U.S. lawmakers have reportedly returned over $1 million of Steve Bannon’s funding to his fraud victims, according to Reuters. The U.S. Department of Justice (DOJ) has reportedly returned around $1.2 million of former President Donald Trump adviser Steve Bannon’s funding after he was charged with fraud in August 2020, citing anonymous DOJ officials. Prosecutors had been looking for ways to return the money after a federal judge ordered the proceeds from the sale of Bannon’s yacht and other assets to be distributed among investors in OneCoin, a cryptocurrency scam that defrauded hundreds of millions from thousands of investors across the globe.
If a Democrat receives $1,000 and gives it back to the party to fight FTX, then that Democrat loses $1,000. The Democratic Party will be able to spend the money elsewhere on the campaign.
FTX Victims Gets Back Cash
If a Republican receives $1,000 and gives it back to his donors as promised in his email subscription, then there is no change in net worth of either party or candidate.
Steve Bannon has been charged with fraud in the United States, and it looks like the Democrats are going to return over $1 million of his funding.
According to Reuters, the Democratic National Committee will be returning money that was donated by Steve Bannon through a San Francisco-based political committee called The Victory Fund. This money will reportedly be distributed among investors in OneCoin, a cryptocurrency scam that defrauded hundreds of millions from thousands of investors across the globe.
OneCoin was launched by Bulgarian national Ruja Ignatova in 2014 and was touted as an alternative currency that could be traded on an open market. It promised investors returns of up to 50 percent within months by inviting them to purchase “mined” coins at a rate based on how many coins they were willing to buy. The company operated without headquarters or staff but managed to attract over 3 million people worldwide who invested their life savings into the scheme between 2014 and 2017 when it collapsed following investigations by authorities in Bulgaria and Germany.