Disgraced Cryptocurrency Firm Donated to Oregon Democrats, Prompting the State’s Secretary of State to Investigate

Donated to Oregon Democrats: The Oregon Secretary of State is looking into whether or not the company’s $500,000 donation to the state Democratic party was improper.

Disgraced Cryptocurrency Firm Donated to Oregon Democrats

After The Oregonian/OregonLive reported the gift was not truly from Prime Trust, as Democratic Party leaders declared it to be on their campaign finance reports, Secretary of State Shemia Fagan instructed the Elections Division to look into the matter further. It turns out that Nishad Singh, a former director of engineering at FTX, was the true donor all along, and that Prime Trust was just a middleman.

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Our initial duty is to gather information. Ben Morris, an employee of the Oregon Secretary of State’s office, said, “If we find something, we give it over to the Department of Justice.”

To make a political contribution using a fictitious name is a criminal offense. According to Morris, the Elections Division is looking into three possible explanations: (1) Singh intentionally misled Democratic Party members when making the donation; (2) someone within the Oregon Democratic Party posted the contribution fraudulently; and (3) the contribution was posted in error.

Disgraced Cryptocurrency Firm Donated to Oregon Democrats
Disgraced Cryptocurrency Firm Donated to Oregon Democrats

Morris said that the inquiry has been going on for about a month and that it is a high priority for the Secretary of State’s office, adding that investigations can take up to three months.

There was no response from the Oregon Democratic Party, and no word yet on whether or not they intend to refund the hefty $500,000.

According to a story in this week’s New York Times, civil securities fraud accusations were brought by U.S. regulators against Bankman-Fried. Bankman-Fried was recently detained at his Bahamas house on charges of deceiving investors.

Tens of millions of dollars were spent on political campaigns by Bankman-Fried and his company. The prosecution claims the funds originated from the hedge fund Alameda Research, which Bankman-Fried established. According to media reports from all around the country, he is suspected of breaking multiple laws on campaign financing by utilizing the money to support various political candidates and campaigns.

A political newbie, Carrick Flynn, ran as a Democrat in Oregon’s new 6th Congressional District in May, and Bankman-Fried was very kind to him during the primary. Although Bankman-Fried lost the election, he was able to make Flynn, a previously unknown individual, into a major contender by investing millions of dollars in his campaign.

Rather than giving his money to Flynn himself, Bankman-Fried gave to a political action committee called Protecting Our Future, which then used the money to run ads in support of Flynn.

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Flynn wrote in an email that he thinks Bankman-Fried backed his campaign because he respected the job Flynn had done to avert pandemics. Flynn said that he and Bankman-Fried never spoke to one another. Flynn didn’t say whether or not he’d heard from the authorities.

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