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Nov 23, 2022
Liberal PACs and charities that got $260 million from FTX and its executives could be forced to give it all back
Liberal PACs and charities that got $260 million from FTX and its executives could be forced to give it all back
* FTX, Sam Bankman-Fried and Ryan Salame pumped millions into super PACs and campaigns. * The company could deem the gifts "fraudulent transfers" and sue for refunds. It's happened before. * It's also possible the money is gone. "You can't get blood from a turnip," an election lawyer said. … But in bankruptcy, nothing is sacred. The same politicians and groups that happily received FTX's donations and welcomed SBF as an influencer in Washington, including Democratic PACs like the House Majority PAC and Women Vote and lawmakers like Debbie Stabenow, could soon find themselves forced to return those funds - and some are already lawyering up. The law allows the company's new management or a bankruptcy trustee to claw money back even after it has changed hands, said Ilan Nieuchowicz, a lawyer at Carlton Fields. "It's the trustee's duty to retrieve funds for the estate," he said. Some political groups that Bankman-Frie
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