Podcast host and president of the Douglass Society Rob Smith reacts to former Congresswoman Tulsi Gabbard confronting Congressman-elect George Santos for lying about his work background.
Rep. George Santos, R-N.Y., raised at least six figures for a Florida-based company the U.S. Securities and Exchange Commission (SEC) says operated as a Ponzi scheme, the Wall St. Journal reported Sunday.
The company, Harbor City Capital, reportedly hired Santos in 2020 to recruit investors, and he secured at least one investment in the six-figure range. The SEC sued the company in 2021, alleging that Harbor City and its CEO, Jonathan Maroney, operated the company as “a classic Ponzi scheme,” according to court filings.
“This an emergency action to stop an ongoing, fraudulent Ponzi scheme victimizing hundreds of investors across the United States,” the SEC wrote in its lawsuit, alleging Maroney had misused virtually all of the $17.1 million he had secured from investors.
” Maroney used investor money to enrich himself and his family, and to perpetuate the Ponzi scheme by making payments of fictitious returns to existing investors using other investor funds,” the suit continues. “Specifically, of the $17.1 million raised from Harbor City’s investors, Maroney misappropriated more than $4.88 million for his own personal use.”
U.S. Rep.-elect Matt Gaetz (R-FL) (L) talks to…
