Michelle Bond Charged With Illegally Funding Her 2022 Campaign Using FTX Cash
Release: 2024/08/23 14:42 Reading: 310
Crypto Promoter Michelle Bond Indicted for Campaign Finance Violations
Michelle Bond, a crypto promoter, has been charged with four campaign finance law violations by US authorities. The charges stem from allegations that she funded her 2022 campaign for the US House of Representatives using funds from the defunct cryptocurrency exchange, FTX.
Indictment Accuses Bond of Illegal Campaign Funding
An indictment unsealed in the US District Court for the Southern District of New York on August 22 alleges that US Attorney Damian Williams charged Bond and an unnamed co-conspirator with illegally funding her campaign. The charges include conspiracy to cause unlawful campaign contributions, as well as causing and receiving unlawful campaign contributions, excessive campaign contributions, and a conduit contribution.
Unnamed Co-Conspirator Believed to be FTX Executive
While the co-conspirator's name is not explicitly stated in the indictment, the document suggests that the person is Bond's "romantic partner" and a "high-level executive at a now-defunct cryptocurrency exchange." This description likely refers to Ryan Salame, who has a child with Bond and was frequently seen with her during her unsuccessful Republican campaign.
Alleged False Statements to Authorities
Prosecutors have also charged Bond with making false statements to the Federal Election Commission (FEC) and a congressional committee in an attempt to conceal the true source of campaign funds.
Prosecutors Allege Most of Bond's Campaign Funds Came from FTX
According to the indictment, Bond raised over $1.5 million during her campaign, with prosecutors arguing that nearly all of the funding originated from Salame or FTX. This allegation violates election rules for self-funded candidates.
Fallout from Allegations and Plea Agreement
Following the allegations, Bond resigned as CEO of the Association for Digital Asset Markets (ADAM). In late 2023, Salame pleaded guilty to conspiracy to operate a money-transmitting business without a license and engaging in campaign finance fraud. A federal judge sentenced the former FTX executive to 7.5 years in prison.
Change of Plea Request
On August 21, lawyers representing Salame filed a petition seeking to void his guilty plea. Salame claims that he and prosecutors made a verbal agreement that Bond would not be charged in exchange for his plea.
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