The Securities and Exchange Commission accused Harbor City Capital of running as a Ponzi Scheme Santos was not named in the SEC's lawsuit. . Sign up for notifications from Insider! Congressional disclosure may look like a limited problem compared to the way several elected leaders make it clear they cant be bothered to keep their conduct within prescribed guard rails. His lawyer had previously said that Santos had been the target of attacks that are extremely angry, anti-gay, anti-Republican and all around anti-social, and argued that his sureties, if publicly named, would be vulnerable to similar behavior. Gercino dos Santos, the congressman's father, and Elma Preven, his aunt, had guaranteed the $500,000 bond. George Santos Under Federal Investigation for Financial Disclosures CNN also confirmed that Santos listed on his 2022 financial disclosure a salary of $750,000 this year and last at the Devolder Organization, which Santos has claimed is a "family firm . In June of that year, he loaned his campaign an additional $1,200. He has vowed not to resign. Eight of them ran in the general election, and lost. Santos appealed that ruling, arguing that publicly identifying the sureties would subject them to harassment and intimidation. In their complaint, Torres and Goldman allege that Santos's financial disclosure reports for 2020 and 2022 are "sparse and perplexing," and claim the Republican's public statements "have . Meredith McGehee, an expert on campaign finance and ethics with more than 35 years of experience in Washington, spoke with outrage about the Senate and House ethics committees failure to crack down on nonfilers' late reports and erroneous statements. Data is a real-time snapshot *Data is delayed at least 15 minutes. In his campaign for office, Santos received endorsements from high-ranking Republican Rep. Elise Stefanik, House Minority Leader Kevin McCarthy, Rep. Lee Zeldin, and the New York Post, among others. Gercino dos Santos, the congressman's father, and Elma Preven, his aunt, had guaranteed the $500,000 bond that allowed the scandal-plagued House freshman to walk free after his arraignment on 13 criminal counts last month. In his first disclosure to the House,filed in May 2020, Santos reported a commission bonus worth somewhere north of $5,000 from a New York company called LinkBridge Investors. They've made it more impossible by not standardizing a searchable, sortable, downloadable database, McGehee said. If youre looking at a $20 million yacht, my referral fee there can be anywhere between $200,000 and $400,000, Santos told Semafor. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. "These contributions could be especially problematic for Representative Santos if any of the ongoing investigations determine that these funds ultimately came from one or more foreign nationals," Kappel said. CNN is also reporting the federal probe. During his initial, failed bid for Congress in 2020, Republican George Santos of New York signed a certified congressional document attesting to having almost no financial assets and an average income. But when you see what happened with Santos, he said, then you start to say: Oh, no, no, no, it is highly important that candidates file their financial disclosure early so that there is a way to provide information to the public before they vote. . McGehee said a solution might be to make financial disclosure statements more accessible than they are now to better meet the goal of the Ethics in Government Act to inform the public. Get browser notifications for breaking news, live events, and exclusive reporting. Asked whether family members had enough money to back the bond, Santos replied, "Don't you think that's a little invasive?". Got a confidential news tip? "That's exactly the reason that I chose to keep their identities secure," Santos said, according to NBC. He had taken numerous steps to try to keep his sureties names private. Stanley Brand, an attorney who specializes in ethics and campaign finance law, said the ethics committees take up very few cases involving incumbents, and may not have jurisdiction or the resources to police the vast majority of failed candidates. Santos said he would then connect people to wealthy investors and institutions, and landed a couple of million-dollar contracts in the first six months. Prior to the imposition of sanctions on the oligarch in 2018, it was listed in regulatory filings as an affiliate of Viktor Vekselberg's Renova Group, an aluminum, energy and telecom conglomerate. By clicking Sign up, you agree to our privacy policy. Democrats ask ethics panel to probe Santos' financial disclosures DEsposito filed his 2023 statement on June 20, after Newsday had contacted his office five days earlier about it. Yet it is unlikely the ethics committees or prosecutors will investigate or sanction DEsposito, Rakebrandt or other nonfilers, experts said. Santoss financial disclosure reports for 2020 and 2022 are sparse and perplexing, Reps. Ritchie Torres and Dan Goldman of New Yorkwrote in their complaint to the House Ethics Committee. Oppedisano lived in the United States from the age of 5 with his family in New York, but he was deported from the country in January 2019 according to court documents. The questions center around the hundreds of thousands of dollars Santos has loaned his campaigns from personal accounts;his sharp increase in reported wealth;an outside group that was raising funds on behalf of his campaign,without being registered with the Federal Election Commission(FEC); and a host of expenses submitted by his campaign for $199.99 one cent less than the figure requiring receipts. Members of Oppedisano's family also donated to Santos's campaign. The New York Times also indicated that Santos may have lied about losing colleagues in the Pulse nightclub shooting and his residence. If it turns out that that was a device for donors to funnel money to the campaign, that itself is illegal Santos would be a straw donor falsely claiming he provided the money when it really came from someone else, Briffault said Friday in an email. Dan Weiner, the director of elections and government at New York Universitys Brennan Center, said its common for people to give above the limit if they go to multiple events and arent tracking the checks they write, but this scenario is less common. Courthouse Ahead of Trump Arraignment, Rep. George Santos Files 2024 Reelection Paperwork amid Criminal Investigations and House Ethics Probe, Rep. George Santos Resigns From House Committees Until Investigations Are Complete: Report, George Santos' Former Roommate Tells FBI the Now-Congressman Once Masterminded an ATM Fraud, New York Republicans Call on George Santos to Resign: 'He Deceived Voters', Republican Official Says George Santos Lied About 3.9 GPA and Being a College Volleyball 'Star', House Leader Vows to 'Sit Down and Talk' to George Santos as Dems Ask Ethics Committee to Investigate Lies, George Santos Is Under Investigation by House Ethics Committee, Speaker McCarthy Confirms, Complaint Against New Rep. George Santos Alleges His Campaign Lied About the 'True Source' of Its Funding, Embattled Rep. George Santos Has Ties to a Powerful Russian Oligarch, Campaign Filings Reveal, George Santos Says He's a 'Terrible Liar,' but 'Got Away with It' During 2020 Campaign, DA Launches Investigation into Rep.-Elect George Santos for Fabrications She Calls 'Nothing Short of Stunning', Fact-Checking the George Santos Claims: From Goldman Sachs Employee to College 'Volleyball Star', Democrats Call for Investigation into GOP Newcomer George Santos After He Admitted to Fabricating His Past, Federal Investigators Are Reportedly Probing George Santos' Alleged Dog Fundraising Scheme, New York Rep. George Santos and 'Drag Race' Legend Trixie Mattel Battle It Out on Twitter, incoming congressman admitted he lied about, never had an issue with my sexual identity, conflicting stories about his mother's death arose. Congressman-elect George Santos faces federal investigation after Santos formed Devolder in May 2021, according to documents filed with the Florida secretary of state. At least 13 former Trump administration officials violated the federal Hatch Act by failing to separate campaigning from their government duties, a 2021 federal probe found. The most egregious straw donor scheme is one that actually involves the candidate itself, Ghosh said. But his financial situation appeared to have markedly . In their complaint, Torres and Goldman allege that Santos's financial disclosure reports for 2020 and 2022 are "sparse and perplexing," and claim the Republican's public statements "have contradicted some information included in the 2022 financial disclosure and confirmed that the 2022 financial disclosure failed to disclose other information.". George Santos case highlights cracks in financial disclosure system A controversial donor, who along with his apparent domestic partner gave a combined $34,500 to Santos, is Andrew Intrater, the CEO of a company which once had ties to a sanctioned Russian oligarch Intrater is the CEO of Sparrow Capital an investment firm formerly known as Columbus Nova. But his financial situation appeared to have markedly improved by the time he decided to launch a second run for the House in 2022, with Federal Election Commission filings showing he lent at least $580,000 to his campaign, and $27,000 to his political action committee. They could carry significant legal liability.' That transposition rendered it tough to find online. LaLotas office did not respond to questions about the error. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Time to crack down on politicians' disclosure gaps - Newsday The Devolder Organization was in the capital introduction business, SantostoldSemafor in December, similar to the company where he previously worked, LinkBridge. A Redstone Strategies LLC formed in November 2021listsSantoss Devolder Organization as one of its managing officers. Newsday sent questions about nonfilers, missing, late and erroneous filingsand the effect of Santos ethics probe and indictment to Tom Rust, staff director and chief counsel to the House Ethics Committee. Santos defiant: McCarthy declines to act amid GOP pressure, Reports:Federal prosecutors launching investigation into Rep.-elect George Santos' finances. Late and flawed reports are common. "Now I pray that the judge is correct and no harm comes to them," Santos tweeted. 2022 Full-year Results Video. For donors, Robert Maguire, the research director for Citizens for Responsibility and Ethics in Washington, says at its core, the big dollar donations are really about "proximity to power in America." Santos Ltd - AnnualReports.com The post-Watergate Ethics in Government Act that Congress passed in 1978 mandated that those running for Congress file annual disclosure reports of their income, assets, liabilities, positions in organizations and agreements with outside entities. FEC reports show just one political committee payingRed Strategies USA: Tina Forte for Congress, the Republican candidate who challenged Rep. Alexandria Ocasio-Cortez (D-N.Y.). That groupswebsitestates that it was started from individuals who have been experters [sic] in marketing and others in politics.. And Ritchie Torres, D-.N.Y., called for Santos to resign and to be investigated, specifically raising questions about his financial disclosures. Ghosh said the organization took the unusual step of forwarding it to the Department of Justice, which handles federalcriminal investigations. Because I learned my maternal family had a Jewish background I said I was 'Jew-ish. Santos's financial woes pile up, threatening his political career Interim Results. After resisting calls by Republicans and Democrats to resign, he was expelled by a near-unanimous House vote. Two obvious models are within reach: the Federal Election Commissions systemfor campaign contributions andthe House Clerks Office system for trackinglobbyist activity. There were no consequences. On Capitol Hill he faces a complaint from two of his Democratic colleagues from New York, Reps. Ritchie Torres and Daniel Goldman, who requested the House Ethics panel investigate whether Santos broke the Ethics in Government Act by failing to file "timely, accurate and complete financial disclosure reports." U.S. Rep.-Elect George Santos Under Federal Investigation for Financial Disclosures: Report The New York Times reports that the federal investigation is being run by the U.S. attorney's. Gao could not be reached for comment. The Board and Management of Santos Ltd are committed to the highest standards of corporate governance. Campaign Legal Center cited 37 items that were listed as costing $199.99, including for a room in an upscale hotel that advertises nightly rates over$700 and a parking facility where the organization said no combination of fees would add up to a number that ended in .99.
