman-Fried entering court as the government steps up its crypto crackdown.who is now being held at a federal detention center in Brooklyn after a judge revoked his $250 million bond last week, has been newly accused through a superseding indictment of funneling more than $100 million into U.S. politics to influence legislation on the cryptocurrency industry. FTX.
FTX founder Sam Bankman-Fried leaves Manhattan federal court in New York, Feb. 16, 2023. Prosecutors said Monday, Aug. 14, they will use testimony from Bankman-Fried's"trusted inner circle" of former executives at his collapsed cryptocurrency empire Prosecutors claim that in order to conceal the source of those funds, some of the contributions were made in the name of FTX executives, including Nisha Singh. political contributions"He leveraged his influence, in turn, to lobby Congress and regulatory agencies to support legislation and regulation he believed would make it easier for FTX to continue to accept customer deposits and grow, which would, in turn, allow the misappropriation scheme to continue," the filing said.
Bankman-Fried is also accused of having "used these connections with politicians and government officials to falsely burnish the public image of FTX as a legitimate exchange."
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