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President George Santos (Illustration by Ilya Hourie of The Real Deal with Getty)
Before George Santos became a duplicitous MP, he was allegedly one of the people behind a Ponzi scheme that entrapped at least one member of the real estate industry.
George Santos served as the New York regional director of Harbor City Capital for more than a year, according to The Washington Post. In April 2021, the SEC filed a lawsuit against the company, alleging it defrauded investors out of millions of dollars in a Ponzi scheme. The case was put on hold as the same subject is under criminal investigation.
Santos denied knowledge of the fraud by Harbor City. He apologized for embellishing his résumé, but resisted calls to resign from his congressional seat.
At Harbor City, which sold securities, one of Santos’ alleged victims was 60-year-old Minnesota real estate agent Alconado, who was pitched to “George Devolder” and company founder JP Maloney. was Conard claims he lost $50,000 in Harbor City. Conard said he contacted Maloney on LinkedIn in April 2022 and asked for an explanation as to where his money went.
Maroney has denied the SEC’s allegations, but the company itself has yet to respond in court.
In one real estate-related story, Santos claimed he accidentally flipped the tables on Blackstone CEO Stephen Schwarzman at a 2020 conference. A spokeswoman for Blackstone said Schwartzman does not remember the incident, nor does he even remember meeting Santos, who appears to have forged a relationship with his senior executive. , was not the only one.
“I target people who know who I am,” Santos said in a taped pitch to investors, which has proven highly ironic. Other tactics that Santos allegedly deployed to acquire investors included serving them fancy dinners and inflating his personal credentials.
Shortly after Santos was elected to Congress, a New York Times investigation into his claims of owning 13 rental properties found no evidence that Santos owned the property, but faced eviction. We found multiple cases where
— Holden Walter Warner
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