Sam Bankman-Fried, former CEO of FTX, is accused of paying $40 million in bribes to Chinese officials.
Out on $250 million bail, and already facing numerous charges following the high-profile bankruptcy of crypto exchange FTX, Sam Bankman-Fried, former CEO and co-founder of FTX, is now accused of paying bribes to Chinese officials.
The goal was to gain access to assets frozen by the Chinese government, U.S. authorities said in a document posted online Tuesday.
Manhattan U.S. Attorney Damian Williams’ office added the bribery charge to the existing charges against “SBF,” whose trial is scheduled to begin in the fall. Indeed, Mr. Bankman-Fried had the funds transferred in 2021 to get Chinese authorities to hand over more than $1 billion in cryptocurrencies housed in accounts in the name of Alameda, his investment company.
Already facing charges of wire fraud, securities fraud, conspiracy to commit fraud, money laundering, or political donation fraud, the former FTX CEO will now face these 13 new charges in U.S. court.
Among the new charges, SBF is further charged with conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act.
Sam Bankman-Fried was already facing 115 years in prison for the charges already brought against him, so a sentence that could be significantly increased if he is found guilty of paying bribes to corrupt Chinese officials.
The trial of the former FTX CEO is scheduled for October 2023, Sam Bankman-Fried has decided to plead not guilty despite the numerous charges against him.