January 16, 2010 – Clinton Disaster Fundraising: Predatory Humanitarianism?
“It is Haiti’s good luck and surely the Clintons’ misfortune, that Charles Ortel, one of the world’s finest financial analysts, has got the Clinton Foundation in his sights. Mr. Ortel is a graduate of the Harvard Business School with decades of Wall Street experience. He is currently a private investor. He began to release on his website and from his Twitter account (@charlesortel), in early May 2016, a series of detailed reports that are damning to the Clintons and their various supposed charitable initiatives. The Clintons are powerful, and they have squirmed their way out of many tight spots before, but what makes this particular case worthy of our utmost attention is that Ortel is not only outstanding at what he does, but also fearless and dogged in his pursuit of perceived financial malfeasance. If his analysis of General Electric, which is far more complex than the Clinton charities, successfully pegged GE as being overvalued before its stock plummeted in 2008, then we must hear out his case against the Clinton Foundation. I caught up with him earlier this week, and he graciously agreed to an interview.
Dady Chery: Thank you Charles, for granting us this interview. You have been on the warpath against the Clinton Foundation in this presidential election year in the United States. Do you have anything to disclose about your motivations?
Charles Ortel: I am not active in partisan politics. I fit in neither mainstream political party because I am conservative economically, open-minded socially, and passionate in my belief that America is truly an exceptional place, for all of the many faults evident since its founding, starting in 1492.
As a son of a fiercely smart woman, and the parent of another, I do feel that Hillary Clinton has set a deplorable example by her actions and inactions throughout her life, for women and for all persons who seek to prosper and exist in our great country.
My primary interest, now that I have almost completed an in-depth investigation of the Clinton Foundation is to expose what I see as a mammoth fraud and then prod government authorities in most US states and many foreign countries to punish trustees, executives, major donors, and those in position to exercise significant influence without mercy.
The Clinton Foundation is a textbook case in how disaster relief charities should not be allowed to operate internationally, particularly by powerful, educated lawyers who must know better.
(…) “DC: According to your website, the Clinton Foundation’s aim and reach have gone far beyond where they were supposed to go. Please give our readers an overview of this organization.
CO: Originally, on 23 December 1997 when their application for federal tax-exemption was filed with the Internal Revenue Service, the Clinton Foundation was to be a library and research facility based in Little Rock, Arkansas, and to raise an endowment to support these purposes.
When the Clinton Foundation was formed, controversies were escalating that served to crimp the Clintons’ abilities to raise funds to defray massive legal bills, in the many millions of dollars.
Right from the start, the record suggests that fundraising appeals supposedly for the Foundation may have been commingled, inappropriately and illegally, with those for a legal expense trust run by former Senator David Pryor, a close Clinton associate.
By January 2001, Bill Clinton and the Clinton Foundation started becoming involved in numerous “initiatives” far outside the Foundation’s approved tax-exempt purposes that clearly were supposed to be concentrated within the United States from a base inside Arkansas.” (Much more: News Junkie Post, 5/20/2016) (Clinton Bush Haiti Fund)
April 20, 2015 – False Philanthropy? First Interim Report Concerning Public Disclosures of The Bill, Hillary & Chelsea Clinton Foundation
By: Charles Ortel
The Latest Available Clinton Foundation Filings Appear Deceptive
My interest in the Clinton Foundation financial disclosures was originally sparked by an article written in the New York Times entitled “Unease at Clinton Foundation over Finances and Ambitions.”
Considering this article with the benefit of hindsight after having poured through reams of public filings and comments made by the Clinton Foundation as well as related parties, one wonders how seriously management, directors, and other employees take their manifold legal duties, particularly when it comes to making truthful and complete disclosures.
Since August 2013, few investigative reporters have dug deeply enough below the surface of Clinton Foundation filings, seeking and finding answers to questions concerning the stated financial performance of significant constituent entities as well as the consolidated whole.
I have completed a summary review of these filings, and have attached a report which answers a few key questions. Specifically:
- What do Clinton Foundation disclosures tell informed readers about the stewardship of billions of dollars in “charitable contributions” sent to Little Rock, to New York City, to Boston, to London, and to Stockholm from numerous donors with modest means, from wealthy and powerful donors, and from a host of governments and government-connected benefactors?
- Did management exercise vigilance to ensure that the Clinton Foundation actually carried out its original and its amended tax-exempt purposes?
- Did directors take reasonable care, as fiduciaries, under applicable state, federal, and foreign laws to operate this charity serving, at all times, a public interest?
- Are all business arrangements with material “related” parties fully and adequately disclosed in annual, publicly available filings that comparable charities regularly complete on time?
Or, do the Clintons, and others who operate the Clinton Foundation, function as Robin Hood in reverse? Do they dupe small, modest income donors to enrich themselves and cronies?
Headline Conclusions of the First Foundation Report
The truth is that it is difficult to perform penetrating analysis of publicly available financial information pertaining to the Clinton Foundation because, so far, it is not technically complete in numerous material respects.
The numbers that the Clinton Foundation supplies to the public in its legally mandated filings do not add up, are frequently incorrect, and appear to be materially misleading. In numerous cases, the Clinton Foundation appears to have followed inconsistent policies adding in appropriate portions of the various activities it pursued around the world to create “consolidated” financial statements.
As the attached report notes, In several instances portions were added only for some of the years in which the entities remained in operation, artificially enhancing purported financial results. In other cases, important elements of activity were improperly characterized and combined.
Meanwhile the Foundation solicits donations even though its informational filings are not in compliance with applicable law. Regulators at Federal, State, Local, and international levels are not doing what they should do to protect the public.
And how long must we wait before regulators at home and abroad remedy rampant and persistent deficiencies in the Clinton Foundation’s operating and disclosure practices.
The attached print report details ten specific concerns about the most recent Clinton Foundation filings. I invite your considered reaction. (Charles Ortel, ‘False Philanthropy’ Report, 4/20/2015)
May 15, 2016 – Financial analyst alleges major holes in Clinton Foundation records
(…) “The Clinton Foundation network is actually comprised of several different charities that all perform seemingly similar functions. Those include the Clinton Health Access Initiative, the Clinton Global Initiative, the Clinton Climate Initiative and several more, all with varying degrees of overlapping finances.
Ortel said the foundations’ complex paper trails are littered with mistakes and repeat filings.
In November, the Clinton Health Access Initiative was forced to refile its tax returns after a review revealed big-ticket foreign donations that had been left off its Form 990 filing.
The Bill, Hillary and Chelsea Clinton Foundation has been removed from the website of a prominent nonprofit watchdog, Charity Navigator, because its “atypical business model can not be accurately captured” by methods used to size up traditional charities.
The pattern extends to smaller charities linked to the Clintons, Ortel noted. One organization founded by former President Bill Clinton, the American India Foundation, has problems that stretch around the country.
For example, the American India Foundation’s nonprofit status was revoked in Illinois in 2002, according to state records. This year, the charity was listed as “not in good standing.”
In Massachusetts, the foundation had its nonprofit status revoked in June 2014 and was not reinstated until March 22 of this year.
In March 2015, the charity held a gala in an Atlanta hotel, according to an event promotion.
But the American India Foundation was not then registered to solicit funds in the state of Georgia, correspondences shared with the Washington Examiner suggest. In fact, the only charity in the Clinton orbit that was registered in the Peach State as of October was the Bill, Hillary and Chelsea Clinton Foundation — even though the Clinton Global Initiative plans to hold its glitzy annual conference in Atlanta next month.
An official with the Georgia secretary of state’s office said the state government did not have an open investigation into potentially unregistered arms of the Clinton Foundation, although emails shared with the Examiner indicate inquiries about the charities were routed to a securities enforcement attorney in November of last year.
Sandra Miniutti of Charity Navigator said the patchwork of nonprofit regulations across different states can sometimes trip up well-meaning charities.
“The current state registration system is complex, bureaucratic and out-of-date with the modern times,” Miniutti said. “It was conceived before the internet and technology made it easily for charities to solicit across state lines.”
Miniutti said nonprofits often tap outside firms to keep up with compliance issues.
“While we don’t condone non-compliance, it is not particularly surprising to hear of an organization accidentally being out of compliance,” she said.
Hal Moroz, a private attorney and former Georgia judge, said he referred some of Ortel’s findings on the violations of the foundation to the state attorney general’s office.
“This is a matter of great public interest because we have a major party presidential candidate who has been greatly enriched by the questionable activities of a foundation that was meant to serve charitable public interests,” Moroz said.
“The records of charities are open to public review and scrutiny, and this is so because there are certain tax advantages to registering under state and federal law as a charity and the citizens of the United States foot the bill for these tax advantages,” he added.” (Read more: Washington Examiner, 5/16/2016)
July 6, 2016 – State and foreign governments are investigating charity fraud at the Clinton Foundation
“Charles Ortel, a successful investor and independent journalist, spoke with Breitbart News Daily SiriusXM host Stephen K. Bannon on Wednesday about the state and foreign governments investigating charity fraud at the Clinton Foundation, despite FBI Director James Comey’s decision not to charge Hillary Clinton for her handling of top secret emails while she was Secretary of State.
“Many month ago, I thought to myself charity fraud is a state matter. And because this is an international global charity, it’s a foreign matter,” said Ortel, who’s spent more than 15 months researching the Clinton Foundation’s public records, donor disclosure data, federal, and state-level tax filings.
“Let’s go after potential infractions. Let’s see if there’s potential illegal acts at the state level and at the foreign level,” he continued. Because if we go down those avenues, the President [Obama] cannot pardon those crimes. There’s no way that he can do that, neither by executive action or any other means.”
“And I can tell you that many states and many foreign countries are actively looking at this,” Ortel said.”
(…) “In his interview, Ortel told Bannon that “there are massive diversions” and “major discrepancies” between what donors reported that they gave to the Clinton Foundation and what the Clinton Foundation’s public disclosures said they received.
“And they’re easy to track down,” Ortel said. “If I can do it, as a private citizen, imagine what government authorities and state and foreign levels can do.” (Video: Breitbart News, 7/06/2016)
September 6, 2016: False Philanthropy – Summary Review of Selected Intentionally False Representations in Clinton Foundation Public Filings
Concentrating on Clinton Foundation Facts
The attached Executive Summary continues an investigation into the Clinton Foundation public record begun, by chance, in February 2015.
Since then, questions have started to swirl around the various entities that comprise what I call the Clinton Charity Network: a group of entities supported by a variety of donors from inside the United States and around the world.
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.
The next Exhibit, Exhibit 1, is scheduled to follow the Executive Summary late on 7 September 2016.
October 24, 2016 – Clinton Foundation Corruption | Charles Ortel and Stefan Molyneux
“Hillary Clinton likes to claim that the Clinton Foundation has given away ninety percent of money received to charity and is highly rated by charity research companies – but both claims are misleading at best or disturbingly false at worst. Charles Ortel joins Stefan Molyneux to discuss the arguments and evidence which show the fraud and illegality of the Clinton Foundation operations including the pillaging of Haiti and the new revelations brought about through Wikileaks. Charles Ortel is an investor and writer who graduated from Horace Mann School, Yale College and Harvard Business School. Mr. Ortel has been one of the leading voices in exposing the corruptions of the Clinton Foundation.”
2010 – Charles Ortel: How the Clintons likely stole billions from the world’s poorest people
“Investor and financial crimes researcher Charles Ortel joins me to uncover what he is calling “the “largest unprosecuted charity fraud ever attempted.”
Charles reports that the Clinton Foundation is part of an “international charity fraud” network whose entire cumulative scale approaches and may even exceed $100 billion, measured from 1997 forward.” And the most shocking aspect of the Clinton Foundation’s missing Billions is that much of it was stolen from those who need it most, the world’s poorest of the poor.
Along with the Bush crime family, the Clintons formed The Clinton-Bush Haiti Fund after the devastating 2010 Haiti earthquake. Charles says, “What the Clintons have done, is they are stealing the people’s physical gold in Haiti, as well as perhaps stealing or diverting massive sums that were sent towards Haiti and refusing to make an accounting for it.”
This is a story of fraud and corruption so vast in scope that it should result in putting the Clintons in prison, not back in the White House.