Bankman-Fried is further alleged to have made illegal campaign contributions to many Democratic and some Republican politicians in an attempt to wield influence over cryptocurrency regulations.
Former Associates to Testify against Bankman-Fried
The prosecutors contend that Bankman-Fried executed this alleged scheme from 2019 until FTX’s catastrophic collapse in November 2022. The defendant vehemently denies these allegations.
Notably, four top lieutenants of Bankman-Fried’s company, including Gary Wang, another FTX co-founder, who crossed paths with Bankman-Fried at a math camp, have pleaded guilty to similar charges. Three of them have struck agreements with prosecutors to testify against him.
Sam Bankman-Fried now faces seven criminal charges, including money laundering and securities fraud. If convicted on all counts, the 31-year-old could potentially face a life sentence.
In a controversial turn of events, Bankman-Fried found himself under scrutiny in August, accused twice by prosecutors of attempting to influence witnesses. He also faced accusations of leaking excerpts from Ellison’s private diaries to the New York Times, a move that was perceived as an attempt to influence public opinion and cast a shadow over Ellison.
