Former Congressional Candidate Michelle Bond and FTX Executive Ryan Salame Under Federal Investigation for Potential Campaign-Finance Violations
In an ongoing investigation reported by The Wall Street Journal, Michelle Bond, a former congressional candidate, and her boyfriend Ryan Salame, a former executive at FTX, find themselves under scrutiny by Federal prosecutors based in Manhattan. The focus of the investigation revolves around possible violations of campaign finance laws.
According to the report, Federal authorities are diligently looking into whether Bond and Salame breached federal restrictions regarding contributions during Bond’s 2022 campaign for the Republican primary in New York’s 1st congressional district. The investigators are specifically examining the funds provided by Salame to Bond, as well as the loans she obtained for her campaign.
It’s important to note that this investigation is separate from the legal proceedings involving Sam Bankman-Fried (SBF), the founder of FTX, who faced charges in December related to the alleged misappropriation of billions of dollars from FTX customers. SBF, who maintains his innocence, is set to face trial in October.
At the time of writing, Salame has not been charged in connection with the FTX case. However, The Wall Street Journal identified him as a co-conspirator mentioned in SBF’s indictment documents, pertaining to a distinct campaign finance scheme unrelated to Bond.
According to prosecutors, Salame is alleged to have used FTX customer funds, at the direction of SBF, to make donations to Republican causes and candidates. It should be noted that the investigation into Bond and Salame commenced in April of this year.
During Bond’s three-month congressional campaign, which received approximately $660,000 in total funding, Salame, his crypto connections, and Bond’s personal finances played significant roles, as highlighted by The Wall Street Journal. Salame’s contributions accounted for around $54,000 of the total funds raised. Additionally, Bond herself invested $145,309 into the campaign and provided an additional loan of $880,000.
According to Sterling Marchand, a campaign-finance lawyer unrelated to the case, while candidates are allowed to utilize personal funds to support their campaigns without limitation, it is against the law for candidates to circumvent campaign finance contribution limits by accepting money from friends and relatives.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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