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Crypto

Latest In FTX Saga: DOJ Alleges Campaign Finance Violations Against Ex-Executive’s Partner

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In the latest development in the ongoing FTX saga, federal prosecutors have charged Michelle Bond, the domestic partner of former FTX executive Ryan Salame, with violating campaign finance laws. This comes just a day after Salame made a last-ditch effort to have his conviction vacated or blocked.

DOJ Cracks Down On FTX Connections

According to the US Attorney’s Office in Manhattan, Bond, who unsuccessfully ran for a congressional seat in New York last year, allegedly used $400,000 from the cryptocurrency exchange FTX, where her partner was an executive, to finance her campaign. 

Related Reading: VP Kamala Harris To Champion Pro-Crypto Initiatives, Policy Adviser Confirms

The US Department of Justice (DOJ) deemed Bond’s actions a clear violation of laws prohibiting corporate contributions to political campaigns. US Attorney Damian Williams said:

As alleged, Michelle Bond and her co-conspirator romantic partner attempted to fund her campaign for the US House of Representatives by illegally using hundreds of thousands of dollars from corporate coffers, among other sources, and then lying to Congress and others to cover it all up.  Misconduct by those campaigning for public office undermines public trust in American elections and in representative government more broadly.  This Office is committed to holding elected officials and candidates accountable if they break the law.

While prosecutors did not explicitly name Salame or FTX in their announcement, the connection was clear. Salame, who pleaded guilty last year to making tens of millions of dollars in unlawful campaign contributions to boost causes supported by FTX founder Sam Bankman-Fried, had recently urged a judge to vacate his guilty plea.

Broken Promises?

In his court filing, Salame accused prosecutors of reneging on an assurance they would not investigate Bond – whom he described as the mother of his child – if he pleaded guilty. 

Prosecutors have seemingly disregarded that promise, expanding their investigation into the web of financial and political entanglements surrounding the collapse of the FTX exchange.

Bond, also a former cryptocurrency trade group Association for Digital Asset Markets employee, faces four criminal counts, including causing and receiving an unlawful contribution and causing and receiving a straw contribution. 

The prosecutors have not yet disclosed the bond’s sentence date. On the other hand, Salame faces a 7-and-a-half-year prison sentence starting October 13. 

FTX
The daily chart shows FTT’s price trending upwards. Source: FTTUSDT on TradingView.com

At the time of writing, FTX’s native token FTT is trading at $1.48, posting significant gains of over 13% in the last 24 hours alone, along with a 300% increase in trading volume to $37 million, according to CoinGecko data. 

However, the FTT token is down 98% from its all-time high of $84 reached in September 2021, just before the exchange collapsed under the leadership of its former CEO Sam Bankman-Fried, who is currently serving a 25-year prison sentence

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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