{"id":1773793,"date":"2022-12-13T11:48:25","date_gmt":"2022-12-13T16:48:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1773793"},"modified":"2022-12-13T11:48:30","modified_gmt":"2022-12-13T16:48:30","slug":"officials-charge-sam-bankman-fried-of-using-customer-funds-for-lavish-real-estate-and-large-political-donations","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/officials-charge-sam-bankman-fried-of-using-customer-funds-for-lavish-real-estate-and-large-political-donations\/","title":{"rendered":"Officials Charge Sam Bankman-Fried Of Using Customer Funds For \u2018Lavish Real Estate\u2019 And \u2018Large Political Donations\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fofficials-charge-sam-bankman-fried-of-using-customer-funds-for-lavish-real-estate-and-large-political-donations%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1773793&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/sam-bankman-fried\" target=\"_blank\" rel=\"noopener\">Sam Bankman-Fried<\/a> has been charged by the <a href=\"https:\/\/www.dailywire.com\/topic\/securities-and-exchange-commission\" target=\"_blank\" rel=\"noopener\">Securities and Exchange Commission<\/a> with leading a scheme meant to defraud investors who funded <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> exchange FTX.<\/p>\n<p>FTX recently filed for <a href=\"https:\/\/www.dailywire.com\/news\/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes\" target=\"_blank\" rel=\"noopener\">bankruptcy<\/a> after users discovered that the platform was likely fraudulently intertwined with the firm Alameda Research; both were controlled by Bankman-Fried and an insular group of amateur executives working from a luxury penthouse in the Bahamas. The disgraced entrepreneur was <a href=\"https:\/\/www.dailywire.com\/news\/breaking-democrat-megadonor-sam-bankman-fried-arrested-in-bahamas-faces-criminal-charges-in-u-s\" target=\"_blank\" rel=\"noopener\">arrested<\/a> on Monday by authorities in the island nation, where his companies were headquartered, under the expectation that American officials would soon request his extradition.<\/p>\n<p>Bankman-Fried has been charged by the SEC with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. \u201cWe allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,\u201d SEC Chair Gary Gensler remarked in a <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-219\" target=\"_blank\" rel=\"noopener\">press release<\/a>. \u201cThe alleged fraud committed by Mr. Bankman-Fried is a clarion call to crypto platforms that they need to come into compliance with our laws. Compliance protects both those who invest on and those who invest in crypto platforms with time-tested safeguards, such as properly protecting customer funds and separating conflicting lines of business.\u201d<\/p>\n<p>Bankman-Fried has insisted during multiple <a href=\"https:\/\/www.dailywire.com\/news\/sam-bankman-fried-denies-wrongdoing-in-ftx-implosion-during-live-streamed-new-york-times-interview\" target=\"_blank\" rel=\"noopener\">media interviews<\/a> that his companies\u2019 failure was due to ineptitude rather than overt criminal behavior.<\/p>\n<p>The agency\u2019s complaint, however, asserted that Bankman-Fried defrauded more than $1.8 billion from investors, with most of the funding sourced from American citizens, while touting FTX as a \u201csafe\u201d and \u201cresponsible\u201d platform even as he provided Alameda Research with a virtually unlimited line of credit funded by the company\u2019s customers. The complaint also alleges that he used commingled funds to make \u201cundisclosed venture investments, lavish real estate purchases, and large political donations.\u201d<\/p>\n<p>Bankman-Fried <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx\" target=\"_blank\" rel=\"noopener\">contributed<\/a> roughly $39 million to Democratic nominees during the recent midterm election cycle, according to <a href=\"https:\/\/www.opensecrets.org\/outside-spending\/top_donors\/2022?disp=D&#038;type=V&#038;superonly=N\" target=\"_blank\" rel=\"noopener\">data<\/a> from Open Secrets, which ranked him as the country\u2019s sixth-largest individual midterm donor. He said that he contributed \u201cabout the same amount\u201d to Republicans through dark money in a recent <a href=\"https:\/\/www.dailywire.com\/news\/i-dont-even-know-how-to-code-mit-grad-and-now-broke-crypto-ceo-sam-bankman-fried-tells-niche-vlogger\" target=\"_blank\" rel=\"noopener\">interview<\/a>. The self-proclaimed \u201ceffective altruist\u201d also <a href=\"https:\/\/www.dailywire.com\/news\/left-of-center-media-accepted-millions-from-democrat-donor-and-disgraced-crypto-wunderkind-sam-bankman-fried\" target=\"_blank\" rel=\"noopener\">gave<\/a> millions of dollars to media outlets and <a href=\"https:\/\/www.dailywire.com\/news\/sam-bankman-fried-secretly-helped-crypto-news-outlet-ceo-buy-apartment-in-the-bahamas\" target=\"_blank\" rel=\"noopener\">provided loans<\/a> to the chief executive of cryptocurrency publication The Block.<\/p>\n<p>The Commodity Futures Trading Commission and the U.S. Attorney\u2019s Office for the Southern District of New York have likewise announced charges against Bankman-Fried.<\/p>\n<p>The would-be digital asset wunderkind has <a href=\"https:\/\/www.dailywire.com\/news\/sam-bankman-fried-worried-about-arrest-but-would-give-anything-to-start-another-business\" target=\"_blank\" rel=\"noopener\">said<\/a> that he would \u201cgive anything\u201d to start a new venture and earn the funds necessary to compensate investors and customers. Officials at the SEC nevertheless intend to bar him from participating in the issuance, purchase, offer, or sale of any securities, except for his own personal account.<\/p>\n<p>Lawmakers have called for additional regulations on the nascent cryptocurrency sector, in which investors have lost a significant <a href=\"https:\/\/www.dailywire.com\/news\/investors-much-more-skeptical-of-crypto-after-brutal-bear-market-ftx-collapse\" target=\"_blank\" rel=\"noopener\">degree of trust<\/a> following the FTX collapse. Members of the Senate Agriculture Committee recently <a href=\"https:\/\/www.dailywire.com\/news\/top-commodities-regulator-tells-senators-he-met-with-sam-bankman-fried-10-times\" target=\"_blank\" rel=\"noopener\">held a hearing<\/a> with Commodity Futures Trading Commission Chairman Rostin Behnam on increasing federal oversight of the industry.<\/p>\n<p>Current FTX CEO John Ray III, an attorney who succeeded Bankman-Fried to handle the company\u2019s bankruptcy, confirmed in a <a href=\"https:\/\/www.dailywire.com\/news\/lawyer-overseeing-ftx-fallout-never-in-my-career-have-i-seen-such-a-complete-failure\" target=\"_blank\" rel=\"noopener\">court filing<\/a> that the young executives managing the firm were entirely unqualified. \u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,\u201d said the lawyer, who previously oversaw the implosion of fraudulent energy company Enron.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sam Bankman-Fried has been charged by the Securities and Exchange Commission with leading a scheme meant to defraud investors who funded cryptocurrency exchange FTX. FTX recently filed for bankruptcy after users discovered that the platform was likely fraudulently intertwined with the firm Alameda Research; both were controlled by Bankman-Fried and an insular group of amateur &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1742695,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[8568,7176,4170,8566,6202,4303,8567,4543,5624,3638,3753,5001,6912,6195],"class_list":["post-1773793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-lavish","tag-bankman-fried","tag-charge","tag-customer","tag-daily","tag-donations","tag-estate","tag-funds","tag-large","tag-officials","tag-political","tag-real","tag-sam","tag-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1773793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1773793"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1773793\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1742695"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1773793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1773793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1773793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}