Prosecutors Drop Campaign Finance Charge Against Bankman-Fried

Joshua Ramos
Sam Bankman-Fried Tried to Connect With FTX CEO John Ray via Mail
Source: Bloomberg

US Federal Prosecutors have officially dropped the campaign finance charges levied against former FTX CEO Sam Bankman-Fried. Indeed, the initial charge regarding potential violations that Bankman-Fried had made in regard to Federal Election campaigns.

The prosecutors tasked with pursuing Bankman-Fried’s criminal case announced that the charge would be dropped on Wednesday. However, the co-founder of now-bankrupt FTX is still facing a host of fraud charges related to the cryptocurrency exchange’s collapse.

Also Read: US Prosecutors Want Sam Bankman-Fried Jailed Ahead of Trial

Campaign Finance Charges Against Bankman-Fried are Dropped

The downfall of FTX has certainly stood out as the greatest controversy in the industry’s young history. Moreover, its demise led to a host of criminal charges levied against the executives behind the company. Now, its former CEO has seen one of those charges eliminated.

Specifically, US federal prosecutors have officially dropped campaign finance charges against FTX’s Sam Bankman-Fried. Indeed, these potential violations came alongside fraud charges issued to the former executive last year.

Source: Wall Street Journal

Following the rapid collapse of the platform, Bankman-Fried was detained in the Bahamas. Subsequently, he was then extradited from the island where he had lived to the United States. There, he was met with more than 13 criminal charges in connection with the fall of the company he co-founded.

Also Read: FTX Claims Bankman-Fried is Paying Million to Lawyers Using Stolen Funds

Prosecutors announced on Wednesday that Bahamas officials informed them the nation’s government did not intend to extradite Mr. Bankman-Fried on the specific campaign finance charge. Therefore, the prosecution has opted not to go further with the campaign contributions count amid the impending trial.

The campaign violations now being dropped can certainly be viewed as a win for Bankman-Fried. Still, the upcoming trial set to take place in October will see him defend himself against a plethora of other criminal charges.