Prosecutors have also removed a charge that Sam Bankman-Fried, a co-founder of FTX violated campaign finance rules.
According to court documents on the docket last week, “The defendant’s use of customer deposits to conduct a political influence campaign was part of the wire fraud scheme charged in the original indictment. And as part of the originally charged money laundering scheme, the defendant also concealed the source of his fraudulent proceeds through political straw donations,”
In a letter to the court last month, the prosecution stated that it intended to dismiss the one accusation of conspiracy to make illegal campaign contributions against Bankman-Fried. Five further charges against Bankman-Fried that were not part of his extradition from the Bahamas were chosen by the prosecution in June to be dropped. The letter to Kaplan in U.S. District Court in Manhattan, prosecutors wrote, “The Government has been informed that The Bahamas notified the United States earlier today that The Bahamas did not intend to extradite the defendant on the campaign contributions count.” With respect to the treaty obligation in the Bahamas, the government does not intend to proceed to trial on the campaign contributions count.”
Last week, attorneys for the government informed U.S. District Judge Lewis Kaplan that a fresh indictment would “make clear that Mr. Bankman-Fried remains charged with conducting an illegal campaign finance scheme as part of the fraud and money laundering schemes originally charged.”
Sam Bankman-Fried still faces seven counts of wire, money laundering and securities fraud charges.
Gary Wang, Nishad Singh, and Caroline Ellison have all entered guilty pleas to federal charges. They are aiding in the prosecution of Bankman-Fried by the government, who is scheduled to go on trial later in the year.
On Friday, a judge sided with prosecutors and revoked the bail of former CEO and founder of FTX Sam Bankman-Fried. The prosecutors had filed for revoking of bail as they alleged that he had tampered with witnesses, during his house arrest at his parents’ home in Palo Alto, California. Sam Bankman-Fried will be remanded to custody, straight from the court hearing in New York. He will remain in jail till October 2, the day when his criminal trial is scheduled to begin.
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