Charles Ortel bio, B.A. from Yale, MBA from Harvard Business School, Clinton Foundation “largest unprosecuted charity fraud ever attempted”, $140 million in grants and pledges in 2013 but spent just $9 million on direct aid, Commercegate on steroids
“The Clinton Foundation is Commercegate on steroids.”…Citizen Wells
“If the guilty and unrepentant get off easy, what type of
prosecution is this. It’s not time to blame the Independent
Counsel Law; blame the prosecutor who wouldn’t do his job.
Because of Kenneth W. Starr’s complicity, the most corrupt
administration in the history of the country continues with
no end in sight. God save us all.”…Christopher Ruddy, NewsMax July 1, 1999
“The William J. Clinton Presidential Foundation, which reportedly expects to raise $200 million to build a library to help memorialize the ex-president’s legacy, is nothing more than a ‘slush fund,’”…Dick Morris February 9, 2001
From Wall Street on Parade May 23, 2016.
“A Harvard MBA Guy Is Out to Bring Down the Clintons”
Remember Harry Markopolos? That’s the tenacious financial expert that pounded on the door of the Securities and Exchange Commission (SEC) for years, providing it with detailed, written evidentiary support for the premise that Bernie Madoff, the respected former Chairman of the NASDAQ stock market, was running a massive Ponzi scheme. The SEC never confirmed the fraud before Madoff confessed as he ran out of money in December 2008 because it skipped the most basic of investigation techniques: it failed to verify if real stocks and bonds actually existed in Madoff’s client portfolios. They didn’t.
There’s a new Markopolos in town with that same brand of leave-no-stone-unturned tenacity and he has his sights set on the charity operations of Hillary and Bill Clinton, known as the Clinton Foundation and its myriad tentacles. Ortel’s actions come just as Hillary Clinton makes her final sprint for the Democratic nomination for President of the United States with Bill in tow as her economic czar. Like Markopolos, Charles Ortel does not mince words.
In a 9-page letter dated yesterday and posted to his blog, Ortel calls the Clintons’ charity the “largest unprosecuted charity fraud ever attempted,” adding for good measure that the Clinton Foundation is part of an “international charity fraud network whose entire cumulative scale (counting inflows and outflows) approaches and may even exceed $100 billion, measured from 1997 forward.” Ortel lists 40 potential areas of fraud or wrongdoing that he plans to expose over the coming days.
Like Markopolos, Ortel has an impressive resume. Ortel’s LinkedIn profile shows that he received his B.A. from Yale and an MBA from Harvard Business School. He previously worked as a Managing Director at investment bank Dillon Read and later as a Managing Director at the financial research firm, Newport Value Partners. In more recent years, Ortel has been a contributor to a number of news outlets including the Washington Times and TheStreet.com.
The charges being made by Ortel are difficult to dismiss as a flight of fancy because mainstream media has tinkered around the edges of precisely what Ortel is now calling out in copious detail.
In a 2013 New York Times article, “Unease at Clinton Foundation Over Finances and Ambitions,” reporters Nicholas Confessore and Amy Chozick hint that Hillary Clinton’s political operatives are occupying offices at the Clinton Foundation headquarters, writing that they “will work on organizing Mrs. Clinton’s packed schedule of paid speeches to trade groups and awards ceremonies and assist in the research and writing of Mrs. Clinton’s memoir about her time at the State Department, to be published by Simon & Schuster next summer.”
From Zero Hedge August 8, 2016.
“”Clinton Foundation Is Charity Fraud Of Epic Proportions”, Analyst Charges In Stunning Takedown”
“In early May, we introduced readers to Charles Ortel, a Wall Street analyst who uncovered financial discrepancies at General Electric before its stock crashed in 2008, and whom the Sunday Times of London described as “one of the finest analysts of financial statements on the planet” in a 2009 story detailing the troubles at AIG. Having moved on beyond simple corporate fraud, Ortel spent the past year and a half digging into something more relevant to the current US situation:”charities”, and specifically the Clinton Foundation’s public records, federal and state-level tax filings, and donor disclosures.
Four months ago, Ortel began releasing his preliminary findings in the first of a series of up to 40 planned reports on his website. His allegation was simple: “this is a charity fraud.”
To learn more about the Clinton Foundation, Ortel decided to “take it apart and see how it worked” and he has been doing that ever since February 2015.
“I decided, as I did with GE, let’s pick one that’s complicated,” said Ortel. “The Clinton Foundation is complicated, but it’s really very small compared to GE.”
When Ortel tried to match up the Clinton Foundation’s tax filings with the disclosure reports from its major donors, he said he started to find problems. That includes records from the foundation’s many offshoots—including the Clinton Health Access Initiative and the Clinton Global Initiative—as well as its foreign subsidiaries.”
“”I decided it would be fun to cross-check what their donors thought they did when they donated to the Clinton Foundation, and that’s when I got really irritated,” he said. “There are massive discrepancies between what some of the major donors say they gave to the Clinton Foundation to do, and what the Clinton Foundation said what they got from the donors and what they did with it.”
As previously reported, last year the Clinton Foundation was forced to issue corrected tax filings for several years to correct donation errors. But Ortel said many of the discrepancies remain. “I’m against charity fraud. I think people in both parties are against charity fraud, and this is a charity fraud,” he said.
To be sure, Ortel’s efforts were to be commended: digging through the foundation’s numbers can not have been easy, considering that the nation’s most influential charity watchdog put the Clinton Foundation on its “watch list” of problematic nonprofits in 2015. Furthermore, the Clinton family’s mega-charity took in more than $140 million in grants and pledges in 2013 but spent just $9 million on direct aid. That’s because the organization spent the vast bulk of its windfall on “administration, travel, salaries and bonuses”, with the fattest payouts going to family friends.
“It seems like the Clinton Foundation operates as a slush fund for the Clintons,” said Bill Allison, a senior fellow at the Sunlight Foundation, a government watchdog group where progressive Democrat and Fordham Law professor Zephyr Teachout was once an organizing director.
* * *
Overnight, on his website, Ortel released the long-awaited executive summary of his numerous, and at time confusing, findings: “Beginning today, and regularly thereafter, numerous detailed Exhibits will examine the known public record of the Clinton Charity Network within the context of applicable state, federal, and foreign laws.”
And while we await the upcoming exhibits to his summary, here are the main highlights from the executive summary, which we urge all visitors – who have an even passing interest in the effort that has consumed the Clintons’ time and energy for the two decades, and brought them substantial wealth – to read.”