6/26/2023
ttps://time.com/6241262/sam-bankman-fried-political-donations/
Just add an ‘h’ to review the above.
Disgraced FTX co-founder Sam Bankman-Fried faces a litany of charges tied to the collapse of his cryptocurrency exchange. But along with being an outsized figure in crypto, Bankman-Fried (nicknamed SBF) is also one of the largest political donors in American politics, and has been accused of violating campaign finance laws as part of a scheme to illegally funnel millions of dollars to candidates and political action groups ahead of the 2022 midterm elections.
Did all of the politicians return the money that belonged to other people in the fund?
I bet they didn’t.
Former FTX CEO Sam Bankman-Fried was marched out of court in the Bahamas after a judge there denied him bail and remanded him to the medical unit of HMP Fox Hill, where he’ll be jailed until Feb. 8, 2023.
Bankman-Fried has been charged in the U.S. over multiple counts of fraud and conspiracy, and faces charges from the SEC and the CFTC as well.
(Wonder why he thought he could do this?)
(A lot of money was lost by a lot of people.)
(And then – there were others as noted below?)
Kendall Jenner’s 818 Tequila Takes Center Stage in $700 Million FTX Cryptocurrency Exchange Lawsuit
Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange leaves Federal Court following arraignment on additional charges on Thursday, March 30, 2023 in New York City, USA. Fried is facing 13 charges ranging from conspiracy to commit wire fraud, money laundering to fraud with additional charges of conspiracy to bribe foreign officials.
Nearly a year after its highly-publicized collapse, the FTX cryptocurrency exchange has been embroiled in a $700 million lawsuit that includes a former Clinton aide and Kendall Jenner’s 818 Tequila.
On Thursday, FTX filed a lawsuit against former Clinton aide Michael Kives and his investment firm K5 Global. The gist of the lawsuit contends that FTX, under former CEO Sam Bankman-Fried, fraudulently invested funds into Kives’ businesses in an attempt to secure funding and facilitate high-profile celebrity connections.
Kives has been described by the New York Times as a “super connector.” His massive array of acquaintances and business partners includes the likes of Katy Perry, Orlando Bloom, Bill Clinton, Leonardo DiCaprio, Olivia Wilde, Kris Jenner and more.
FTX, now under the leadership of John J. Ray III, is seeking recompensation for a number of poorly thought-out investments that enriched Kives and his business partners at the expense of FTX customers.
A major claim in the lawsuit alleges that a Bankman-Fried-controlled shell company invested $214 million of FTX funds to buy a stake in Kendall Jenner’s 818 Tequila. Though 818 has gone on to resounding success, the tequila company’s assets were reportedly valued at only $2.94 million at the time of the investment.
In total, the lawsuit claims that Bankman-Fried authorized the transfer of $700 million to K5 entities in 2022.
K5 denies the accusations.
“K5 was under the impression – like many others – that SBF was completely legitimate, and that they were entering into a fair, long-term, and mutually beneficial business relationship,” said spokeswoman Elizabeth Ashford in an email.
The lawsuit represents the latest development in a long-unwinding saga centered around the enigmatic Sam Bankman-Fried (often shortened to SBF). Bankman-Fried has pled not guilty to all charges alleging the defrauding of FTX customers and is currently living with his parents in Palo Alto, California after posting $250 million bond.
K5 denies the accusations.
“K5 was under the impression – like many others – that SBF was completely legitimate, and that they were entering into a fair, long-term, and mutually beneficial business relationship,” said spokeswoman Elizabeth Ashford in an email.
The lawsuit represents the latest development in a long-unwinding saga centered around the enigmatic Sam Bankman-Fried (often shortened to SBF). Bankman-Fried has pled not guilty to all charges alleging the defrauding of FTX customers and is currently living with his parents in Palo Alto, California after posting $250 million bond.
kommonsentsjane
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