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Clinton associate faces securities fraud and theft charges

Steve Bachar, Bill Clinton, Hillary Clinton

World

Clinton associate faces securities fraud and theft charges

Steve Bachar, a longtime associate of Bill Clinton and Hillary Clinton is in serious legal jeopardy for mishandling millions of dollars designated for personal protective equipment during the COVID-19 pandemic last year, who also now being accused of felony financial crimes. Bacher is wanted by authorities. A warrant issued for him cites allegations of securities fraud and theft, accusing him of stealing between US$100,000 and US$1 million.

According to media reports, the complaint filed by the Denver district attorney’s office, said, between October 2017 and August 2018, “Steven Charles Bachar, in connection with the offer, sale or purchase of a security, directly or indirectly, unlawfully, feloniously and willfully made an untrue statement of material fact or omitted to state a material fact necessary in order to make the statements made… not misleading”.

Bachar also reportedly is the focal point of a review by the Office of Attorney Regulation Counsel in Colorado, the Denver Post said, citing information from the bureaucracy that oversees discipline for lawyers.

Reporter Shelly Bradbury documented for the Post last December that two companies alleged Bachar mishandled some $2 million that had been designated for personal protective equipment purchases like masks and gowns.

Allegedly, Bachar promised the Denver-based DaVita Inc. he would provide 4,200 cases of N95 masks in exchange for $2.4 million in April. Then he never delivered the masks and he failed to return the company’s down payment of more than US$600,000.

Then another company, The Future Health Company, made related allegations, claiming Bachar failed to pay for millions of medical gowns.

Those claims are detailed in two civil cases in Denver.

Bachar told the Post this week that disputes soon will end.

“This was nothing more than a simple business dispute between partners,” he claimed. “Importantly, all of the PPE that has been ordered has either been received or will be over the next several days, providing critical help to frontline workers”.

The report explained Bachar offered several reasons for failure to deliver the money involved in the deals, including his “business partner having a stroke, to a surprise trip to the emergency room, to being unable to complete the transfer online, to his accountant being ‘swamped'”.

Regarding DaVita’s claim, court documents explain Bachar promised to return the disputed funds, with interest, but never did.

The Post reported he previously worked with Democrat John Hickenlooper when he campaigned for Denver mayor and in the White House under Bill Clinton.

The Washington Free Beacon explained the new case involves allegations he took money and lied to an investor “in connection with the offer, sale or purchase of a security”.

He also reportedly served on the national finance committee for Hillary Clinton’s failed campaign in 2016.

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Contents published under this byline are those created by the news team of WeeklyBlitz

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