Democratic PAC Set To Refund FTX’s $3 Million Donation
In light of the unpleasant developments now surrounding the defunct FTX exchange, the majority of the democratic party’s Political Action Committee (PAC) has made a resolve to return the total of $3 million earlier donated by Sam Bankman-Fried and his right-hand man, Nishad Singh. PAC states that it is waiting for further directives from government officials before any further action could be taken
We Could Do Without The Bad Publicity – PAC
According to the American business news channel CNBC, a spokesperson for the democratic party’s Political Action Committee (PAC) declared the party’s intention to return the $3 million donation made to it by FTX’s former officials.
Previously, the founder and former CEO of the deceased FTX exchange had gone on a donation spree and had extended his generosity to a couple of political groups as well as other bodies to the tune of $40 million. The Democratic Party was one of them as Bankman-Fried and the former chief of engineering at the exchange, Nishad Singh, made donations of $2 million and $1 million, respectively.
However, in light of his arrest, the fraud charge against him, and the ongoing series of investigations against him and other FTX executives, the democratic party’s PAC has deemed it best for the party’s outlook to return the funds donated. According to the spokesperson, the allegations made against him and the exchange generally are too serious to be overlooked by the party.
The PAC’s spokesperson went on to state that it has not made the proper refund yet because it is still waiting for appropriate directions from federal government officials for the required steps to be taken.
The democratic party’s action is in line with the provisions of the Federal Election Commission’s regulations, which direct political parties to return illegal donations even if they have already been spent.
Return Stolen Customer Funds – Damian Williams
The US attorney for the Southern District of New York has called on any person or entity that has received a part of the stolen customer funds to partner with his office and return such money back to the victims.
As it is, several of the recipients of Bankman-Fried’s donation are set to return the money, while a number of them, like Aaron Bean, the representative-elect, and the soon-to-be sworn-in democratic leader in the house, Hakeem Jeffries, have already donated the money to the less privileged as soon as the company got tainted.
Other funds yet to be received from the remaining donation recipients will be set aside for the victims of the exchange’s fall.
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