How an Investor Lost $625,000 and His Faith in George Santos (NYT)

[dalton99a]

https://www.nytimes.com/2023/01/19/nyregion/george-santos-sec-intrater.html
https://archive.ph/uVCob

How an Investor Lost $625,000 and His Faith in George Santos
Andrew Intrater, a wealthy businessman, has been in touch with the S.E.C. about Mr. Santos’s dealings on behalf of a company accused in a Ponzi scheme.
By Grace Ashford, Alexandra Berzon and Michael Gold
Jan. 19, 2023

A month after the Securities and Exchange Commission filed a lawsuit in 2021 accusing a Florida-based company of operating a Ponzi scheme, one of the firm’s account managers assured an anxious client that his money was safe.

The client, a wealthy investor named Andrew Intrater, had been lured by annual returns of 16 percent and had invested $625,000 in a fund offered by the company, Harbor City Capital — in part because he trusted and admired the account manager, an aspiring politician named George Santos.

Admiration aside, Mr. Intrater wanted to know about his investment and a promised letter of credit that secured it. Mr. Santos said that it was already on the way.

“All issued and sent over,” Mr. Santos assured him in a text message sent in May 2021.

The letter of credit did not exist, the S.E.C. would later tell a court. The $100 million that Mr. Santos told Mr. Intrater that he had personally raised for Harbor City did not exist either, the commission said. Nor, seemingly, did the close to $4 million that Mr. Santos claimed he and his family had invested in Harbor City.

[3Hotdogs]

1. Why is he still walking around?

[BlueWaveNeverEnd]

4. there are calls to take away his passport so he can't flee

[dalton99a]

7. +1. Ponzi scheme operators tend to have multiple passports

And he might still have a Brazilian passport even if he is a U.S. citizen

[KS Toronado]

2. I would think

Santos would be facing jail time for a Ponzi scheme. Hurry up whoever can file the charges,
so we can watch the entire reQublicOn party scream FAKE NEWS.

[Samrob]

3. Florida-based is the operative word. These moguls would rather "invest" in shit shows than pay taxes

[no_hypocrisy]

5. He's a regular Trump.

[tanyev]

6. Annual returns of 16%! That sounds too good to be true!

Last edited Fri Jan 20, 2023, 09:55 AM - Edit history (1)