Following Mayor Eric Adams' federal indictment, TD Bank swiftly closed his campaign account, uncovering deeper financial struggles within the campaign. Documents reveal past mistakes, such as submitting incorrect fundraising records tied to another candidate. Although the federal case was later dismissed, the Campaign Finance Board's decision to withhold over $4 million in matching funds persisted due to additional financial discrepancies. Expert insights suggest that banks often freeze accounts linked to ongoing investigations as a precaution, underscoring the precarious state of Adams' campaign finances amidst these challenges.
TD Bank closed Mayor Eric Adams' campaign account within a week of his federal indictment, detailing the campaign's financial record-keeping struggles.
The Campaign Finance Board announced it was withholding over $4 million in public matching funds, citing ongoing issues exacerbated by the indictment.
John Kaehny stated that banks typically assess risk by freezing accounts associated with ongoing investigations, as seen with Adams' campaign.
Emails reveal confusion after the bank's decision, with compliance attorney Vito Pitta communicating with the Campaign Finance Board regarding the account termination.
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