New questions arise around George Santos' campaign loans

New questions arise around George Santos’ campaign loans



CNN

The beleaguered Rep’s campaign. George Santos on Tuesday filed updated reports with federal regulators that appear to raise new questions about the source of the substantial personal loans he said he made to his campaign.

The New York Republican, who has faced multiple investigations into his finances and fabrications on his biography and resume, has previously claimed he loaned more than $700,000 to his campaign.

But in two of the new documents filed with the Federal Election Commission, the boxes indicating that loans of $500,000 and $125,000 came from personal funds were not marked.

The daily beast first report on modified FEC deposits.

Campaign finance experts say the significance of these changes was not immediately clear.

“I have no idea what’s going on with the loans,” Jordan Libowitz of the Washington-based watchdog group Citizens for Responsibility and Ethics told CNN on Wednesday. “This is without a doubt the most confusing FEC file I have seen.”

In all, Santos filed 10 amendment reports with the FEC on Tuesday — dating back to early 2021 — as his campaign comes under scrutiny. The campaign has a history of filing several modifications to its original filings.

“This might be the sloppiest accounting of any nominee we’ve ever seen,” Libowitz said. But he said that if Santos did not provide the money for the loans, it raises questions about whether it came from a prohibited source.

While candidates can contribute – or lend – an unlimited amount of their own funds to their campaigns, it is illegal to accept a six-figure contribution from another person. It is also illegal for a corporation to donate any amount of money directly to a congressional candidate.

CNN has reached out to Santos attorney Joe Murray for comment. A congressional aide to Santos said his office staff could not comment on personal or campaign matters.

Some of the biggest questions surrounding Santos’ campaign activity have centered on the financial windfall that allowed the Republican to loan $705,000 to his successful 2022 campaign. Santos flipped a Democratic-held seat on Long Island in November, helping Republicans capture a narrow majority in the House.

During Santos’ previous failed bid for Congress, in 2020, his personal financial disclosure form listed no assets and a salary of $55,000. Two years later, Santos reported a salary of $750,000 from a company called Devolder Organization.

He gave various explanations about the nature of Devolder’s business activities.

In an interview with Semafor, Santos described Devolder as doing “contract construction” and “specialty consulting” for “wealthy individuals” and said he had “landed a few million-dollar contracts” in the past. during the first six months following the start of the business. A recent FEC complaint against Santos from the Campaign Legal Center notes that Santos previously called it “his family’s business” and described itself as overseeing $80 million in assets under management.

Leave a Comment

Your email address will not be published.