Rep. George Santos was paid by a company the SEC called a “classic Ponzi scheme” but never disclosed his payments as a candidate, the report says.

George Santos

George Santos, elected to the New York State House of Representatives, speaks at the annual leadership conference of the Republican Jewish Coalition (RJC).via David Becker/Getty Images for The Washington Post

  • Republican Congressman George Santos has made false statements about his work and education background.

  • On Wednesday, WaPo reported that he was paid in April 2021 by a company accused of being a Ponzi scheme.

  • However, payments from the company were not included in his candidate’s financial disclosures.

New York Republican Rep. George Santos was paid by a company the Securities and Exchange Commission called a “classic Ponzi scheme” but did not disclose it, a report released Wednesday said. according to the book Washington Post.

Santos I made False claims about his educational and professional backgroundThe payment was made by Florida-based Harbor City Capital in April 2021, according to Catherine C. Donlon, the attorney appointed by the court to review the company. refused to tell

Santos used to Daily Beast Retired on March 1, 2021.

Within weeks of the reported April 2021 payment, Santos deboulder tissuethe company where he received a salary of $750,000 in 2022, well above the previously reported salary of $55,000 in 2020.

Ah financial disclosure The documents Santos submitted as a candidate covering January 2021 through December 2022 did not mention any payment from Harbor City Capital.

“Voters have a right to know this information,” Delaney Marusco, senior ethics counsel at the bipartisan campaign legal center, told the Post, noting that intentional failure to disclose could result in fines or up to five years. He added that prison terms could be imposed. “Congress said so.”

Ann SEC Complaint was filed with Harbor City Capital on April 20, 2021. Santos’ unnamed complaint says the company’s founder spent investors’ money on personal expenses, paying monthly interest in a “classic Ponzi scheme.”

Santos previously told the Daily Beast that he had no idea what was going on at the company.

“I’m as distraught and upset as everyone else,” he told the outlet in April 2022.

A Santos representative did not immediately respond to an insider’s request for comment.

Read the original article at business insider