FTX Skirted Campaign Finance Laws To Funnel Stolen Customer Funds to Democrats.

Executives at the bankrupt crypto-exchange and hedge fund FTX used employees as straw donors to funnel stolen customer money to Democrat political campaigns in 2022. The revelations come from testimony from Nishad Singh, the company’s director of engineering, at the trial of FTX founder Sam Bankman-Fried on Monday.

According to Singh, he acted as a straw donor under the direction of Ryan Salame, another FTX executive. Salame would access Singh’s bank account and direct funds to be sent to a political candidate. Singh would then approve the transaction after Salame notified him through an encrypted messaging app.

“My role was to click a button,” he told the court.

Singh, FTX’s second biggest political donor, handled contributions to Democrats, contributing $418,500 to left-wing candidates and committees – including a $36,500 contribution to the Democratic Senatorial Campaign Committee. Since 2020, Singh has contributed just under $10 million – mostly to Democrats.

Singh’s donations to Democrat candidates, however, weren’t coming out of his own pocket. “It was useful for my name to be associated with some donations, even if the end recipient understood they were really coming from something else,” Singh testified. Instead, Singh’s bank account received regular deposits from Alameda Research – FTX’s ‘in house’ trading firm. The money Alameda deposited came directly from customer accounts with FTX.

FTX executive Ryan Salame has already pled guilty for his roll in the campaign finance scheme.

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About That Time SBF Accidentally Gave Beto O’Rourke $1 Million In Stolen Customer Funds…

Tyler Durden's Photo

by Tyler Durden

On Monday, former FTX engineering chief Nishad Singh testified that FTX had used stolen customer money from Alameda Research to make political donations, even after learning it owed $13 billion to customers. In short, Sam Bankman-Fried was using customer funds to make political donations to Democrats, according to Singh’s testimony.

One of those Democrats was failed Texas gubernatorial candidate Beto O’Rourke, who in November of last year reported returning a $1 million donation from SBF just four days before the November election because he was ‘uncomfortable receiving such a large, unsolicited donation.’

In truth, the adderall-addicted SBF (or one of his employees) fat-fingered what was supposed to be a $100,000 donation, and instead ended up being $1 million.

In January, the Washington Free Beacon reported that O’Rourke kept the $100,000.

As journalist Molly White (@molly0xFFF), who has provided amazing SBF trial coverage, noted on Tuesday via “X,” they FTX was able to get $900,000 back “through the application of social, political, and legal pressure,” according to SBF adviser Keenan Lantz, a top executive at “Guarding Against Pandemics” who helped handle paperwork for political donations and other operational matters.

They’ll hang onto it until 11/4 – at which point the refund won’t be reported until January,” Lantz added.

…which brings up an interesting question posed by Twitter user Matt Beebe, who noted that O’Rourke’s fraud – secretly agreeing to hold the funds until November 4, allowed them to lie about how much money the campaign had raised headed into the election.

Note that O’Rourke bragged about raising $25.18 million in the latest period vs. Greg Abbott (R), who had raised ‘nearly $25 million.’

Some have even suggested it was money laundering.