Longtime Clinton “operative” Steven Charles Bachar was placed under arrest and booked into Denver, Colorado’s City Jail. The 56-year-old former co-chair of the Clinton Global Initiative faces criminal felony charges related to securities fraud and theft to the tune of up to a million dollars. He also lied to an investor to get it. The mainstream news outlets tried to bury this story in a shallow grave but a hand sticking up out of the dirt gave it away.
Arrest and trial
Bachar was placed under arrest and dragged downtown after the Denver District Attorney’s office filed the criminal charges. The crimes were reported in a “referral from the state Department of Regulatory Agencies Division of Securities.”
The indictment alleges “securities fraud and theft valued somewhere between $100,000 and $1 million” along with a bonus charge of “lying to an investor.” Upon conviction Steve can expect somewhere four and 12 years and fines from $3,000 to $750,000.”
Nick Short of Digital Media for the Claremont Institute couldn’t wait to make news of the arrest official on Twitter. “Former Clinton Global Initiative Co-Chair Steve Bachar has been indicted on felony theft and securities fraud counts,” he tapped out Wednesday, October 27.
Last year he was thrashed in civil court by two separate lawsuits alleging the misuse of a couple million dollars “reportedly earmarked for personal protective equipment.” He’s already been ordered to pay “two companies $4.5 million” in damages.
The arrest comes from the criminal parts of his scheme. DaVita Inc. proved “it paid Bachar $604,000 toward providing 4,200 cases of N95 masks in what would have been a $2.4 million deal but never received anything.” The Future Health Company was owed $1.2 million for 3 million medical gowns.
In order to raise the cash, which he spent on his own whims, Bachar “unlawfully, feloniously and willfully made an untrue statement of material fact” that was intentionally misleading.
Former Clinton Global Initiative Co-Chair Steve Bachar has been indicted on felony theft and securities fraud counts. https://t.co/OXRvKtRFHO
— Nick Short (@PoliticalShort) October 27, 2021
Let the facts come to light
Bachar is no stranger to politics and with friends like the Clintons he knows a conviction is a lot different from an arrest. It all comes down to what the definition of “is” is.
“These are outrageous, unfounded and false accusations,” he insists, even though convicted on the underlying civil charges. “I am pleased that we are now engaged in a process that will let the facts come to light.”
With all this nastiness hanging over his head, Bachar is also being probed by the Office of Attorney Regulation Counsel, which oversees attorney discipline in Colorado. The arrest doesn’t bode well for his bar ticket.
Bachar took money a friend invested in “Revolar, a failed startup” and “largely spent the money on personal expenses.” The company “manufactured a small panic button for women, similar to a Life Alert.” It went under by 2018.
Just before the company entered bankruptcy, Bachar was touting the investment as being “as close to a sure thing that you can find.” He lied. He used the money “to cover his daughters’ tuition and child support.”
e also used investor money for things like “$61,396 on personal expenses, meals and travel.” Then there’s “$31,789 to his ex-wife, $14,928 to pay off debts, $11,681 on business expenses for Revolar and $10,375 on other personal expenses.” Arrest is too good for him.
