Former Clinton Operative Charged With Securities Fraud

Steve Bachar, who specializes in ‘socially responsible’ investing, also accused of stealing funds earmarked for life-saving PPE at height of COVID-19 pandemic

Andrew Stiles • October 26, 2021 6:15 pm

Authorities in Denver have ordered the arrest of Steve Bachar, a longtime Clinton operative and “socially responsible” investor who has been charged with felony theft and securities fraud. The former co-chair of the Clinton Global Initiative is also under investigation for unrelated allegations that he mishandled millions of dollars allocated for personal protective equipment at the height of the COVID-19 pandemic.

Bachar is accused of stealing as much as $1 million and lying to an investor “in connection with the offer, sale or purchase of a security,” according to the criminal complaint filed by the Denver district attorney’s office. The crimes are alleged to have occurred between October 2017 and August 2018. The former Clinton operative told the Denver Post the criminal charges were “outrageous, unfounded, and false,” and he looks forward to letting “the facts come to light.”

Bachar, who served as White House advance lead and in the Treasury Department under former president Bill Clinton before joining the Clinton Global Initiative, also served on the national finance committee for Hillary Clinton’s failed presidential campaign in 2016 and as an adviser to former governor John Hickenlooper (D., Colo.). His private sector career as a corporate attorney and cofounder of Empowerment Capital Management was focused on “socially responsible investing.”

This is not the first time the socially responsible investor has been accused of serious wrongdoing. In 2020, at the height of the COVID-19 pandemic, Bachar allegedly pocketed nearly $2 million from health care companies that believed they were purchasing life-saving personal protective equipment such as masks and gowns.

According to a lawsuit filed by a Denver-based health care company, Bachar agreed to sell them 4,200 cases of N95 masks for $2.4 million in April 2020 but never delivered the masks and did not return their initial payment of $604,000. Over the summer, Bachar was ordered to pay nearly $4.5 million to the companies he allegedly defrauded but has yet to comply with the civil judgments against him.

In other words, a longtime Clinton associate was caught behaving like a longtime Clinton associate. It’s weird how this keeps happening.

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