Sam Bankman-Fried Sued Before FEC For Secret GOP Donations

A campaign finance watchdog has accused Sam Bankman-Fried, the ex-CEO of FTX, of flouting federal election law by using dark money groups to conceal millions in campaign donations to Republicans during the 2022 primary campaign, Molly Redden reported for HuffPost.

Photo Insert: Bond and boyfriend, Ryan Salame, with Eric Trump

Bankman-Fried was the CEO of the massive cryptocurrency exchange FTX until November when the company abruptly imploded and filed for bankruptcy.

Multiple U.S. regulatory agencies are now investigating Bankman-Fried, 30, who presented himself as a grown-up in the unregulated cryptocurrency world, and the claims that his companies misused billions in customers’ money.

In a complaint to the Federal Election Commission (FEC), Citizens for Responsibility and Ethics in Washington (CREW) cited a November interview between Bankman-Fried and YouTuber Tiffany Fong, in which Bankman-Fried claimed to be “the second or third biggest Republican donor this year.”

Bankman-Fried is widely known to have donated roughly $37 million to Democratic candidates in 2022. But in the interview, he claimed to have donated “about the same amount” to Republicans.

He said he did it anonymously because he anticipated a backlash if his ties to the GOP became public. He apparently hid these donations by contributing to dark money groups that can spend unlimited money to influence elections and are not required under federal law to disclose the names of their donors.

And he was not alone. His FTX co-CEO, Ryan Salame, was one of the top 10 donors to Republican candidates this cycle, giving more than $23 million.

If Bankman-Fried secretly funneled money to Republicans, it would appear to fit a broader business strategy of making serious inroads with both parties to improve the company’s relationships in Washington.

Salame spent at least $1 million trying to launch the political career of his girlfriend, Michelle Bond, the head of a D.C.-based cryptocurrency trade association.

Bond also ran for an open congressional seat in New York’s 1st District. Salame spent $750,000 supporting Bond through a super PAC he created, the Stand for New York Committee and donated $250,000 to VIEW PAC, a group that helps elect Republican women.

The donation instantly made Salame one of VIEW PAC’s top donors in the 2022 midterms; VIEW PAC endorsed Bond just a few weeks later.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic