After his crypto exchange imploded, former Biden mega-donor Sam Bankman-Fried was arrested.
He faces dozens of years behind bars if convicted.
And now, Bankman-Fried has been hit with even more criminal charges.
As Black Eye Politics reports:
A year ago, Sam Bankman-Fried was one of the most powerful mega-donors the left had.
He personally served as Joe Biden’s second largest donor in the 2020 election – behind only George Soros – and gave over 30 million dollars to Democrat candidates in the 2022 elections.
But in November, his empire imploded after the company he helped found, FTX, faced a liquidity crisis that destroyed the crypto exchange in a matter of days.
Almost overnight, Bankman-Fried’s wealth evaporated with his spot on the Bloomberg Billionaires Index collapsing over 90%.
The collapse of FXT ignited a chain of events that ultimately saw Bankman-Fried arrested in the Bahamas and extradited back to the United States where he now faces several federal charges related to wire fraud, commodities fraud, securities fraud, and money laundering.
Despite most of his wealth supposedly disappearing with the dissolution of his company, Bankman-Fried was able to post a staggering 1-million-dollar bail and is under house arrest in California as he awaits trial.
But now, Federal prosecutors have now leveled even more criminal charges on the former Democrat mega-donor.
The Wall Street Journal reports, “Federal prosecutors charged Sam Bankman-Fried with several additional financial crimes and offered expansive new details about the FTX founder’s alleged conduct before the collapse of his cryptocurrency exchange.
A new indictment unsealed on Thursday charges the 30-year-old Mr. Bankman-Fried with four more criminal counts, on top of the eight prosecutors brought in an indictment they filed in December, weeks after FTX’s implosion. Mr. Bankman-Fried pleaded not guilty to the prior charges, which alleged he stole billions of dollars of FTX customer funds, in addition to misleading investors and lenders. A spokesman for Mr. Bankman-Fried didn’t respond to a request for comment.”
Just these new charges alone are enough to send Sam Bankman-Fried to prison for 40 years.
What’s more, they detail a wide effort by Bankman-Fried to funnel millions of dollars to Democrats during the 2020 and 2022 elections.
“Bankman-Fried and fellow FTX executives combined to contribute more than $70 million toward the 2022 midterm elections, according to campaign finance watchdog OpenSecrets.
The indictment claims Bankman-Fried and his co-conspirators ‘“made over 300 political contributions, totaling tens of millions of dollars, that were unlawful because they were made in the name of a straw donor or paid for with corporate funds,’” CNBC reported.
Federal prosecutors tore into Bankman-Fried in their 12-page indictment accusing him of attempting “to purchase influence over cryptocurrency regulation in Washington, D.C., by steering tens of millions of dollars in illegal campaign contributions.”
With such grim legal prospects, it looks like Democrats have permanently lost one of their most prominent political donors.