Paul Pelosi Jr., son of House Speaker Nancy Pelosi, is reported to be linked to at least five business entities under investigation by authorities for alleged fraud.
52-year-old Paul Belsoy Jr., the only son of Nancy and Paul Pelosi Sr., has been hired by several companies that have come under federal and state investigations, while at the same time having “connections to a group of fraudsters, al-Qaeda-hackers and convicted criminals”, despite that no charges have been brought against him, according to DailyMail.com.
The site reports that in February 2007, Pelosi Jr. was appointed as a senior vice president by Omaha-based InfoUSA, the database marketing firm that was investigated by the Iowa Attorney General’s Office several years earlier for allegedly selling consumer data to fraudsters.
It was alleged that the data was then used to deceive sick and gullible old people in order to get money. The investigation was closed and no arrests were made. Pelosi Jr., who was making a salary of $180,000 a year, joined the company after the investigation ended.
InfoUSA was founded by Vin Gupta, a major donor to former President Bill Clinton. The Associated Press reported that Gupta and his company were investigated by the Securities and Exchange Commission in 2007.
The investigation began after Gupta was sued by shareholders who alleged he misused company funds to transport Bill and Hillary Clinton on private corporate jets.
In 2010, the Securities and Exchange Commission charged Gupta and two others with “transferring illegal compensation to himself in the form of multimillion-dollar liens.” The case was eventually settled. Gupta has neither admitted nor denied the allegations.
In 2009, Paul Jr. co-founded Natural Blue Resources Inc, an investment company whose stated mission is to “create, acquire, or otherwise invest in environmentally friendly companies, including an initiative to locate, purify, and sell water from underground aquifers.” Groundwater in New Mexico and other areas with depleted water resources.
But the Securities and Exchange Commission alleged that the company was secretly run by two convicted fraudsters – James E. Cohen and Joseph Corazi. In 2014, the agency brought fraud charges against Cohen and Corazi, former New Mexico Governor Tony Anaya, and the company’s former CEO, Eric Perry.
While Cohen and Corazi claimed to be “outside advisors,” they actually took control of the company “without disclosing their past disagreements with the law to investors.” Pelosi Jr. reportedly owned more than 10 million shares in the company.
The Securities and Exchange Commission has suspended trading in Natural Blue shares. Pelosi Jr. has not been charged. According to DailyMail.com, the Securities and Exchange Commission acknowledged that he did not play a “meaningful role” in one of the company’s key transactions, and even testified in court against those indicted.
The Securities and Exchange Commission also said that Pelosi Jr. “vigorously objected” to the proposed fundraising contracts and was removed from the board of directors by Cohen and Corazi.
Perry and Anaya reached a settlement with the Securities and Exchange Commission.
In October 2013, Pelosi Jr. joined biofuel company FOGFuels. Prior to his appointment as vice president, the company’s founder, Paul Marshall, was charged by the Securities and Exchange Commission with stealing $3 million from senior investors.
Marshall was accused of using the money “to pay a variety of … personal expenses, including luxury vacations, child support and alimony, and tuition at private schools and camps for his children.”
FOGFuels disbanded in 2015. Three years later, Marshall was sentenced to six years in federal prison. He was given a reduced sentence after cooperating with the FBI on separate bribery cases involving an Atlanta official.
In 2014, Pelosi Jr. was appointed as an independent director at Targeted Medical Pharma, a Los Angeles-based company. Seven months after his appointment, he resigned from the company. A year later, the Food and Drug Administration accused Targeted Medical Pharma of testing drugs on people without permission, according to DailyMail.com.
The company has not been subject to further legal action. She insisted the FDA investigation was due to a “writing issue.”
In the fall of 2014, Pelosi Jr. became the “Director of Business Development” for the Corporate Governance Initiative. A request from the SEC stated that CGI was a “non-profit group” focused on “transparency, capitalism, and building a sustainable organization.”[s]. “
In December 2015, Pelosi Jr. was promoted to CEO. During his time at CGI, he is said to have had relationships with Asa Saint Clair, a New York executive accused of running a cryptocurrency scam through his charitable foundation, the World Sports Alliance.
The Department of Justice alleged that the Global Sports Alliance was a “pseudo-United Nations company”.
Claire allegedly defrauded investors of IGObit, a digital currency claimed by WSA [World Sports Alliance] It was developing, but it turned out to be a fraudulent bait with which to lure victim investors,” federal prosecutors allege.
St. Clair, who was charged with wire fraud, pleaded not guilty. He faces up to 20 years in prison if convicted.
Pelosi Jr. endorsed the fake cryptocurrency on her website in January 2018, according to DailyMail.com, writing, “IGOBit is the best offer I’ve ever seen.”
No charges have been brought against him in connection with IGOBit or Saint Clair.
In July 2016, Pelosi Jr. became a senior advisor at Oroplata Resources, a lithium mining company.
A month before joining the board, Oroplata executives allegedly issued $26 million in fraudulent stock and then awarded some to themselves and others without board approval.
The claim was made in a civil lawsuit filed in Nevada in 2018.
Pelosi Jr. was reported to have received 2.8 million in allegedly fraudulent shares in July 2016, according to DailyMail.com.
Court documents cited by DailyMail.com show that Pelosi Jr. bought the shares for $2,800 – even though the true market value was between $4,228,000 and $5,152,000.
The scam is allegedly orchestrated by Roger Knox, owner of the Swiss asset management company, who was convicted of a “pump and dump” scheme totaling $164 million.
Oraplata was one of several companies implicated in the Knox fraud, according to federal prosecutors.
Knox pleaded guilty two years ago. He faces up to 20 years in prison plus potential fines totaling about $5 million.
Pelosi Jr. was not mentioned in the civil lawsuit or in the federal complaint against Knox.
On his LinkedIn page, Pelosi Jr. does not mention his previous positions at InfoUSA, Natural Blue Resources, FOGFuels, Targeted Medical Pharma, CGI, and Oroplata Resources.
His LinkedIn page currently lists Pelosi Jr as a strategic advisor to EVSX, an environmental mining and recycling company based in Quebec, Canada.
Last month, Nancy Pelosi revealed in filings that she and her husband made as much as $30 million in stock trades involving major tech companies.
The windfall financial profits prompted lawmakers of both parties to push through legislation that would ban members of Congress from trading in stocks.
Pelosi, the powerful Democrat who represents San Francisco, has been accused of profiting from the corporations she is responsible for regulating.
Pelosi is one of the richest members of Congress, with an estimated net worth of more than $106 million, according to an analysis by The Post.
That’s the average maximum and minimum assessed value of its assets and liabilities – the methodology used by the Center for Responsive Policy – using its most recent financial disclosure from August, which pegs the maximum at $252 million and the low at $40 million underwater.
Pelosi’s husband, Paul Pelosi, is a businessman who runs the investment and venture capital firm Financial Leasing Services and has made countless bets on the high-profile companies his wife is supposed to regulate, such as Amazon, Apple and Google.
When asked last month if the opportunity to profit from trades could create a conflict of interest, the speaker said emphatically “no” to the idea of supporting a ban on trading individual stocks.
“We are a free market economy,” Pelosi told reporters. “that they [members of Congress] You should be able to participate in that.”