Sam Bankman Fried Funded 90% Campaign Legal Center’s Political Arm
- Sam Bankman Fried, the embattled “crypto-king”, spent his fortune on a variety causes.
- One of those was Campaign Legal Center’s political arm, which is a prominent DC watchdog.
- Insider has learned from Bankman-Fried that his donations funded more than 90% in the political arm’s budget for 2021.
In 2021, Sam Bankman-Fried, a crypto-financier in trouble, almost funded the Washington ethics organization’s political arm.
According to a spokesperson for Campaign Legal Center, Bankman-Fried donated $760,000 in 2021 to the Campaign Legal Center’s Action Fund. Insider has received tax filings confirming that Bankman-Fried donated more than 95% and 94% respectively of CLC Action’s revenues for that year.
Insider previously reportedBankman-Fried gave more than $2.5 million to Campaign Legal Center and its affiliates since 2021. The $760,000 donation was one part of two major pledges that he made to CLC Action. Another was a $300,000.000 gift in 2022.
Bankman-Fried’s extravagant spending helped to support CLC Action (a 501 C(4) “social welfare organisation” or, more simply, the ethics watchdog’s tax exempt charitable arm). The Campaign Legal Center filed several prominent lawsuits under its action group in 2021. One of those suits was filed by Gabrielle Giffords, former congresswoman and gun violence group founder. It alleged that the National Rifle Association participated in a scheme to finance campaign financing worth tens of million of dollars.
Since the Securities and Exchange Commission, the public has been more vigilant about Bankman-Fried’s substantial donations. indicted him for defrauding investors in FTXBankman-Fried cofounded, a cryptocurrency platform. His donations touched every aspect of the world. political campaignsTo media organizations nonprofits around the world. Bankman-Fried faces multiple charges related to campaign finance violations.
FTX and Bankman Fried’s influence grew so quickly that FTX reportedly signed a $135 million agreementto secure the naming right to the NBA’s Miami Heat. Fortune Magazine asked: Would Bankman Fried? be the “The Next Warren Buffett?”
Insider was initially told by the Campaign Legal Center that it couldn’t return the money Bankman Fried donated because it had already been spent. Brendan Quinn was a spokesperson for the group and later reversed its position. told The New York TimesThe $2.5 million was placed in a separate account “until instructions from bankruptcy courts are received.”
Quinn referred Insider on Thursday to the organization’s previous statement, which decried Bankman Fried’s alleged conduct.
Quinn stated that while we cannot change the past, we can make the future better. “CLC will continue its decades-long work to ensure that every eligible voter can take part in and influence the democratic process.
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