A California ballot initiative that aimed to improve pandemic preparedness by taxing the rich has hit a major roadblock after one of its primary backers was found guilty of carrying out one of the largest frauds in recent history. 

Sam Bankman-Fried, the former poster boy for effective altruism, was found guilty in November of seven federal charges, including wire fraud, securities fraud, and money laundering connected to the collapse of FTX, his cryptocurrency exchange, and Alameda Research, a related hedge fund.  

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The 31-year-old and Facebook co-founder Dustin Moskovitz were two of the biggest proponents for the ballot initiative, which, if approved by voters, would raise taxes on personal income above $5 million by 0.75% for a decade, which would generate $500 million to $1.5 billion per year, the largest infusion of cash ever to California's public health system. 

Half the money would go to creating a new state agency tasked with preventing future pandemics. Some of the funds would be distributed as grants to researchers studying the transmission of pathogens. Public health programs would receive 25% for pandemic preparedness, while K-12 public schools would receive 25% for infrastructure upgrades to limit dangerous disease transmission. 

Bankman-Fried and his friends were able to bring in $21 million for the cause in less than six months. But even though the measure had generated a lot of money and buzz, it is now looking a little too toxic to supporters who are shying away from shelling out for the cause.

Presently, the West Coast initiative to prevent another pandemic has just $76.56 in its coffers. And though there are several medical organizations and public health groups that still seem to be behind it, their support hasn't translated into dollars. The measure, which got more than 1 million signatures to qualify to be on next November's ballot, has not attracted a single new donor or received a cash contribution in 15 months, the Los Angeles Times reported on Monday.

Bankman-Fried's one-time outsize interest in it has exposed the entire effort to risk. Potential donors will want to keep their distance from a passion project associated with one of the biggest con men on the planet, Matt Lesenyie, an assistant professor of political science at Cal State Long Beach, told the newspaper.

"If I'm an opponent, I'm going to go right at him," Lesenyie said. "I would ask: Why does Sam Bankman-Fried get to write the law? Why does a convicted criminal get to decide the future of California policy?"

Still, there are others who say the ballot measure, and what it might mean for the future health of Californians, outweighs Bankman-Fried's association with it.

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Max Henderson, a former Google executive who is one of the proponents of the Californians Against Pandemics initiative, believes they can turn things around.

He told the outlet he doesn’t know yet how much more money the campaign, but is “confident that we can raise it.”