Following the entrepreneur’s indictment on eight charges of financial crimes, the DNC, the DSCC, and the DCCC vowed to repay SBF’s political contributions.
Three well-known Democratic organizations have resolved to return over $1 million to investors who lost their money as a result of misappropriation following the arrest of former FTX CEO Sam Bankman-Fried (SBF).
Following SBF’s arrest on Dec. 16 on eight charges of financial crimes, the Democratic National Committee (DNC), Democratic Senatorial Campaign Committee (DSCC), and Democratic Congressional Campaign Committee (DCCC) vowed to reimburse the entrepreneur’s political contributions.
In an interview with the Verge, a DNC spokeswoman apparently confirmed this preference:
“Given the allegations around potential campaign finance violations by Bankman-Fried, we are setting aside funds in order to return the $815,000 in contributions since 2020. We will return as soon as we receive proper direction in the legal proceedings.”
The Washington Post claims that the other two Committees, the DSCC and DCCC, have also promised to set aside $103,000 and $250,000, respectively. SBF previously acknowledged having given “significantly” to both political parties.
SBF has previously stated on a podcast that he intended to spend up to $1 billion to sway the 2024 presidential race.
Karine Jean-Pierre, the press secretary for the White House, declined to respond to inquiries on the reimbursement of SBF’s prior contributions to the party. Bankman ranked second among “CEO contributors” to Biden’s 2020 presidential campaign with his $5.2 million in contributions.