Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
USA

FTX is trying to get back Sam Bankman-Fried’s political donations

FTX seeks to recover millions of dollars donated by Sam Bankman-Fried and his close associates to US politicians. This is to help pay back creditors following accusations that donations were funded with customer money.

The company’s new management said it was “approached by a number of recipients of donations or other payments” seeking to return money received from Bankman-Fried, his company or senior executives. . FTX said it has set up a process to accept refunds and will take legal action to recover any cash that has not been refunded.

“Unless such payments are voluntarily returned, FTX’s debtor intends to commence a lawsuit in bankruptcy court demanding the return of such payments and interest accrues from the date the lawsuit is commenced. ‘, the company said.

Bankman-Fried, along with FTX’s U.S. division and other management, $70 million for US politicians Fundraising groups in the 2021-22 election cycle, according to an analysis of public records by the Financial Times. In the recent midterm elections, he was his second-largest supporter in the Democratic-leaning group as he lobbied Congress and U.S. regulators on cryptocurrency regulation.

Ryan Salame, CEO of FTX in the Bahamas, donated about $24 million, mostly to Republican groups.

Bankman-Fried stepped down as FTX’s chief executive in November, and the company found itself in Chapter 11 bankruptcy in Delaware. Since then, the cryptocurrency exchange has been run by veteran bankruptcy practitioner John Ray III, who set out to protect his assets.

Bankman-Fried was arrested in Nassau last week, indicted by federal prosecutors in New York and faces extradition to the United States. In the allegations, the DOJ said his Bankman-Fried, 30, violated campaign finance laws, including banning the use of third parties to funnel money to candidates beyond the donation cap. claimed to have done so.

Bankman-Fried denies wrongdoing.

In a separate lawsuit, the U.S. Securities and Exchange Commission charged it with civil fraud, including misappropriating customers’ money to fund donations.

Wall Street regulators said, “From the beginning, Bankman-Fried improperly diverted client assets to Alameda Research, a privately held cryptocurrency hedge fund, and then used those client funds to conduct non-disclosure. He made public venture investments, lavish real estate purchases and large political contributions.” in court filings last week.

Several US politicians have said they will donate money they receive from FTX or Bankman-Fried to charity. However, the company warned that it would try to get these funds back, including by pursuing the organizations that received the donations.

“Please note that the Recipient will pay or donate the amount of the payment to a third party (including charitable organizations). [FTX] No recovery may be sought from the recipient or any subsequent transferee,” the company said.

FTX has asked those who have received donations to contact the company for voluntary repayments. By requesting a refund, FTX seeks to avoid potentially onerous legal proceedings that force the recipient to return the funds.

https://www.ft.com/content/f3ce4177-470e-408d-9c6b-7bafe6927927 FTX is trying to get back Sam Bankman-Fried’s political donations

Back to top button