Financial Insights That Matter
Bob Menendez, a former U.S. Senator and popular Bitcoin critic, has been sentenced to 11 years in prison over corruption charges.
U.S. District Judge Sidney Stein issued the sentence yesterday after the 71-year-old Democratic Senator was convicted in July 2024.
Menendez Charges and Sentencing
According to a press release from the Department of Justice, Menendez received an 11-year jail term for his involvement in a fraudulent scheme in which he and his wife, Nadine Menendez, accepted bribes from two businessmen he helped: Fred Daibes and Wael Hana.
Notably, they bribed Menendez with gold, cash, and other luxury items in exchange for political favors benefiting Qatar and Egypt. Meanwhile, the judge sentenced Hana and Daibes to eight and seven years in prison for their involvement in the scheme.
The court has yet to sentence Nadine; her corruption trial will take place on March 18. According to the verdict, Menendez abused his position as a Senator to advocate for policies favoring foreign governments, interfere in legal cases, and compel U.S. officials to protect Hana’s Egyptian business monopoly.
Prior to his conviction, the FBI raided his home, recovering fiat currencies worth $480,000, gold bars valued at around $150,000, and a Mercedes-Benz convertible. While prosecutors pushed for a 15-year jail term, his counsel requested eight years. However, the judge sentenced him to 11 years in prison.
A Vocal Bitcoin Critic
Menendez was a senator for 18 years under the Democratic Party but resigned in August 2024 due to his indictment. He was among the U.S. Senators who publicly criticized Bitcoin, referring to it as criminals’ ideal choice.
In 2022, the former U.S. Senator criticized El Salvador for adopting Bitcoin. He argued that the move opens the door to corruption, including money laundering.
El Salvador President Reacts
Amid his criticism of Bitcoin, Menendez’s sentencing elicited reactions within the crypto community. Interestingly, El Salvador President Nayib Bukele reacted to the post with a laughing emoji.
😂 https://t.co/ciA5IO1k5m
– Nayib Bukele (@nayibbukele) March 7, 2024
In a follow-up post, the pro-Bitcoin President provided an insight into how the former senator accused El Salvador of using BTC for corruption. He added a quote to his tweet, suggesting that anyone inclined to steal always assumes everyone is a thief.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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