Giuliani Cleared Over Hedge Fund Honcho’s Donations

Dec 2 2008 | 10:01am ET

Former New York City Mayor Rudolph Giuliani’s presidential campaign did not break the law in an alleged money-laundering scheme involving hedge fund honcho Paul Singer, federal authorities have ruled.

The Federal Election Committee has cleared the former Republican candidate, his presidential committee and its treasurer, John Gross, of wrongdoing in an effort to change the way California allocates its electoral votes. California Democrats in October filed a complaint, accusing Singer, the Elliott Associates chief and top Giuliani fundraiser, of setting up a Missouri organization to solicit illegal contributions to fund a campaign to support a ballot initiative that, if approved, would have California split its electoral votes proportionately, rather than give all 55 to the statewide winner.

Missouri-based Take Initiative America donated $175,000 to Californians for Equal Representation, which was supporting the proposed ballot initiative. But Californians for Fair Electoral Reform, the Democratic group, alleged that, as a regional finance director for the Giuliani campaign, Singer was prohibited from soliciting donations of more than $2,300, or from donating more than $2,300 himself.

The FEC decision was first reported by the New York Daily News.

The FEC informed Giuliani and his campaign on Oct. 22 that it had found no wrongdoing on their behalf. According to a “factual and legal analysis,” Giuliani and his committee “did not raise or spend funds for the ballot initiative” nor control TIA, Singer “was not acting as Giuliani’s agent when he contributed to TIA” and that there was “no evidence of coordination between the Giuliani Committee and CER.”


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...