Guarding Against Pandemics, an organization founded by Gabe Bankman-Fried, the younger brother of the disgraced cryptocurrency mogul Sam Bankman-Fried, raised more than $22 million in 2021, with the majority of the funds allegedly coming from Sam.
The group spent millions on failed campaigns, consulting fees, advertising expenses, and the purchase of a luxurious townhouse near the U.S. Capitol. However, it’s unclear whether Gabe and his organization did anything wrong in connection with the fundraising effort.
Federal authorities are investigating potential campaign finance law violations by both brothers and whether Gabe knew that some of the funds received by his organization had been misappropriated from customers.
Some political consultants who worked with Gabe have retained lawyers, and several advisers have received subpoenas. Gabe’s lawyer has stated that his client always worked to ensure proper funding, but it remains to be seen whether he or his organization will face legal repercussions.