WSJ: Santos raised cash for business SEC alleges is a Ponzi scheme - The Hill

Rep. George Santos (R-N.Y.), who has confronted controversy on account that it became published he made false statements about significant components of his very own and work backgrounds, once raised money for a corporation that the Securities and alternate fee (SEC) later noted changed into a Ponzi scheme, The Wall highway Journal suggested. 

The Journal reported on Saturday that Santos convinced at the least one adult to make investments a six-determine sum into a Florida-based mostly enterprise referred to as Harbor metropolis Capital. americans generic with the be counted instructed the Journal that Santos become hired in 2020 to lift cash for the enterprise and introduced in at least one major funding. 

one of the crucial individuals observed Santos reassured the investor when the funding did not deliver its promised returns through telling him that he made $100 million and invested his family’s money within the business. 

The SEC accused Harbor city Capital of being a Ponzi scheme in 2021 in a civil lawsuit. 

The report is the newest in a string of controversies surrounding the embattled congressman. Many Democrats and as a minimum seven apartment Republicans have referred to as on him to resign in easy of studies that he misled voters about major particulars of his background as a candidate. 

the head of the Nassau County Republican celebration has also known as on Santos to resign. 

The circumstances include claiming to have labored at Goldman Sachs and Citigroup, claiming to have graduated from Baruch faculty, and claiming to be Jewish, none of that are authentic. 

Santos has admitted to “embellishing” his resume but denied lying. He has been adamant that he will not resign from his workplace despite the calls to step down. 

The Journal mentioned that Santos has in the past denied wrongdoing in his behavior with Harbor city Capital and pointed out that he turned into now not listed as a defendant in the SEC’s case in opposition t the enterprise. 

The SEC declined to comment to the Journal on its record. The Hill has reached out to Santos’s office for comment. 

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The Journal said that Santos didn't divulge any revenue he received from Harbor metropolis on financial disclosure kinds that federal candidates are required to fill out. 

Santos is dealing with investigations from federal authorities over advantage campaign finance violations and Nassau County, N.Y., over his fabrications. 

Brazil has also reportedly reopened a crook investigation into Santos to seem to be into allegations that he used a stolen checkbook and a faux name to buy just about $seven hundred price of gadgets at a garb store in 2008.

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