Sam Bankman-Fried And Allies Gave Money To One In Three Congress Members. Here’s What They Did With It.

One in three members is a member of Congress Accepted campaign contributions from former FTX Chief Executive Officer Sam Bankman-Fried and affiliates of defunct cryptocurrency In their efforts to recover the funds, bankruptcy and exchanging lawyers are encountering resistance.

Bankman-Fried was allegedly combining assets between FTX trading company Alameda Research and its sister trading company FTX. He was then arrested and charged with several fraud counts. His Many political connections came to public attention in the weeks after his company’s bankruptcy, including the $39 million he donated to Democrats ahead of the midterms and four Meetings He was granted the White House.

FTX, currently led by John Ray III (bankruptcy lawyer), announced Sunday that it would be sending its first customers. “confidential messages to political figures, political action funds, and other recipients of contributions” According to a, the statements were made in part by former FTX executives. Press release The company was warned about legal action against entities that fail to return payments.

Previous Analysis Coindesk analyzed Federal Election Commission data and found that 196 out of 535 Senate and House members received donations from Bankman Fried and his associates last month. 33 of 53 campaigns that responded to this outlet stated they would donate the money to nonprofit causes. Rep. Greg Casar (D. Texas), who donated the contributions for an advocacy group called Fight Corporate Monopolies; and Rep. Ronny Johnson (R. TX), who donated funds to a crisis pregnancy clinic.

FTX warned “making a payment or donation to a third party,” The company could include a charity in its operations. “seeking recovery from the recipient or any subsequent transferee.” 19 of the lawmakers who replied to Coindesk’s inquiry said that they were keeping the funds in order to receive guidance on how they should return them. Five lawmakers said they had returned the money to FTX, but only five others did.

Nearly three quarters of all the individuals who received donations from Bankman Fried and his associates did not comment on Coindesk.

Many of the contributions to lawmakers were small. Nishad Singh (the former director for engineering for FTX) donated $2,900 for Nancy Pelosi’s congressional campaign, while Ryan Salame (who served as coCEO for the campaign) donated a combined $8,000.00 to Kevin McCarthy’s congressional campaign, according to the official. Data The Federal Election Commission. Friends of Schumer received $2,900 from Mark Wetjen (an ex-Washington adviser to Bankman-Fried)

The Senate Majority PAC exists to elect Democrats Announcement The group pledged $3 million to Singh and Bankman–Fried last year. Similar commitments were made last year by the Democratic National Committee, the Democratic Senatorial Campaign Committee, and the Democratic Congressional Campaign Committee.

Last month, FTX’s bankruptcy attorneys announced that they had a new team of lawyers to manage the proceedings. Recovered $5 billion worth of assets were used to repay investors and customers that had been defrauded. According to a, Bankman-Fried could be charged with conspiracy to conduct wire fraud, conspiracy in commodities fraud or conspiracy to steal securities. He also faces conspiracy money laundering and conspiracy defrauding the Federal Election Commission. Press release From the Justice Department.

The entrepreneur could spend up to 115 year in prison. Pleading not guilty and is awaiting trial from his parents’ estate in northern California.