Top Democrat Donor Linked To Ponzi Scheme

tomsteyer
Billionaire Tom Seyer (Financial Post)

According to an article on Newsmax.com, a top donor to the Democratic party has allegedly been linked to a Ponzi scheme:

Billionaire Democratic benefactor Tom Steyer was linked through a hedge fund he founded to an alleged scheme to defraud foreign investors of $60 million, according to legal documents filed in a Texas court.

The connection surfaced at the same time the National Review concluded that the environmental activist’s pledge to donate $100 million to Democratic candidates in the midterm elections influenced President Barack Obama’s decision to delay action on the Keystone XL pipeline project until after November.

The Washington Free Beacon reported that Farallon Capital Partners L.P., a fund run by Farallon Capital Management, the multibillion-dollar hedge fund created by Steyer, joined a project to build a shopping mall near Seattle, Wash., in the 1990s as a limited partner.

In the Texas lawsuit, it was alleged that Farallon conspired with foreign-owned corporations in Texas “to defraud a group of over 300 German investors out of approximately sixty-million dollars.”

The Asshauer group claimed that it was a “Ponzi scheme” and alleged that the companies planning to build the “Washington Supermall” transferred “millions of dollars in funds through ‘loans’ and ‘advances’ to other unrelated entities.”

Read more here.

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