FTX founder Sam Bankman-Fried is accused of using his crypto hedge fund Alameda Research as a 'personal piggy bank' to make illegal political contributions.
He then used those funds to make "large political donations," and to make investments and buy "lavish real estate," the SEC complaint alleged.A separateaccuses Bankman-Fried and others of violating numerous federal campaign finance laws by, among other things, giving contributions of at least $25,000 to campaigns and political action committees "in the names of other persons.
The watchdog, Citizens for Responsibility and Ethics in Washington, said Bankman-Fried admitted he donated so-called dark money to Republican-aligned groups during the 2022 primary season. Those donations would not have been disclosed in FEC filings. But FTX donated $1 million to the Senate Leadership Fund, a super PAC aligned with Republican Senate Minority Leader Mitch McConnell of Kentucky.
Richard Painter, a former White House ethics lawyer, told CNBC, "The indictment does not provide a lot of detail — or tell us who the other persons are who were involved in the conspiracy to violate campaign finance laws — but what is alleged is a straw man donor scheme similar to that which [conservative commentator] Dinesh D'Souza was charged with."
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