Beautiful Virgin Islands

Thursday, Jun 05, 2025

George Santos Raised Money for Company the SEC Says Was a Ponzi Scheme

George Santos Raised Money for Company the SEC Says Was a Ponzi Scheme

New York congressman, under scrutiny for his finances and lies about his past, was paid by Florida-based company, now in receivership after it was sued by regulator
Embattled Rep. George Santos persuaded at least one person to make a six-figure investment in a Florida-based company that the U.S. Securities and Exchange Commission later said was a Ponzi scheme, according to people familiar with the matter and documents viewed by The Wall Street Journal. 

Mr. Santos was hired in 2020 to raise capital for the company, Harbor City Capital, and landed at least one significant investment from a wealthy investor, the people said. When the investment failed to deliver on the promised returns, according to one of the people, Mr. Santos sought to reassure the investor by saying he had personally raised nearly $100 million and had invested his own family’s money in Harbor City. 

Mr. Santos, a 34-year-old freshman Republican member of Congress from Long Island, is facing calls to resign from Democrats and a number of New York Republicans amid investigations into his campaign finances and lies he told during his campaign, pertaining to his education, work history, wealth, ancestry and other matters. The Republicans’ narrow majority in the House made his vote crucial for the election of Kevin McCarthy as speaker.

Mr. Santos has admitted to lying about working at Goldman Sachs Group Inc. and Citigroup Inc. but has defended his experience in the financial-services sector, saying in one interview: “I did work in the industry for a number of years.”

Embattled Rep. George Santos persuaded at least one person to make a six-figure investment in a Florida-based company that the U.S. Securities and Exchange Commission later said was a Ponzi scheme, according to people familiar with the matter and documents viewed by The Wall Street Journal. 

Mr. Santos was hired in 2020 to raise capital for the company, Harbor City Capital, and landed at least one significant investment from a wealthy investor, the people said. When the investment failed to deliver on the promised returns, according to one of the people, Mr. Santos sought to reassure the investor by saying he had personally raised nearly $100 million and had invested his own family’s money in Harbor City. 

Mr. Santos, a 34-year-old freshman Republican member of Congress from Long Island, is facing calls to resign from Democrats and a number of New York Republicans amid investigations into his campaign finances and lies he told during his campaign, pertaining to his education, work history, wealth, ancestry and other matters. The Republicans’ narrow majority in the House made his vote crucial for the election of Kevin McCarthy as speaker.

Mr. Santos has admitted to lying about working at Goldman Sachs Group Inc. and Citigroup Inc. but has defended his experience in the financial-services sector, saying in one interview: “I did work in the industry for a number of years.”
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
Majority of French Voters View Macron's Presidency as a Failure
Hungary Partners with China to Boost Electric Vehicle Production
‘Vibe Coding’ Emerges as the New DIY Trend
AI Pioneer Yoshua Bengio Warns Models Can Deceive Users
Big Four Firms Rush to Create AI Auditing Systems
Musk’s xAI Pursues $113 Billion Valuation in New Share Sale
Walmart Increases Revenue Despite Shrinking Workforce
Hims & Hers Plans UK and EU Launch of Replica Obesity Drugs
Toyota to Acquire Supplier in $33 Billion Buyout
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
×