Rep. George Santos (R-N.Y.), who has faced controversy since it was revealed he made false statements about large parts of his personal and work backgrounds, once raised money for a company that the Securities and Exchange Commission (SEC) later said was a Ponzi scheme, The Wall Street Journal reported.
The Journal reported on Saturday that Santos convinced at least one person to invest a six-figure sum into a Florida-based company called Harbor City Capital. People familiar with the matter told the Journal that Santos was hired in 2020 to raise money for the company and brought in at least one major investment.
One of the people said Santos reassured the investor when the investment did not deliver its promised returns by telling him that he made $100 million and invested his family’s money in the company.
The SEC accused Harbor City Capital of being a Ponzi scheme in 2021 in a civil lawsuit.
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