Former FTX CEO Sam Bankman-Fried To Face Four New Criminal Charges: Report

Last year, FTX declared bankruptcy, making it impossible for many consumers to withdraw their money. Bankman-Fried now faces a total of 12 criminal charges

In the latest charges, prosecutors claimed that Bankman-Fried and two other former FTX executives planned to donate tens of millions of dollars to sway US lawmakers into passing laws that would benefit the company.

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Former CEO of collapsed crypto exchange FTX Sam Bankman-Fried has been slapped with four new criminal charges accusing him of conspiring to make illegal political donations and to commit bank fraud, according to a BBC report. The report adds that Bankman-Fried has already pleaded not guilty to defrauding customers and investors.

Last year, FTX declared bankruptcy, making it impossible for many consumers to withdraw their money. Bankman-Fried now faces a total of 12 criminal charges, the report said. 

In the latest charges, prosecutors claimed that Bankman-Fried and two other former FTX executives planned to donate tens of millions of dollars to sway US lawmakers into passing laws that would benefit the company, the report added. 

Prosecutors claim that the donations were made using corporate funds or "straw" donors, which allowed Bankman-Fried to exceed contribution restrictions.

They asserted that Bankman-Fried instructed one executive to support Republicans while instructing the other to support Democrats, with many of these donations coming from his Alameda Research hedge fund, which also included money from FTX customers.

In response to allegations that he used FTX customer deposits to support Alameda Research, purchase real estate, and give to political campaigns, Bankman-Fried has already entered a not-guilty plea, the report said.

In December, after his arrest, Bankman-Fried was freed after posting a $250 million (£208 million) bail. But if found guilty, he could spend more than a century in jail. The trial date was scheduled for October 2. 

FTX filed for bankruptcy in November last year. It left about 9 million customers and investors in the company facing unimaginable losses of billions of dollars. 

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