Wall Street Journal Archives

Federal prosecutors in Manhattan are presently investigating former Republican congressional candidate Michelle Bond and her partner, former FTX CEO Ryan Salame, for possible breaches of campaign financing regulations. The inquiry, which is distinct from the legal actions concerning FTX founder Sam Bankman-Fried (SBF), seeks to ascertain whether the pair broke any laws regarding campaign finance regulations when Bond ran for the Republican nomination for the New York 1st congressional district in the year 2022. Salame's Role and Allegations in the FTX Case Despite the fact that Ryan Salame is not yet accused in the FTX case, The Wall Street Journal listed him as a co-conspirator in SBF's indictment filings. According to these records, Salame reportedly participated in a different, unconnected campaign fundraising fraud. Salame is allegedly accused of making contributions to Republican groups and politicians using FTX customer monies under SBF's instruction. The inquiry into Bond and Salame started in April of this year, and it has raised questions about their campaign spending. According to the Wall Street Journal article, Bond's partner Salame made a large financial contribution to the campaign. Salame allegedly donated around $54,000 of the $660,000 total raised for her three-month congressional campaign. Bond contributed $145,309 of her personal money to the cause, as well as lending it an extra $880,000. These financial transactions' legality is in doubt, though. While politicians are free to use their own money to promote their campaigns without restrictions, it is illegal, according to campaign finance attorney Sterling Marchand, to take money from friends and family in order to exceed campaign contribution limits. In political and legal circles, questions have been raised about the current investigation into Bond and Salame's possible breaches of campaign financing laws. It is yet unknown how the lawsuit will go and what repercussions it can have on the two parties involved. SBF, the creator of FTX, will be on trial in October on crimes unrelated to the inquiry into campaign funding.

Wall Street Journal

Former Congressional Candidate and FTX Executive Under Investigation for Campaign Finance Violations