FTX founder and fraud Sam Bankman-Fried was one of the largest donors to the 2020 democratic campaign.
(PLGNN) - Sam Bankman-Fried, the 31 year old billionaire genius behind infamous crypto exchange FTX, is facing life in prison due to fraudulent activities by the company.
Sister hedge fund of FTX, Alameda Research, was taking billions of dollars in customer funds from FTX in a glorified crypto pyramid scheme. The companies were intertwined in an intense network of LLCs, LTDs, and shell companies, that all ended up leading directly back to Sam Bankman-Fried, also known by his initials, SBF.
Now, through court documents, it's been revealed that SBF donated large amounts of money to different political campaigns, the most notable of which being President Joe Biden's Democratic campaign during the infamous 2020 election against former President Donald Trump.
According to CoinDesk, Sam Bankman-Fried was the second largest donor to Joe Biden's presidential campaign, donating a total of $5.2 million, which makes him the second-largest donor, behind only former New York Mayor Michael's Bloomberg's donation of $56 million.
Sam Bankman-Fried is a member of USA PAC Future Forward, which includes FaceBook co-founder Dustin Moskovitz, Media Mogul Rupert Murdoch's daughter Kathryn Murdoch, and Netflix co-founder Reed Hastings. Future Forward pledged to donate over $100 million to the campaign.
Alameda Research also donated $5.24 million to the campaign, separate of SBF's donation. According to CNBC, U.S. Prosecutors said, “To conceal the fact that those contributions were paid for using funds from a corporation and to evade contribution limits and reporting requirements, Bankman-Fried caused contributions to be reported in the names of co-conspirators rather than in the name of the true source of the funds."
Sam Bankman-Fried's donations were most likely with illegal customer funds from FTX, however Joe Biden's campaign is unlikely to return the donations.