...Romney Family Investment Group Partnered With Alleged Perpetrators Of $8 Billion Ponzi Scheme

[ProSense]

Exclusive: Romney Family Investment Group Partnered With Alleged Perpetrators Of $8 Billion Ponzi Scheme

By Lee Fang

Mitt Romney, his son Tagg, and Romney’s chief fundraiser, Spencer Zwick, have extensive financial and political ties to three men who allegedly participated in an $8.5 billion Ponzi scheme. A few months after the Ponzi scheme collapsed, a firm financed by Mitt Romney and run by his son and chief fundraiser partnered with the three men and created a new “wealth management business” as a subsidiary.

In an exclusive interview with ThinkProgress, Tagg Romney confirmed their business relationship, but falsely claimed that the men were cleared of any wrongdoing associated with the Ponzi scheme. Tagg Romney told ThinkProgress that his three partners collected about $15,000 from their involvement in the Ponzi scheme. Court documents obtained by ThinkProgress show that the legal proceedings are ongoing and the men made over $1.6 million selling fraudulent CDs to investors.

The Ponzi Scheme

In 2009, prosecutors announced charges against the Stanford Financial Group, which managed a portfolio of $8.5 billion, for running a “massive, ongoing fraud” against its investors. The Ponzi scheme bust was one of the largest in recent history, second only to Bernie Madoff, who perpetrated a fraud estimated to be around $17 billion. The Stanford Ponzi scheme wiped out the savings of thousands, including many American retirees across the country. In Texas, 1290 people reportedly suffered the same fate. [br />
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[ProSense]

1. Romney Camp Responds To ThinkProgress Report Linking Him To Massive Ponzi Scheme

Romney Camp Responds To ThinkProgress Report Linking Him To Massive Ponzi Scheme

In an e-mail to National Journal’s Chris Frates, the Romney campaign attacks ThinkProgress as “a left-wing blog with a highly partisan agenda.” Despite calling our story “false material,” the Romney spokesperson did not directly dispute any of our assertions. The Romney campaign has not explained why, for instance, Tagg Romney told us that his Solamere Advisors partners were “cleared” of wrongdoing in connection to the Stanford Financial Group Ponzi scheme. We stand by our reporting...

[lindysalsagal]

2. Tick tick tick tick

Time for the last great white hope to explode.

Wish I could see Obama's face when he hears about this...

[mucifer]

3. Remember some people are above the law nt

[ProSense]

4. So much for

Romney's strategy!

:rofl:

[aint_no_life_nowhere]

5. If only this story got as much scrutiny and press attention as Herman Cain's alleged harrassments

I'm not downplaying sexual harrassment as a very serious transgression on the part of a would-be Presidential candidate. But this story is a devastating indictment of Romney's character, if accurate and if he had full knowledge. I haven't seen any cable channel mention this story.

[MrsCorleone]

6. Agreed. Mitt "Corporations are People, My Friends" Romney is skating by with little media scrutiny.

I'd like to see a push for him to come out of hiding and at the very least go on the Sunday morning MSM circuit. He's very Palin-esque in his media avoidance, wouldn't you say?