Prosecutors No Longer Pursuing Campaign Finance Charge Against SBF

2023-7-28 01:30

Troubled FTX founder Sam Bankman-Fried got a modest bit of relief Thursday afternoon. The news broke that federal prosecutors have dropped one of the lesser counts against the crypto entrepreneur. He will no longer faces charges of violating campaign finance laws when his case goes to trial in the fall.

The campaign finance charge was the eighth count in the original indictment of Bankman-Fried. It is null and void thanks to a letter that US Attorney Damian Williams sent to Judge Lewis Kaplan of the Southern District of New York on Wednesday.

Prosecutors Drop Campaign Finance Allegation

In the letter, Williams explained that his office had received notification from the government of the Bahamas, where police arrested Bankman-Fried in December, that campaign contributions were not among the grounds for his extradition to the United States.

“Accordingly, in keeping with its treaty obligations to The Bahamas, the Government does not intend to proceed to trial on the campaign contributions count,” Williams continued.

It was a rare bit of grace from a prosecutor who, in a press conference earlier this month, boasted about how tough his office is on crypto-related fraud. Williams stated:

“The Southern District of New York has always been on the cutting edge of catching and prosecuting criminals . . . who use new technologies to commit old-fashioned fraud. . . . SDNY is watching, and we’re determined to follow the digital fingerprints to bring fraudsters to justice.”

While clearly a victory for Bankman-Fried, the significance of this latest twist in his legal saga may be modest.

For most prosecutors campaign finance violations are not high on the list of actionable compliance failures. Source: Statista SBF’s Legal Woes Persist

Government lawyers have called for Bankman-Fried’s pre-trial detention, applying a standard to which other former CEOs facing prosecution have been curiously exempt.

Whatever the outcome of that request, the defendant is subject to a far-reaching gag order. It blocks him from communicating with the media about his case.

In the court of public opinion, Bankman-Fried continues to be highly controversial. Some may have thought that here was a garden-variety case of fraud. However, the legal saga took a turn for the bizarre last week. Reports emerged that the defendant’s brother, Gabe Bankman-Fried, wanted to buy a Pacific island with funds from FTX.

The idea was reportedly to have a refuge in the event of a global cataclysm. Namely, a pandemic or a conflict with Russia and/or China.

This would have been a questionable proposal on several grounds. The island of Nauru has more than its share of economic and social problems. It is broke and bereft of exportable resources since its reserves of lime phosphate ran out. Although the island is exploring new revenue streams.

Given Nauru’s circumstances, it is unclear how long one could hold out in a bunker there in the midst of some kind of global meltdown. Nauruans rely largely on canned goods from Australia and other exporting nations. So, how would fresh supplies ever get to a bunker on a remote island cut off from the world?

Moreover, a Nauru spokesperson confirmed to CNBC that the island is not on the market.

The post Prosecutors No Longer Pursuing Campaign Finance Charge Against SBF appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Wish Finance (WSH) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 WSH

campaign finance sbf prosecutors charge against longer

campaign finance → Результатов: 47


Mark Cuban Advocates for DeFi’s Role in Shaping the Future of Banking

Mark Cuban, the billionaire and cryptocurrency enthusiast has continued his campaign to supports cryptocurrencies in whatever way he can. As the Dallas Mavericks owner is wont to do, he once again propper up decentralized finance (DeFi) as a viable alternative to the traditional global banking system, Convenience Wins Every Time Earlier this week, Cuban went […] The post Mark Cuban Advocates for DeFi’s Role in Shaping the Future of Banking first appeared on BitcoinExchangeGuide.

2021-9-24 19:32


Litecoin Foundation launches crowdfunding campaign to develop confidential transactions for LTC

The Litecoin Foundation has announced the creation of a dedicated fund to support the ongoing development of privacy features for Litecoin and is calling for community members to donate. On Tuesday, the Singapore-based non-profit said on LitecoinTalk the fund will finance the efforts of David Burkett, the Grin developer currently working to bring confidential transactions to […] The post Litecoin Foundation launches crowdfunding campaign to develop confidential transactions for LTC appeared first on CryptoSlate.

2019-12-4 07:30


Surprise, Surprise! Emerging Campaign Finance Scandal Reveals That Self-Righteous AOC Isn’t As Clean As She Says

Rookie U. S. Congresswoman Alexandria Ocasio-Cortez has been dragged into an emerging campaign finance scandal that could potentially compromise her carefully crafted reputation as the ‘people’s candidate,’ as well as call her political platform into question just three months after the 2018 midterm elections that saw her become the youngest-ever female member of Congress.

2019-3-5 05:24


Фото:

Stackr: The Dawn of a Digital Asset Savings Solution - [BTC Media Sponsor]

Financial savings have long been the foundation of wealth and asset building. However, we are now in a time when the growing obsolescence of financial institutions has forced certain technologies out of date, created high fees, revealed structural inefficiencies and, ultimately, meant that some standard investment solutions now fail to place consumer needs first.

2018-10-6 16:37


Фото:

Russian Intelligence Officers Face Criminal Charges after Using Bitcoin to Infiltrate Hillary Clinton’s Election

On July 13, 2018, an 11-count federal indictment was filed against twelve Russian military intelligence officers allegedly infiltrating Hillary Clinton’s presidential campaign in 2016. The accused used cryptocurrencies to finance their operations and avoid the strict financial scrutiny that accompanies fiat operations.

2018-7-14 21:30