2016 Postmortem
Related: About this forumTagg Romney's Company Misled Reporters About Its Relationship With Ponzi Scheme–Linked Firm
http://www.thenation.com/blog/170546/tagg-romneys-company-misled-reporters-about-its-relationship-ponzi-scheme-linked-firm
"October 12, 2012 - 8:10 PM ET
The private equity firm run by Tagg RomneyMitts eldest son, who is now taking a leadership role in guiding his fathers presidential campaignmisled 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 companycalled Solamere Advisors, a nod to Taggs firm Solamere Capitalshortly 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.
The New York Times followed up on my story with its own report and confirmed that Taggs business partners received incentive pay for selling bunk Stanford CDs. They wrote about one Stanford victim, a local Charlotte businessman and philanthropist named Herman Stone. Stone was pressured by Brandon Phillips, an executive working now for Taggs firm, into putting $2 million into a fraudulent Stanford CD and lost everything.
Solamere Capital attempted to distance itself from the story by claiming that their business was not actually connected to the Ponzi-tainted firm, Solamere Advisors. In a statement to ABC News, they claimed that their managers, not Solamere Capital itself, were involved (emphasis added):
It is inaccurate to suggest that Solamere Capital made an investment in this firm [Solamere Advisors]. Solamere Capital was approached to invest in a new wealth management firm being launched by these three individuals. After extensive due diligence, Solamere Capital decided not to invest because the business was at an early stage and did not meet our investment criteria. However, Spencer Zwick, Tagg Romney and Eric Scheuermann each own a minority stake in the business as individual investors.
However, Solamere Capitals statement, provided to ABC News, is false. Disclosures from the Securities and Exchange Commission show that Taggs company indeed maintains ties with the Ponzi-linked firm, Solamere Advisors.
The claim that Solamere Group didnt invest directly in Solamere Advisors, the firm employing former Stanford employees, appears to have been an attempt to shield Mitt Romney. Mitt invested about $10 million into Taggs Solamere Capital venture, which would suggest Mitt has a direct financial relationship with folks involved in a Ponzi scheme. Thats because Solamere Capital pools together investment money to co-invest in other companies.
According to this form and this form filed with the SEC, Solamere Group owns a large stake in Solamere Advisors (referred to in the documents as CAMG Solamere.) So it is impossible to argue that Solamere Capitalthe Romney familys investment companydoes not have direct financial ties with Solamere Advisors, the firm filled with executives who sold CDs as part of the Stanford fraud. The Stanford scandal is second only to the case of Bernie Madoff.
The disclosures are made on part of the SEC website enhanced by the new Dodd-Frank law, the Wall Street reform Romney says he wants to repeal."
The Blue Flower
(5,442 posts)Fill it in for yourselves.
bushisanidiot
(8,064 posts).
#RomneyPonziScheme
formercia
(18,479 posts)They knew about Stanford, since he had already been arrested, so they just take Stanford's scam and re-package it under a new name. Meanwhile, Stanford rots in prison because he doesn't have money for bail or attorney.
octoberlib
(14,971 posts)It says Mitt and Taggs business partners( whose companies own The Scooter Store and dental clinics) have been defrauding Medicare and Medicaid. Imagine what havoc they'd wreak if he was president. http://www.thenation.com/article/170470/tagg-team-romney-family-recipe-crony-capitalism
BlueToTheBone
(3,747 posts)and went straight to prison? Maybe this time we can put the crook in prison and skip the White House part.
Wellstone ruled
(34,661 posts)this out. Their is a ton of articles about this group and their association to the Mormon Church. Just go to The Salt Lake Tribune web site and search their archives. These turds are just as corrupt as the Bushies.
bushisanidiot
(8,064 posts)I wonder how much gambling with tithing money they've done via Romney
and his schemes.
#RomneyPonziScheme