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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow an Investor Lost $625,000 and His Faith in George Santos (NYT)
https://www.nytimes.com/2023/01/19/nyregion/george-santos-sec-intrater.htmlhttps://archive.ph/uVCob
How an Investor Lost $625,000 and His Faith in George Santos
Andrew Intrater, a wealthy businessman, has been in touch with the S.E.C. about Mr. Santoss dealings on behalf of a company accused in a Ponzi scheme.
By Grace Ashford, Alexandra Berzon and Michael Gold
Jan. 19, 2023
A month after the Securities and Exchange Commission filed a lawsuit in 2021 accusing a Florida-based company of operating a Ponzi scheme, one of the firms account managers assured an anxious client that his money was safe.
The client, a wealthy investor named Andrew Intrater, had been lured by annual returns of 16 percent and had invested $625,000 in a fund offered by the company, Harbor City Capital in part because he trusted and admired the account manager, an aspiring politician named George Santos.
Admiration aside, Mr. Intrater wanted to know about his investment and a promised letter of credit that secured it. Mr. Santos said that it was already on the way.
All issued and sent over, Mr. Santos assured him in a text message sent in May 2021.
The letter of credit did not exist, the S.E.C. would later tell a court. The $100 million that Mr. Santos told Mr. Intrater that he had personally raised for Harbor City did not exist either, the commission said. Nor, seemingly, did the close to $4 million that Mr. Santos claimed he and his family had invested in Harbor City.
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How an Investor Lost $625,000 and His Faith in George Santos (NYT) (Original Post)
dalton99a
Jan 2023
OP
3Hotdogs
(12,396 posts)1. Why is he still walking around?
BlueWaveNeverEnd
(8,026 posts)4. there are calls to take away his passport so he can't flee
dalton99a
(81,565 posts)7. +1. Ponzi scheme operators tend to have multiple passports
And he might still have a Brazilian passport even if he is a U.S. citizen
KS Toronado
(17,293 posts)2. I would think
Santos would be facing jail time for a Ponzi scheme. Hurry up whoever can file the charges,
so we can watch the entire reQublicOn party scream FAKE NEWS.
Samrob
(4,298 posts)3. Florida-based is the operative word. These moguls would rather "invest" in shit shows than pay taxes
no_hypocrisy
(46,151 posts)5. He's a regular Trump.
tanyev
(42,594 posts)6. Annual returns of 16%! That sounds too good to be true!
Last edited Fri Jan 20, 2023, 10:55 AM - Edit history (1)