Morgan

🚨BREAKING: PROSECUTORS DROP CAMPAIGN FINANCE CHARGE AGAINST FTX’S SAM BANKMAN-FRIED Federal prosecutors are dropping the charge that SBF violated campaign finance rules. SBF was charged with fraud and campaign finance violations after the sudden collapse of FTX, a crypto exchange. He was extradited from the Bahamas to face trial in a US federal court. However, officials in the Bahamas informed the government that they did not extradite SBF on the campaign finance charge. Late last night, the prosecutors filed to drop the charge, claiming that "in keeping with its treaty obligations to the Bahamas, the government does not intend to proceed to trial on the campaign contributions count." The accusations against SBF were that he was behind $90 million in campaign contributions to some 300 political candidates or political action committees. OTHER CHARGES REMAIN SBF is now facing seven charges in October relating to fraud. These include defrauding customers and lenders of FTX. It is alleged that SBF siphoned billions of dollars that customers had deposited with FTX. Other charges may yet result in an additional trial, but complications arise from litigation in the Bahamas over the extradition, which must be concluded before the US government can proceed. If convicted on the securities fraud and wire fraud charges, SBF faces the prospect of being sentenced to dozens of years in prison. We will keep you updated on the case as it unfolds. ARE SBF’S POLITICAL CONNECTIONS HELPING HIM AVOID PROSECUTION? OR WILL HE BE JAILED FOR A LONG TIME?