Democrats reportedly plan to return donations from Sam Bankman-Fried

Several Democrat groups have pledged to set aside donations from disgraced FTX founder Sam Bankman-Fried following the collapse of the cryptocurrency company. According to the Washington Examiner, Bankman-Fried, commonly known as SBF, gave approximately $40 million to Democrats. He also made “dark money” contributions to Republicans.

At least three Democrat-affiliated organizations that accepted contributions from him (the Democratic National Committee, the Democratic Congressional Campaign Committee, and the Democratic Senatorial Campaign Committee) reportedly intend to return the funds.

After his fall from grace, SBF’s influence on Capitol Hill was questioned because records show him giving a wide range of gifts to members of Congress. Some have stated their intention to refund or donate the money they got from the Cryptocurrency tycoon, including California Representative Jim Costa.

SBF was taken into custody on Monday and is now facing eight felonies. He was denied bail on Tuesday and is being held in a Bahamas prison while awaiting his extradition hearing on February 8. Charges against Bankman-Fried include conspiracy to launder money, conspiracy to commit commodities and securities fraud, conspiracy to perpetrate a separate wire fraud on clients and lenders, breaching campaign funding laws, and conspiracy to defraud the United States. The Securities and Exchange Commission has also charged him with civil securities fraud. He faces up to 115 years in prison.

About The Author:

Share this post:

Facebook
Twitter
Reddit
Telegram
LinkedIn
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x

Join the Alternative Movement

Subscribe to our newsletter to stay up to date on all the news of the day!

 

BRAND OUTREACH

Interested in potentially becoming a sponsor or advertising on our platform?
Please include the relevant details below, and we will reach out to you!

WHAT ARE YOU INTERESTED IN?

DISCOVER THE ALTERNATIVES

PLAYLIST OF THE MONTH

OUR PODCAST PARTNERS
IN one SINGle PLAYLIST

SPOTIFY
PLAYLISTS