Giuliani partner Lev Parnas faces new federal fraud charges

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Top line

Federal prosecutors Thursday accused Lev Parnas, a businessman who collaborated with President Trump’s personal lawyer Rudy Giuliani to collect damaging information about Trump’s political rivals, with a conspiracy to commit wire fraud by misusing the money collected for his startup Fraud Guarantee.

Highlights

Prosecutors say Parnas and his business partner David Correia have convinced at least seven people to invest more than $ 2 million in the fraud guarantee, which they say would insure investors against corporate fraud, but the duo reportedly used the majority of the money for “various seemingly personal expenses.” And misled investors about the amount of money Parnas had donated and the overall amount the company had raised.

The fraud guarantee never took off and Parnas and Correia reportedly spent hundreds of thousands of money paying the rent on Parnas’ house, tens of thousands of dollars in luxury car rental companies and some to fund political donations.

Parnas’ lawyer Recount According to the Associated Press, the new indictment “contains no surprises” and that his client has been in “strict home confinement for nearly a year”.

Additional context

Men were previously accused in October 2019 with businessmen Igor Fruman and Andrey Kukushkin in a four-count indictment alleging that each had conspired to violate the ban on political donations and contributions from foreign nationals. Parnas was also charged with conspiracy to make political contributions on behalf of others and forging documents at the Federal Election Commission.

Tangent

In early 2019, Parnas, Fruman and Giuliani attempted to persuade Ukraine to investigate the son of Democratic presidential candidate Joe Biden, Hunter. Giuliani would be under investigation by the same federal prosecutors, who examined whether he illegally pressured the Trump administration on behalf of a Ukrainian official. Giuliani said he hadn’t done anything wrong.

Surprising fact

In 2018, Parnas and Correia hiring Giuliani to consult the Fraud Guarantee.

Further reading

Lev Parnas and David Correia accused of conspiring to defraud investors in their insurance company against fraud “Guarantee of fraud” (Declaration)

How 2 Soviet emigrants fueled the flames of Trump’s impeachment (New York Times)

Rudy Giuliani plans trip to Ukraine to ask for investigations that could help Trump (New York Times)

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