The founder of bankrupt cryptocurrency firm FTX.com Sam Bankman-Fried (SBF) has received another four criminal charges in a superseding indictment filed in New York federal court Thursday.
See related article: Former FTX executive Nishad Singh negotiating guilty plea on fraud charges: Bloomberg
- SBF has already pleaded not guilty to eight criminal charges related to defrauding his customers and investors. The latest accusations would bring total charges he faces to 12.
- The latest charges from prosecutors provide new details on how Bankman-Fried allegedly conspired to make illegal political donations and to commit bank fraud.
- According to the indictment, Bankman-Fried conspired with two other former FTX executives to donate millions of dollars in an attempt to purchase influence over cryptocurrency regulation in Washington D.C. to benefit his own company.
- Bankman-Fried and FTX’s donations were allegedly made through “straw” donors or with corporate funds, to evade campaign finance laws and contribution limits, added prosecutors.
- The founder previously pleaded not guilty to claiming that he used customer deposits at FTX to fund Alameda Research, buy property and make illegal campaign finance donations.
- Bankman-Fried was released after his arrest on a US$250 million bail in December, with his trial date set for Oct. 2. He faces more than 100 years in prison if convicted, with CNBC reporting that his latest charges could add another 40 years if convicted.
See related article: Judge says Bankman-Fried could ‘conceivably’ have bail revoked: CNN