HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Mitt's son has reportedly... » Reply #8

Response to liberal N proud (Original post)

Mon Feb 4, 2013, 04:34 PM

8. Does the name Alan Stanford ring a bell??

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.

Last year, I reported that Tagg had formed a business partnership with several North Carolina investors who are still facing a lawsuit for receiving bonus pay for selling CDs as part of the $8 billion Stanford Financial Group Ponzi scheme.

In a nutshell, Tagg helped these investors form a company—called Solamere Advisors, a nod to Tagg’s firm Solamere Capital—shortly after their boss, Allen Stanford, was caught by law enforcement for his elaborate Ponzi fraud.


Mitt Romney invested $10 million in a Ponzi scheme run by Tagg and his buddies until the SEC caught up with ripoff artist R. Allen Stanford.

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 ThinkProgress, 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 ThinkProgress that his three partners collected about $15,000 from their involvement in the Ponzi scheme. Court documents obtained by ThinkProgress show that the legal proceedings are ongoing and the men made over $1.6 million selling fraudulent CDs to investors.

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 10 replies Author Time Post
liberal N proud Feb 2013 OP
Webster Green Feb 2013 #1
Angry Dragon Feb 2013 #2
Gidney N Cloyd Feb 2013 #4
pa28 Feb 2013 #6
rurallib Feb 2013 #3
sharp_stick Feb 2013 #5
DonViejo Feb 2013 #7
yellowcanine Feb 2013 #9
LineNew Reply Does the name Alan Stanford ring a bell??
malaise Feb 2013 #8
OmahaBlueDog Feb 2013 #10
Please login to view edit histories.