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The Obama campaign will return the donations of an accused Ponzi schemer who is facing an SEC investigation, a campaign official confirms.
"With 1.8 million donors thus far, we constantly review those contributions for issues. In this particular case, we will be refunding the contributions and have placed the funds in escrow until a trusteeship or other appropriate place to return these funds is established given the interests of the investors," a campaign official told POLITICO.
Shervin Neman, a hedge fund manager in Los Angeles, stands accused by the SEC of defrauding members of his California Persian-Jewish community, the conservative Washington Free Beacon reports.
It's not the first donation that the campaign has returned. Obama bundler and former N.J. Gov. Jon Corzine is facing an investigation into the collapse of his investment firm MF Global. In February, the campaign had to remove bundler Ron Klein for lobbying because of a self-imposed pledge against accepting lobbyist donations. And the New York Times reported earlier this year that one of Obama's top bundlers had ties to a Mexican fugitive whose family was seeking a criminal pardon.
As of August 2011 the largest individual contributor Restore Our Future, the pro-Romney SuperPAC, was New York resident, 55 year old John Paulson who according to his Forbes profile is a self made billionaire who made his fortune from hedge funds.
In July of 2011, The Politico reported that Paulson became "famous for enriching himself by betting on the collapse of the housing industry." According to Wall Street Journal, Paulson personally made between $3 and $4 billion, “the largest one-year payday in Wall Street history.”