According to the NY Post, SBF was able to defraud investors thanks to its strong ties to the Clintons, which was how Bill Clinton was involved in the FTX scandal.
Sam Bankman-Fried, the founder of FTX, gained credibility thanks to his relationship with the Clintons before his company imploded.
Bankman-Fried, also known as SBF, is charged with eight criminal offences, including conspiracy to launder money, conspiracy to defraud customers and lenders through wire fraud, conspiracy to defraud customers and lenders through commodities and security fraud, and separate conspiracy to defraud customers and lenders.
Additionally, according to the NY Post, SBF was able to defraud investors thanks to its strong ties to the Clintons.
Bill Clinton was paid north of $250,000 when he spoke at the disgraced FTX CEO’s Crypto Bahamas Conference in April, sources told The Post. At the over-the-top tropical shindig, the ex-US president along with former UK Prime Minister Tony Blair were famously photographed onstage next to Bankman-Fried, who appeared wearing shorts and a T-shirt.
Shortly thereafter, Bill and Hillary Clinton invited the 30-year-old Bankman-Fried — known as “SBF” in crypto circles — to speak at their annual Clinton Global Initiative in New York — an effective endorsement of the former FTX CEO that played a pivotal role in elevating his reputation among politicians and deep-pocketed investors alike, insiders told The Post.-NY POST
SBF’s photo was shown on the Clinton Foundation website with famous people including Matt Damon, Gavin Newsom, Melinda French-Gates, and Larry Fink to promote the event.
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People close to the Clintons claim it was a typical quid pro quo arrangement between the Democratic power couple and SBF, in which up-and-coming corporate executives benefit from riding the Clintons’ coattails in exchange for credibility, and the Clintons then receive payment.
“The Clintons’ involvement gave SBF some air cover,” said one former confidante in a statement to the Post.
The Clintons haven’t responded to criticism that Bill Clinton’s $250,000 speaking fee is “unseemly” given that thousands of investors have lost their retirement funds and savings in the crash, but many politicians have returned donations from SBF and other FTX executives.
“I don’t think every public figure has to give back every dollar from every tarnished source, but it’s obviously wrong to hold onto money the orchestrator of a Ponzi scheme paid you to lend their grift credibility,” said Jeff Houser, director of progressive corruption watchdog, the Revolving Door Project.
“They should just apologize and give the money back now,” another insider told the Post, adding “It’s only going to get messier.“