How an Investor Lost $625,000 and His Faith in George Santos

Guno צְבִי

Guno צְבִי

We fight, We win, Am Yisrael Chai
As Rep. George Santos (R-N.Y.) was running for office, he also sought investors for a company that was accused of running a Ponzi scheme.

A month after the Securities and Exchange Commission filed a lawsuit in 2021 accusing a Florida-based company of operating a Ponzi scheme, one of the firm’s account managers assured an anxious client that his money was safe.

The client, a wealthy investor named Andrew Intrater, had been lured by annual returns of 16% and had invested $625,000 in a fund offered by the company, Harbor City Capital — in part because he trusted and admired the account manager, an aspiring politician named George Santos.

Admiration aside, Intrater wanted to know about his investment and a promised letter of credit that secured it. Santos said that it was already on the way.


The letter of credit did not exist, the SEC would later tell a court. The $100 million that Santos told Intrater that he had personally raised for Harbor City did not exist either, the commission said. Nor, seemingly, did the close to $4 million that Santos claimed he and his family had invested in Harbor City.


https://news.yahoo.com/investor-lost-625-000-faith-124058283.html
 
guno said:
As Rep. George Santos (R-N.Y.) was running for office, he also sought investors for a company that was accused of running a Ponzi scheme.

A month after the Securities and Exchange Commission filed a lawsuit in 2021 accusing a Florida-based company of operating a Ponzi scheme, one of the firm’s account managers assured an anxious client that his money was safe.

The client, a wealthy investor named Andrew Intrater, had been lured by annual returns of 16% and had invested $625,000 in a fund offered by the company, Harbor City Capital — in part because he trusted and admired the account manager, an aspiring politician named George Santos.

Admiration aside, Intrater wanted to know about his investment and a promised letter of credit that secured it. Santos said that it was already on the way.


The letter of credit did not exist, the SEC would later tell a court. The $100 million that Santos told Intrater that he had personally raised for Harbor City did not exist either, the commission said. Nor, seemingly, did the close to $4 million that Santos claimed he and his family had invested in Harbor City.


https://news.yahoo.com/investor-lost-625-000-faith-124058283.html
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The longer Santos stays in office the better the Democrats will do the next cycle. These stories about Santos is painting the entire GOP as the party of snake-oil salesmen! Go Santos <or whatever your name is>, GO!
 
A comment on the story

The republican party is finally reaping what it has been sowing. The FACE of the republican party now is Santos. Every day a new revelation of a life lived with the greatest of dishonor.

Republicans cannot get any air time for anything someone in that party believes is positive. Its Santos or the debt limit. Santos or the debt limit. Debt limit or Santos.

Republicans hoped they could con we the people into believing the debt limit is about cutting spending. Almost all of we the people now know its about paying the bills already charged to the nation's credit card. That the debt limit is being used as a tool for blackmail. Blackmail is no basis for something we used to call the legislative process.
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T. A. Gardner said:
Well, it could be worse...
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It is hard to be worse than losing all your money. I guess there could be debts, but those are usually easily discharged by bankruptcy.

Though I do see how Santos fits into the Republican Party. He is practically trump junior when it comes to ripping off investors.
 
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