Prosecutors Seek Settlement in Michelle Bond FTX Criminal Case

• Prosecutors want more time to negotiate a settlement with Michelle Bond, who faces campaign finance charges related to FTX.

• Bond’s lawyers claim that the prosecutors verbally agreed not to pursue her case during her husband Ryan Salame’s plea deal.

• This represents one of the final criminal cases connected to FTX’s collapse, as most other executives have already been sentenced.

Jay Clayton, the interim US Attorney for the Southern District of New York, has requested additional time to negotiate a potential settlement in the criminal case against Michelle Bond. Bond faces campaign finance charges related to her connection to the collapsed FTX cryptocurrency exchange.

Clayton filed a motion in US District Court requesting a seven-day extension under the Speedy Trial Act. The extension would allow prosecutors and defense attorneys to discuss resolving the case without proceeding to trial. Judge George Daniels approved the request, canceling a July 15 conference and moving oral arguments to July 22.

Bond stands accused of campaign finance violations stemming from her unsuccessful 2022 congressional campaign. Federal prosecutors indicted her in August 2024 on charges related to her failed bid for a US House of Representatives seat. The case represents one of the final criminal proceedings connected to FTX’s dramatic collapse in late 2022.

Defense Claims Prosecutorial Agreement

Bond’s legal team has challenged at least one charge, arguing prosecutors previously agreed not to pursue her case. The defense maintains this agreement was part of a verbal understanding reached during plea negotiations involving Bond’s husband, Ryan Salame.

Salame, former co-CEO of FTX Digital Markets, received a seven-year prison sentence in May 2024 after pleading guilty to criminal charges. He initially attempted to withdraw his plea deal, claiming prosecutors promised not to investigate his wife in exchange for cooperation. However, Salame later abandoned this challenge and began serving his sentence in October 2024.

The defense argument centers on alleged prosecutorial misconduct regarding the original plea agreement. Bond’s attorneys claim federal prosecutors violated their commitment by pursuing charges against her despite the verbal agreement with Salame.

Clayton’s Limited Crypto Case Involvement

Clayton’s intervention marks a rare instance of the former Securities and Exchange Commission chairman taking direct action in cryptocurrency-related criminal matters. Since assuming the interim SDNY position in April, Clayton has maintained a relatively low profile in crypto prosecutions.

The former SEC chair can serve as interim US attorney until August 20 without requiring Senate confirmation or court extension. His tenure has coincided with the conclusion of most FTX-related criminal cases.

Bond’s case represents one of the last remaining criminal proceedings connected to FTX’s collapse. Most key figures have already faced justice through the court system.

FTX founder Sam Bankman-Fried received a 25-year prison sentence after conviction on fraud charges. Former Alameda Research CEO Caroline Ellison also serves time behind bars following her cooperation with prosecutors.

Two other former FTX executives, Nishad Singh and Gary Wang, received sentences of time served after pleading guilty and cooperating with federal investigators. Their cooperation proved crucial in securing convictions against Bankman-Fried and other defendants.