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Sam Bankman-Fried Faces Additional Charges After Being Imprisoned

SBF is being accused of seven more counts of fraud for using illegal campaign funds to finance and influence political activity.


Seven more charges have been added to SBF's indictment since he was imprisoned in New York last week.
Creator: Tom Williams Credit: CQ-Roll Call, Inc via Getty Images Copyright: 2022 CQ-Roll Call, Inc.

NEW YORK - Federal US prosecutors filed a superseding indictment against the failed FTX exchange founder Sam Bankman-Fried (SBF). US prosecutors claim that SBF used stolen customer funds for political campaign donations during the 2022 United States midterm elections.


The indictment charges SBF with seven counts of conspiracy and fraud in relation to the FTX and its collapse.


Over $100M in Donations


According to the prosecutors, the total amount SBF spared to support political activity is over $100 million. Moreover, this amount was withdrawn from customer deposits, according to the claims.


After becoming a key figure and reaching a net worth estimated at $26 billion, SBF appeared as a generous donor to the Democratic candidates. The prosecutors claim that SBF has been abusing its influence to push for crypto-friendly regulations. The indictment stated:


“He leveraged this 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,”

The filing also alleges that SBF made donations in the names of other FTX executives as well, including FTX’s ex-director of Engineering, Nishad Singh.


Sam Bankman-Fried Imprisoned


Sam Bankman-Fried was jailed on August 14 after a hearing in New York revoked his bail. The Judge of the hearing made his decision based on allegations of witness tempering. SBF had provided documents about his former associate Caroline Ellison to reporters during an in-person meeting. The Judge said the way the meeting was conducted shows that SBF was “least likely to be caught” by conducting the meetings this way.


Therefore, SBF had his bail rights revoked and was sent to the Metropolitan Detention Center in New York. The facility is known to hold several high-security inmates and is renowned for its poor conditions. For now, SBF is set to remain in that facility until October.


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