Documents Detail Tom Steyer’s Ties to Alleged $67 Million Ponzi Scheme

Billionaire environmentalist’s hedge fund named as defendant in investor lawsuit

Lachlan Markay
The Washington Free Beacon

The hedge fund founded and until recently run by billionaire environmentalist Tom Steyer was deeply involved in an alleged Ponzi scheme that siphoned tens of millions of dollars from foreign investors, an analysis of public records shows.

Steyer, the founder and former senior managing partner of Farallon Capital Management, was listed as a top corporate officer of a Farallon fund that was named as a defendant in a 2005 lawsuit filed by those investors.

Other parties allegedly involved in the scheme have since been arrested on charges of financial fraud involving the project that allegedly provided the vehicle for the scheme.

Details of Farallon’s involvement came to light through a civil lawsuit in Texas alleging that Farallon and a number of other individuals and corporate entities were complicit in a scheme to defraud German real estate investors of $67 million…

…Farallon denies any wrongdoing, and says it was only tangentially involved in the project. But allegations will likely receive attention as Steyer becomes more active in American politics. He has pledged to raise $100 million to elect environmentalist Democrats to Congress through expenditures by his political group, NextGen Climate Action…



The complete article is at The Washington Free Beacon.



Related:    Tom Steyer: I am absolutely nothing at all like the Koch brothers

Do I have any issues with a Tom Steyer using any of his legitimately earned billions of dollars to donate to political causes, candidates, campaigns, and super PACS in which he believes? Absolutely not. Do I have a problem with Tom Steyer smearing other billionaires for doing so, funding a perniciously targeted misinformation campaign full of flat-out falsehoods against the Keystone XL pipeline, and pretending that he has some sort of imagined moral high ground in this arena? Yes, yes I do…



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