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Mitt Ponzi?

Discussion in 'Political Discussion' started by Holy Diver, May 4, 2012.

  1. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

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

    Mitt Romney himself made a $10 million initial seed investment in Solamere Capital and his personal financial disclosure forms reveal that he has received between $100,000 and $1 million in returns from his stake in Solamere.

    Moreover, a court-appointed audit of the Stanford Financial Group found that several of the former Stanford brokers made far more than what Tagg claimed:

    – Solamere Advisors managing partner Tim Bambauer made $1,143,392 in incentive pay selling fraudulent CDs to investors.
    – Solamere Advisors partner Deems May made $465,000 in incentive pay selling fraudulent CDs to investors.
    – Solamere Advisors operations manager made Brandon Phillips $70,000 in incentive pay selling fraudulent CDs to investors.
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Isn't Tagg the one who mommy gave $10,000,000 from her trust fund, so he could start his business???

    Just chump change to the Romney's....
  3. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

    I found it quite surprising that this was how the $$ was spent that we were all talking about in the "start a buisness with 20k" thread.

    shaaaaaayyyyy-D

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