12/13/2022
The indictment says Bankman-Fried allegedly committed a years-long fraud by diverting investors’ funds to his private hedge fund and using the money to make venture investments, lavish real estate purchases and large political donations.
Bankman-Fried, who arrested Monday by Bahamian authorities at the request of the U.S. government, was charged with eight counts, ranging from wire fraud to money laundering to conspiracy to commit fraud on the United States.
He was also charged with making more than $25,000 in illegal campaign contributions, a notable charge as Bankman-Fried was one of the largest political donors this year.
Bankman-Fried was one of the world’s wealthiest people on paper; at one point his net worth reached $26.5 billion, according to Forbes.
He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns, though he also gave money to Republicans. FTX grew to become the second-largest cryptocurrency exchange in the world.
Full Link (Msn) Here
© CopyRights RawNews1st
