The **SBF family** has been implicated in a significant political donation scandal, with over **$100 million** reportedly managed, as per the **Wall Street Journal (WSJ)**. Joe Bankman, father of Sam Bankman-Fried (SBF), founder of the now-defunct cryptocurrency exchange **FTX**, may face direct legal consequences under campaign finance laws.
A recent WSJ report unveiled emails indicating the SBF family’s involvement in channeling more than $100 million towards political donations. This has led to multiple legal actions due to the alleged misuse of **FTX** customer funds to sway the 2022 elections.
**Campaign Finance Regulation Breaches**
Email evidence has surfaced showing Joe Bankman’s role in devising financial strategies for political donations, highlighting the SBF family’s engagement. The WSJ reports that Joe Bankman participated in unlawful financial activities, with claims that SBF’s brother, Gabriel Bankman-Fried, and mother, Barbara Fried, directed funds to various political entities and causes.
Reports also suggest Gabriel allocated funds towards pandemic prevention efforts, while Barbara, a co-founder of the super PAC **Mind the Gap**, funneled money into progressive movements and campaigns.
David Mason, former chairman of the **Federal Election Commission**, suggests that Joe Bankman could bear direct legal responsibilities under campaign finance laws. Mason points to “strong evidence” in the emails that indicate Joe Bankman’s knowledge of the illicit straw-donor scheme.
Despite this, Joe Bankman’s representative has asserted his unawareness of any campaign finance allegations, even as evidence suggests otherwise. Ryan Salame, ex-co-CEO of FTX Digital Markets, admitted to felony charges on May 28 and received a 7.5-year prison sentence. Additionally, SBF is also serving time behind bars.
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