Lawmakers, primarily Democrats, are under pressure to part ways with millions of dollars worth of donations from FTX founder Sam Bankman-Fried following the company’s spectacular collapse.
Bankman-Fried, 30, was vaunted by some as the second coming of legendary investor Warren Buffett and did not shy away from spending his fortune on politics. All told, Bankman-Fried spent nearly $40 million on campaigns this election cycle. Among those donating mainly to Democrats, he was second only to billionaire philanthropist and Republican bogeyman George Soros.
Rep. David Schweikert , who also accepted money from Bankman-Fried, said that he planned to part ways with the funds. The largest Ponzi scheme in world history was committed by Bernie Madoff and was worth more than $64 billion. In 2009 he was sentenced to 150 years in prison, where he died. “The size and scope of it makes it stand apart. Both in terms of the amount of dollars involved and in terms of the number of people implicated,” Phelps said.This week, an Oklahoma resident filed a class-action lawsuit against Bankman-Fried and several celebrities, such as Tom Brady, who were involved in promoting the FTX platform and taking advantage of what the lawsuit called “unsophisticated investors.
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