CFO Jimmy Patronis: Do the Right Thing, Return FTX Campaign Donations Immediately
TALLAHASSEE, Fla. - Today, Chief Financial Officer (CFO) Jimmy Patronis issued a demand letter to nearly 90 elected officials and organizations who received campaign donations from FTX, following their collapse. The CFO is encouraging these individuals and organizations not to hide behind the bankruptcy process and return the money if they have not already done so. If effort is not taken, the CFO’s office will begin the process of considering all available legal actions and remedies to hold these elected officials and organizations as well as FTX accountable.
READ THE LETTER BELOW AND HERE
May 8, 2023
To Whom It May Concern:
As Florida’s Chief Financial Officer, protecting the investments and financial interests of Floridians is of paramount importance to me. It has been widely reported in the media that the collapse of FTX has had a tremendous number of losses for consumers. FTX was a trusted fiduciary in the public marketplace, and they no doubt breached their duty which is certain to negatively impact the future position of crypto currency in the stock market. Americans deserve better transparency and that is why I’m demanding you as well as other elected officials and organizations who received donations from FTX, take action and return these dollars back immediately. As a beneficiary of these funds, I encourage you to not hide behind the bankruptcy process and return the money if you have not already done so.
Public records indicate that Bankman-Fried's money primarily went to support Democratic committees and candidates. He donated $6 million to the House Majority PAC, $250,000 to the Democratic Congressional Campaign Committee, and $66,500 to the Democratic Senatorial Campaign Committee while the remaining $27 million his political donations bankrolled the Protect Our Future PAC. The Protect Our Future PAC reportedly spent $24.2 million on campaign materials used to support 19 Democratic House candidates. Bankman-Fried also donated a combined $6 million to the Future Forward PAC in 2020. This PAC supported Biden's 2020 Presidential run. Additionally, a few republican organizations such as the Greater Tomorrow PAC and the Alabama Conservative Fund received campaign donations as well.
Unfortunately, all we know right now is Floridians were duped, including the 20 innocent students in the Broward County School District who were awarded scholarships by the FTX Foundation before the fallout.
As a beneficiary of these funds, you must do what is right by consumers who have been impacted by FTX by returning these campaign donations back. If effort is not taken, my office will begin the process of considering all available legal actions and remedies to hold you and FTX accountable.
Thank you for your attention to this matter. I look forward to your prompt response.
Florida Chief Financial Officer
About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).