New York, Monday, November 04, 2024-The US government is pursuing the return of up to $13.25 million in political donations tied to former FTX executives Sam Bankman-Fried and Nishad Singh, according to a recent federal court filing.
US Government memo can be seen here.
The request comes as the government negotiates with several political action committees (PACs) aligned with the Democratic Party, including the Senate Majority PAC and Emily’s List/Women Vote.
Judge Lewis Kaplan approved the government’s request to extend negotiations until January 15, allowing time to discuss the forfeitability of the funds received by these entities.
Bankman-Fried and Singh allegedly directed the donations, with Singh signing blank checks at Bankman-Fried’s request. Singh was recently sentenced to time served and three years of supervised release after cooperating with prosecutors.
Records show that Singh’s contributions included $1 million to the Future Forward PAC, $2 million to GMI PAC, and substantial amounts to the Senate Majority PAC. Following FTX’s collapse, numerous politicians and PACs have returned funds from Bankman-Fried, and many organizations plan to donate the funds to other causes.
The outcome of these negotiations could impact the financial landscape for political fundraising amid ongoing scrutiny of cryptocurrency-linked donations.
