May 4, 2012

Tagg Romney connected to ponzi schemers

Lee Fang, Think Progress - [Mitt Romney's son] Tagg is the managing partner to Solamere Capital, a firm that invested in a new company employing brokers accused of taking part in the Allen Stanford Ponzi scheme. Mitt Romney, his son Tagg, and Romney’s chief fundraiser, Spencer Zwick, have extensive financial and political ties to three men who allegedly participated in an $8.5 billion Ponzi scheme. A few months after the Ponzi scheme collapsed, a firm financed by Mitt Romney and run by his son and chief fundraiser partnered with the three men and created a new “wealth management business” as a subsidiary.

In an exclusive interview with Think Progress, Tagg Romney confirmed their business relationship, but falsely claimed that the men were cleared of any wrongdoing associated with the Ponzi scheme. Tagg Romney told Think Progress that his three partners collected about $15,000 from their involvement in the Ponzi scheme. Court documents obtained by Think Progress show that the legal proceedings are ongoing and the men made over $1.6 million selling fraudulent CDs to investors.

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