FTX Partner Michelle Bond Accused of Illegally Funding Congressional Campaign with FTX Funds
The scandal surrounding former FTX co-CEO Ryan Salame and his partner Michelle Bond continues to escalate following a recent indictment.
This complex case highlights allegations of campaign finance violations, in which Bond is accused of unlawfully financing her 2022 congressional campaign with funds from the now-bankrupt crypto exchange, FTX. Salame, already convicted of similar crimes, is now attempting to retract his plea agreement, alleging a broken promise by prosecutors.
Accusations against Michelle Bond
“Michelle Bond and her partner attempted to fund her campaign for the United States House of Representatives by illegally using hundreds of thousands of dollars from corporate coffers, and then lying to Congress and others to cover it all up.” – Prosecutor Damian Williams
On August 22, 2024, the US Attorney’s Office for the Southern District of New York unveiled an indictment against Michelle Bond, who is accused of conspiring to raise illegal campaign contributions to fund her unsuccessful congressional bid. The indictment describes a scheme in which Bond allegedly received an initial payment of $400,000 from FTX, followed by an annual payment of $100,000, in order to financially support her campaign. These funds, according to prosecutors, were almost entirely used illegally to finance her candidacy.
Salame, identified as the main co-conspirator in this case, allegedly facilitated these payments by transferring hundreds of thousands of dollars to Bond’s personal bank account between June and August 2022. These funds were then diverted to finance her campaign, directly violating federal campaign finance laws.
The Legal Context of Ryan Salame
This indictment against Bond comes one day after Salame filed a motion with a federal judge in New York to withdraw his plea agreement. Salame, who had pleaded guilty to charges of campaign finance and illegal money transmission, was sentenced to 7.5 years in prison and was set to begin serving his sentence in October 2024.
In his motion, Salame claimed that prosecutors had implicitly promised to drop the investigation into Bond in exchange for his guilty plea, an allegation that prosecutors have called “manifestly false.” The US Attorney’s Office firmly rejected Salame’s attempt to retract his plea, describing it as a “shameless and selfish attempt to backtrack after his conviction.”
The Consequences for Michelle Bond
Released on a one-million-dollar bail, Bond was seen leaving the Manhattan courthouse hand in hand with Salame. Bond, who is also the mother of an eight-month-old child with Salame, now finds herself at the center of a legal storm that could have serious repercussions for her career and freedom.
The indictment includes revealing messages, emails, and bank statements that paint a detailed picture of Bond’s attempts to circumvent campaign finance rules and conceal her actions. Prosecutors, by unveiling these elements, appear determined to make an example of Bond as to the legal consequences for those who violate campaign finance laws.
Judge Lewis Kaplan, who presided over the SBF case, is set to hear arguments on Salame’s motion on September 12, 2024.
