A former executive of the bankrupt cryptocurrency exchange FTX appears to have made a one-time $250,000 donation to the Iowa Democratic Party — a contribution that is likely to come under scrutiny as investigations into the company and its leaders intensifies.
Nishad Singh, a former director of engineering for the embattled FTX, made the donation to the Iowa Democratic Party June 17, according to finance records filed with the state. The party reported raising nearly $4.6 million between January and October 2022.
“We are aware of the situation and the recent developments,” Iowa Democratic Party Executive Director Erin Davison-Rippey said in a statement to the Des Moines Register. “We are looking into the matter.”
Prosecutors have charged FTX co-founder and CEO Sam Bankman-Fried with fraud and are working to extradite him from the Bahamas, where he was arrested.
He is facing allegations that he diverted customer money from FTX for his personal use, as well as conspiring to make illegal political contributions in someone else’s name. Prosecutors are investigating tens of millions of dollars in political donations that Bankman-Fried and other members of his inner circle, such as Singh, have made to a wide range of campaigns, politicians and political action committees.
More:Sam Bankman-Fried’s political donations totaled millions. FTX could sue to recover them.
According to records from the Federal Election Commission, Singh gave $2.3 million to a Democratic-leaning super PAC called Women Vote! and $2 million to a PAC that helps elect Democrats to the U.S. Senate.
Other donations included $1 million to the same PAC that supported President Joe Biden’s campaign, and $1 million to Bankman-Fried’s super PAC that supported Democratic candidates.
Major Democratic organizations such as the Democratic National Committee, Democratic Congressional Campaign Committee and Democratic Senatorial Campaign Committee have pledged to return donations associated with Bankman-Fried and FTX.
The Iowa Democratic Party did not say how it would further address the situation.
USA Today reporters Erin Mansfield and Donovan Slack contributed to this report.