Sam Bankman-Fried pinched customer funds to make over $100 million in political campaign contributions to both Democrats and Republicans aahead of the 2022 U.S. midterm elections, the Department of Justice alleged today. 

In a new indictment filed Monday, the DOJ said Bankman-Fried, 31, who was jailed on Friday, had “misappropriated and embezzled FTX customer deposits,” which he used for a number of purposes—including politics. 

Prosecutors had initially dropped a campaign finance charge against Bankman-Fried back in July, but said last week that they would continue with the campaign finance allegations as part of concurrent fraud and money laundering charges. 

“As Bankman-Fried well knew, FTX’s finances contained a multi-billion-dollar deficiency caused by his own misappropriation of customer funds from the exchange, and yet he continued through FTX’s collapse in November 2022 to use misappropriated customer funds to pay for his investments, acquisitions, and campaign contributions,” Monday’s indictment read. 

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Author: Mathew Di Salvo

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