Employees of Romney Family's Secret Bank Tied to Fraud, Money Laundering and Drug Cartels

[highplainsdem]

From Truth-Out.org:

http://truth-out.org/news/item/12231-employees-of-romney-familys-secret-bank-tied-to-fraud-money-laundering-and-drug-cartels

As previously reported in by the Columbus Free Press, the Romney family, namely Mitt, Ann, G Scott and Tagg Romney, along with Mitt's "6th son" and campaign finance chair have a secretive private equity firm called Solamere Capital Partners. This firms ties to Romney's campaign and bundlers is already well documented, along with its connection to the manufacture and distribution of voting machines. What is not as well documented is a subsidiary of that private equity firm hiring employees of a failed firm tied to a Ponzi scheme that has a long history of money laundering for Latin American drug cartels and to the Iran-Contra scandal.

As reported by ThinkProgress, Solamere Capital Partner's subsidiary Solamere Advisors is a investment advisory group, providing advice to Solamere clients and boosting sales. Would-be corporate pugilist Tagg Romney is a director. According to the New York Times, all but one of its 11 employees came from the Charlotte office of the Stanford Financial Group, the US investment arm of convicted felon R. Allen Stanford's offshore banking and fraud network that comprised a host of companies including the Stanford International Bank, Stanford Capital Management, The Bank of Antigua, Stanford Trust and Stanford Gold and Bullion. Three of these employees, Tim Bambauer, Deems May, and Brandon Phillips, received incentive compensation related to their direct sales of securities linked to a fraud that brought down this banking network.

Tim Bambauer has left his position as managing partner at Solamere Advisors. May and Phillips remain employed as partner and chief compliance officer respectively.

Allen Stanford is currently serving a 110-year prison sentence for convictions on 13 counts of fraud. His companies were placed in receivership. $8 billion of Stanford's stolen money has yet to be recovered and the victims are in court to recover those funds and incentive pay bonuses to Stanford employees (including Bambauer, May and Phillips) for fraudulently getting people to invest in an operation that later bilked many of them out of their life's savings.

-snip-

This article is a must-read and should be shared widely.

The final paragraph points out that "All of the these dealings by Stanford, and the complicity of his employees in facilitating them, was public information before January 2010, when Mitt Romney addressed the first full meeting of Solamere's investors. Yet his son Tagg chose to hire into his family these alleged white collar criminals as soon as Stanford's criminal empire collapsed."

[NRaleighLiberal]

1. It boggles the mind how this man can run for president -

I guess the list of lies, issues, and shadiness is too long for today's short attention span voter/media to grapple with.

Just the refusal to come clean with the taxes should be enough to disqualify him....

We are truly in bizarro world.

[formercia]

2. Stanford had a good thing going

Just another takeover and sacking by Mitt and crew.

Those people will do anything for Money and Power.

Mitt will make that 8 billion disappear faster than you can say Fairy Godmother.

[porphyrian]

3. This is more important than 14 threads about trolls. n/t