When crypto lobbyist Michelle Bond launched her run for Congress on Long Island, last summer, even some of the people working with her had a few misgivings. They weren’t necessarily worried about the campaign, which made up for its late start by enlisting the professional services of G.O.P. consultant Jeff Roe & Co., or about Bond, herself, who stunned friends by rebranding as an ultra-MAGA candidate with an endorsement from Don Jr. and an alliance with George Santos. But they did have second thoughts about the financial role of Bond’s partner, Ryan Salame, the FTX executive with whom she was joined at the hip. 

Salame, who was perpetually bedecked in loafers and linens, and owned a private airstrip within driving distance of his fledgling Berkshires restaurant empire, clearly had money. And yet some wondered about the specifics of how Bond was self-funding her campaign to the tune of $1 million. Because, crucially, Salame and Bond were not married, even if they appeared to spend practically every waking moment together, traipsing about Greek community festivals and luxury car races. Alas, there’s no boyfriend exemption to the self-funding rule under federal election law.

These concerns weren’t shared with the couple, but they now appear to have been well-placed. The Wall Street Journal recently reported that the Southern District of New York is investigating whether the couple may have broken campaign-finance law—an inquiry that is theoretically unrelated to the charges against Salame’s former boss, Sam Bankman-Fried. The issue is that while a candidate can give millions to their own campaigns or their spouse’s campaign, Bond should only have been able to take the legal maximum, $2,900, from her boyfriend. Is it possible that she took more?