SBINSIDER| March 25th
Democratic U.S. Rep. Ruben Gallego tried to start a bank for immigrants, but it failed in spectacular fashion after the guy he was working with, Joseph J. Carrillo, secured almost a half-million dollars from investors before the Arizona Corporation Commission forced the company to stop selling securities because it didn’t have a license to do so. Gallego was paid $27,000 for working as the communications director for the company, which regulators eventually shut down, and investors never saw a penny, the Republic’s Robert Anglen writes.
“The failed business venture came as Gallego tried to help change economic conditions in a needy community in a way that could have brought him wealth as well,” Anglen writes.
Gallegos has announced that he will challenge Democrat Senator Kristen Sinema for the Senate seat she now holds. Sinema beat appointed Republican Senator Martha McSally who was given the seat by Governor Doug Ducey after Senator John McCain died.
Whether this revelation will harm Gallegos chances to upset Sinema are impossible to judge as November 2024 is a long way off. But, with the recent high-profile bank failures it presents an issue that his opponents are likely to exploit. Pinal County Sheriff Mark Lamb has all but openly declared his candidacy for the Republican primary.
One of the main goals of nearly every member of Congress is to personally enrich themselves during their term of office. The most common way to get rich is to trade stocks using inside information provided by lobbyists and leveraging the power of their committee assignments for trading advantage. This practice is illegal for the average person but Congress has deliberately excluded themselves from insider trading laws. Nancy Pelosi and President Joe Biden are experts at the art. Pelosi is worth $12o million
The Link below has the sordid details on the bank failure.