Ex-Ripple Executive Faces Campaign Finance Fraud Charges

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. Charges Against Michelle Bond
  2. Salame's Requests for Government Deal
  3. Salame's Fate After Charges


    4. Michelle Bond, a former Ripple executive and ex-candidate for the U.S. Congress, is charged with violating campaign finance laws. The case details include false testimonies and funding from a cryptocurrency exchange.

    Charges Against Michelle Bond

    Michelle Bond, partner of former FTX executive Ryan Salame, lost the 2022 Republican primary for a New York congressional seat. She is accused of taking about $400,000 from the cryptocurrency exchange where her partner served as an executive to fund her political campaign, violating corporate contribution laws. During her campaign to represent New York’s 1st Congressional District in May 2022, Bond falsely testified about the source of the funds to the House Ethics Committee and the Federal Election Commission.

    Salame's Requests for Government Deal

    Ryan Salame recently claimed that prosecutors failed to honor a deal to drop any investigations of Bond if he agreed to plead guilty. Salame stated, 'A significant factor in my accepting the plea was the understanding that the government would not pursue campaign-finance charges against Bond.' In response, prosecutors described his claims as false. An anonymous source confirmed that prosecutors never offered Salame a cooperation deal. Salame pleaded guilty to making millions of dollars in unlawful campaign contributions aimed at boosting causes endorsed by FTX founder Sam Bankman-Fried.

    Salame's Fate After Charges

    Following the collapse of FTX, Salame received a 7.5-year prison sentence, while Bankman-Fried was sentenced to 25 years. Bond, former Global Head of Government Relations at Ripple Labs, is facing four criminal charges. The Department of Justice accuses her of causing and accepting unlawful contributions and causing and receiving a straw contribution. It remains unclear if her sentence will be as harsh as Salame's or Bankman-Fried's or if she will secure a more lenient plea deal. It’s worth noting that Salame may delay his prison term due to injuries sustained from a dog attack, with his surrender date moved to October 13.

    Currently, Michelle Bond and her partner Ryan Salame are under investigation for various campaign finance violations. The outcome of these cases could significantly impact both the political and cryptocurrency industries.

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