Tagg, You're It: Romney's Son's Company Lied About Role In Ponzi Scheme–Linked Firm (SEC)

The Nation ?@thenation - Lee Fang
Last year, Tagg Romney's company said it hadn't invested in a Ponzi-linked firm. SEC docs tell a different story: http://tnat.in/esdLc



The private equity firm run by Tagg Romney—Mitt’s eldest son, who is now taking a leadership role in guiding his father’s presidential campaign—misled reporters last year about its involvement with a company run by men accused of taking part in a multibillion-dollar Ponzi scheme.

Last year, I reported that Tagg had formed a business partnership with several North Carolina investors who are still facing a lawsuit for receiving bonus pay for selling CDs as part of the $8 billion Stanford Financial Group Ponzi scheme.

In a nutshell, Tagg helped these investors form a company—called Solamere Advisors, a nod to Tagg’s firm Solamere Capital—shortly after their boss, Allen Stanford, was caught by law enforcement for his elaborate Ponzi fraud.

When I interviewed him in Las Vegas, Tagg told me that his associates were “cleared” of any wrongdoing associated with the Stanford Ponzi scheme. Court documents directly contradict Tagg and show that the lawsuit has not been dismissed . . .

read more: http://www.thenation.com/blog/170546/tagg-romneys-company-misled-reporters-about-its-relationship-ponzi-scheme-linked-firm