Sam Bankman-Fried is the disgraced CEO of FTX. His mismanagement cost many their entire life savings. And those who took over the company have been trying to clean up the mess – not an easy task considering the amount of negligence within the record keeping.
The FTX founder (who is also a super donor to the Democratic Party) is dealing with a long list of charges including campaign finance law violations, money laundering, fraud, and conspiracy.
Bankman-Fried had the audacity to plead not guilty to all of these charges. And his lawyers have even been arguing with the federal court in Manhattan, stating that some of the charges aren’t stating an offense properly.
Bankman-Fried and his team of lawyers are actually asking for 10 of the 13 charges against him to be dismissed. Poof. Gone. As if nothing ever happened. Can you believe that they actually have the nerve to ask such a thing?
FTX basically collapsed in November of last year because Bankman-Fried told investors how there was going to be an $8 billion shortfall as a result of withdrawal requests. FTX filed for bankruptcy, and shortly after, Bankman-Fried was arrested (while he was chilling in the Bahamas).
And as if the charges aren’t bad enough, the DOJ has even indicted the FTX founder on charges where he paid over $40 million in bribes to at least one (probably more) Chinese government official.
FTX has recovered over $7 billion in assets, no thanks to anything that Bankman-Fried has done for the company. And it’s likely that FTX will be rebooting themselves again – though its disgraced founder will no longer be a part of any of it.
Bankman-Fried will be standing trial in October. With all that he’s donated to the Democrats, we’re likely to see most of these charges simply disappear. How’s that for a broken justice system?
