George Devolder-Santos served as regional director of accused scam firm Harbor City Capital, which allegedly misappropriated millions. (…) But the would-be successor to Rep. Tom Suozzi (D-New York) seems less eager to share another detail of his personal story: for all his rants against “the swamp,” Devolder-Santos served as a director of an investment firm authorities say bilked millions of dollars from its customers. Despite running in a solidly blue district, Devolder-Santos has managed to capture media attention with his atypical political identity and fiery denunciations of socialism, as well as his unabashed cheerleading of ex-President Donald Trump. (…) Despite all the publicity, one fact about Devolder-Santos has eluded scrutiny: the Securities and Exchange Commission accused his most recent employer, Harbor City Capital, last April of operating as a Ponzi scheme that ripped off investors to the tune of $6 million. According to the federal complaint, Harbor City never allocated more than $449,000 of the $17.1 million it raised from clients toward business expenses. Instead, the SEC said, in classic Ponzi fashion, the company used $6.5 million of those funds to repay early buyers of its securities, misrepresenting those disbursements as returns on investment rather than the money of subsequent buyers-in.
via daily beast: MAGA House Candidate Haunted by Gig at Reputed Ponzi Scheme