Michelle Bond, the former U.S. congressional candidate and partner of ex-FTX executive Ryan Salame, was charged today with multiple campaign finance violations related to her 2022 congressional run.
Federal prosecutors allege that Bond illegally used funds from FTX, the now-bankrupt cryptocurrency exchange where Salame served as an executive, to finance her campaign.
The indictment, unsealed in the Southern District of New York, has reignited discussions about the entangled line of political campaigns and FTX.
Campaign Finance Violations: The Connection Between Michelle Bond and FTX
The charges against Bond are deeply intertwined with her romantic relationship with Ryan Salame, who played a central role at FTX and has already faced severe legal consequences for his involvement in campaign finance violations.
According to the indictment, Bond’s 2022 congressional campaign was unlawfully financed with $400,000 from FTX.
The contribution is alleged to have been orchestrated by Salame, who used his position at the cryptocurrency exchange to funnel corporate funds into Bond’s campaign. This is a clear violation of U.S. campaign finance laws that prohibit corporate contributions to political candidates.
The indictment further details that Bond used almost all of this money to support her bid for a House seat in New York’s 1st Congressional District, which includes eastern Long Island.
Source: Justice Gov SDNYBond’s campaign was ultimately unsuccessful, failing to secure the Republican nomination.
However, the financial irregularities surrounding her campaign are now under intense scrutiny.
Prosecutors accuse Bond of making false statements to the Federal Election Commission (FEC) and a congressional committee to conceal the true source of her campaign funds, which has now compounded her legal challenges.
The exchange, once a powerhouse in the digital asset space, is now the center of one of the largest financial fraud cases in U.S. history.
Salame’s Legal Battles Following FTX’s Collapse
Michelle Bond’s legal troubles are closely connected to the ongoing saga of Ryan Salame, her partner and the father of her child.
Salame, who has already pleaded guilty to campaign finance violations related to his time at FTX, is now challenging his guilty plea, citing what he claims was a broken promise by prosecutors not to pursue charges against Bond.
Salame’s guilty plea in 2023 was part of a broader campaign finance and money-transmitting investigation linked to his role at FTX.
He admitted to making tens of millions of dollars in illegal campaign contributions to support causes favored by his former boss, Sam Bankman-Fried, the founder of FTX. Salame’s cooperation with authorities, which he hoped would shield Bond from prosecution, appears to have fallen short, as prosecutors have now brought charges against her, too.
The timing of Bond’s indictment, just a day after Salame’s legal team filed a motion to vacate his guilty plea, suggests a potential escalation in the legal strategies employed by both sides.
Salame’s lawyers argue that the government has reneged on an agreement to drop their investigation into Bond, which they claim was a key factor in Salame’s decision to plead guilty.
Salame is scheduled to begin serving his 7.5-year prison sentence in October. Bond, who has also been active in the crypto industry as the CEO of a digital assets trade group, now faces the possibility of significant legal penalties.
The indictment has also overhung Bond’s recent efforts to establish herself as a thought leader in the digital asset space, particularly through the launch of her think tank, Digital Future, which aims to promote favorable regulations for financial technology, digital assets, and artificial intelligence.
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