Well, well, well, looks like Sam Bankman-Fried, a/k/a “SBF,” just can’t stay out of trouble. Federal prosecutors have announced a new indictment with not just one, not two, but four additional criminal charges for our favorite cryptocurrency kingpin. Oh, how the mighty have fallen.
It seems that from at least 2019 until November 2022, SBF corrupted the operations of the cryptocurrency companies he founded and controlled. But that’s not all, folks. He’s also been charged with conspiracy to commit bank fraud and conspiracy to operate an unlicensed money transmitter. Talk about a jack of all trades.
And let’s not forget about the laundry list of charges he was already facing, including wire fraud on customers and lenders, commodities fraud, securities fraud, money laundering, and conspiracy to defraud the United States and violate campaign finance laws. It’s like the dude just couldn’t resist breaking the law. Can you say “overachiever”?
So, what exactly did SBF do this time around? Well, according to the indictment, he “routinely tapped FTX customer assets to provide interest-free capital for his and Alameda’s private expenditures.” You know, just using other people’s money to fund his lavish lifestyle. No big deal.
And while SBF was publicly claiming that FTX operated independently from Alameda’s cryptocurrency trading and investments in other companies, the reality was quite different. It’s almost like he was trying to pull a fast one on everyone. But who could blame him? I mean, who doesn’t love a good old-fashioned Ponzi scheme?
But that’s not even the juiciest part of this new indictment. Apparently, SBF was also funneling illegal donations to political movements through straw donors. The document alleges that he “did not want to be known as a left-leaning partisan, or to have his name publicly attached to Republican candidates.” So, he conspired with others to have those contributions made in the names of FTX executives. I mean, I guess it’s one way to get your preferred candidates into office, right?
All of this, of course, has led to SBF’s highly anticipated trial, set for October 2023. It’s going to be a real nail-biter, folks. Will he be found guilty of all these charges? Will he finally face the consequences of his actions? Or will he somehow manage to weasel his way out of this one too?
Either way, one thing is for sure: SBF’s reputation has taken a serious hit. He was once the darling of the cryptocurrency world, but now he’s just another alleged criminal. It’s a shame, really. But hey, maybe he’ll be able to turn his life around and become a model citizen. Or maybe he’ll just keep on being a shady dude. Who knows?
Marine Corps Veteran-turned-national-tv-personality Eric Mitchell is a world leading expert in sports media, regularly appearing on the world’s largest outlets from BBC, MSNBC, Fox News, Bloomberg, CNN and more. His signature blend of snark and industry expertise landed him columns at none other than RollingStone, GritDaily, PopWrapped, Disrupt — and most recently — Editor in Chief at NFT Today Magazine. When he’s not making media appearances or running his empire at LifeFlip Media, he can be found entertaining his thousands of loyal followers on social media through his authentic filter-free content.