Former FTX engineer testified against SBF
In 2021 and 2022, SBF gave around $38 million to different Democratic candidates and political action committees (PACs) focused on preventing future pandemics, with a significant portion going to the Protect Our Future PAC, founded in January 2022.
SBF, accused of stealing from customers of his now-bankrupt FTX cryptocurrency exchange, has been in jail since August due to alleged witness tampering. He was recently found guilty on seven federal charges and his sentencing is scheduled for March 28.
In October 2023, Nishad Singh, a former engineer at the cryptocurrency exchange FTX, testified against SBF. During the trial related to his guilty plea for wire fraud and conspiracy to violate campaign finance laws, the testimony shed light on the alleged misuse of FTX funds. (Related: FTX founder Sam Bankman-Fried donated customer funds to Democrats, former engineer testifies.)
According to Singh, he discovered a financial deficit within FTX in September 2022. Singh revealed that SBF intended to raise additional capital and reduce expenses to address the shortfall. However, Singh claimed that customer funds were used for political donations to Democrats, exacerbating the financial deficit.
The former FTX engineer went on to disclose that he frequently allowed Guarding Against Pandemics, a political action group led by Gabriel Bankman-Fried, the brother of SBF, to use his name for donations from Alameda. A Yahoo Finance report uncovered a Signal group chat where the brothers and their political advisors directed donations in the name of Singh.
"I was a straw donor for campaign donations, knowing that the money for those donations came from customer funds," stated Singh.
These revelations also offered insights into the spending habits of SBF, as prosecutors presented a spreadsheet from March detailing $1.1 billion in FTX endorsement deals, including naming rights to the Miami Heat's arena and partnerships with notable figures such as NFL quarterback Tom Brady, model Gisele Bundchen, basketball star Stephen Curry and comedian Larry David.
Prosecutors accused him of misusing billions in FTX customer deposits, deceiving investors and instructing others at his companies to do the same. The charges include two counts of wire fraud and five conspiracy counts, potentially leading to a maximum sentence of 110 years, although sentencing guidelines might recommend less.
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Watch Martin Brodel explaining how a "close associate" of Sam Bankman-Fried tipped off authorities in the Bahamas, leading to his arrest.
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