As a seasoned analyst with years of experience in the financial sector, I find myself constantly amazed by the twists and turns that industry leaders can encounter. The recent indictment of Michelle Bond, former Ripple executive, for illegal campaign financing is certainly one such twist.
Former Ripple executive Michelle Bond has been charged with conspiring to cause and causing illegal finance contributions by the U.S. Department of Justice.
In 2022, Bond and her home partner, ex-FTX executive Ryan Salame, have faced allegations of breaking laws by contributing illicitly to Bond’s campaign for the U.S. House of Representatives, representing New York’s first congressional district.
It is said that Salame supposedly organized a $400,000 contribution from the exchange, the entirety of which went towards supporting Bond’s campaign, which ultimately failed in the primary stage of the election.
Following the engagement of a political consultancy, it was suggested to Bond that she might personally finance her campaign. However, this money must originate directly from her personal savings or earnings.
Instead of receiving the $400,000 from her consulting agreement with FTX through performing services, Bond wound up getting this amount without providing any work.
In early this year, Ryder Salame, the second-in-command to the disgraced founder Sam Bankman-Fried of FTX, was given a seven-year jail term. This sentence followed the 25-year prison term handed down to Bankman-Fried himself. The latter was found guilty of orchestrating a fraud worth over a billion dollars in November last year.
Recently, Salame asked a judge to block his girlfriend’s indictment or vacate his conviction.
In 2019, Bond took on the role as Ripple’s global lead for government relations. However, she departed from Ripple in the subsequent year and assumed the position of CEO at the Association for Digital Asset Markets (ADAM).
It’s an electrifying period for Ripple, as we warmly welcome Susan Friedman to our International Policy team! With her background at the U.S. Treasury, Susan brings a wealth of legal and policy expertise that will be invaluable as we collaborate with policymakers across the globe. We’re delighted to have her on our side as we embark on international dialogues.
— Michelle Bond (@michellebond111) September 3, 2019
According to a report from U.Today, Ripple’s CEO, Brad Garlinghouse, emphasized that regulators should aim at discouraging “unacceptable actions” following the downfall of FTX.
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2024-08-22 23:15