Mitt & Tagg Romney tied to Ponzi scheme

10/18/2012 1:56pm by 511

Despite previous assertions to the contrary, SEC documents link Mitt Romney and his son Tagg Romney to a firm involved in the Allen Stanford $7 billion Ponzi scheme.

Tagg, who recently threatened to “take a swing” at the President, has previously denied the links but legal filings say otherwise.  Surely the Romney’s strict religious faith, that Mitt talks about so much now, doesn’t approve of lying, does it? Or is this what they mean when people talk about “lying for the Lord?”

Lee Fang at the Nation has more on the actual facts, rather than the Romney-family version of the story.  The story is from six days, and still is obviously quite relevant.

The private equity firm run by Tagg Romney—Mitt’s eldest son, who is now taking a leadership role in guiding his father’s presidential campaign—misled reporters last year about its involvement with a company run by men accused of taking part in a multibillion-dollar Ponzi scheme.

However, Solamere Capital’s statement, provided to ABC News, is false. Disclosures from the Securities and Exchange Commission show that Tagg’s company indeed maintains ties with the Ponzi-linked firm, Solamere Advisors.

The claim that Solamere Group didn’t 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 Tagg’s Solamere Capital venture, which would suggest Mitt has a direct financial relationship with folks involved in a Ponzi scheme. That’s because Solamere Capital pools together investment money to co-invest in other companies.

It’s also interesting to note that this revelation is only available because of the new reporting requirements for Dodd-Frank. No wonder Romney doesn’t like that legislation.

All of this, of course, brings us back to the critical problem of Mitt Romney’s missing tax documents.

Until Mitt Romney produces his full returns for the past ten years, rather than the scrubbed version of the last two years, that is missing a lot of details, we simply do not know the full extent of what he’s involved in or where.  And whether it’s even criminal.

For someone that is proposing to make such radical changes to the tax code – Romney has proposed a $5 trillion tax cut for the rich that even Fox News says doesn’t add up – we should know if he’s doing this to benefit the country, or just himself and his rich friends.

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An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup for the Microsoft market. Full bio here.

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