Sam Bankman-Fried may have thought fraudulent political donations could save him from the consequences of his crimes. As he found out, that wasn’t a smart bet, DavidZMorris writes. Opinion for 'The Node' newsletter
The documents detail Bankman-Fried’s various false public statements about FTX’s risk management and custodial practices, which support both the investment and wire fraud allegations. Sam was certainly of the “go big or go home” school of fraud: He stated in front of no less than the U.S. Senate that"as a general principle FTX segregates customer assets from its own assets across our platforms," even as he was secretly funneling customer deposits off the platform for FTX’s own uses .
The most significant new charges address, in the words of the Southern District of New York, Bankman-Fried’s “unlawful political influence campaign, which involved flooding the political system with tens of millions of dollars in illegal contributions to both Democrats and Republicans made in the names of others in order to obscure the true source of the money and evade federal election law.”It might not be obvious, but this is a big, big deal. U.S.
The foolishness of whatever plan was bonging around Bankman-Fried’s blissfully book-free skull was obvious to at least some inside the operation. Bothand the new charging documents describe Alameda CEO Caroline Ellison as essentially relieved when it all came crashing down. Bankman-Fried’s obliviousness to the inevitable consequences of his actions also invites a review of evidence that stimulants were widely used and abused within FTX’s top ranks. That includes a seemingly direct confirmation, posted by Caroline Ellison on Twitter:
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