Tornado Alley (PROG)

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Did Tagg Romney Launder Money with R. Allen Stanford?

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.

Read the article here:
http://thinkprogress.org/...
http://www.dailykos.com/story/2012/06/14/1100163/-Did-Tagg-Romney-Launder-Money-with-R-Allen-Stanford