Financial analyst alleges major holes in Clinton Foundation records
Hal Moroz, a private attorney and former Georgia judge, said he referred some of Ortel's findings on the violations of the foundation to the state attorney general's office.
"This is a matter of great public interest because we have a major party presidential candidate who has been greatly enriched by the questionable activities of a foundation that was meant to serve charitable public interests," Moroz said.
"The records of charities are open to public review and scrutiny, and this is so because there are certain tax advantages to registering under state and federal law as a charity and the citizens of the United States foot the bill for these tax advantages," he added.
Bill Clinton serves as
honorary chair of the American India Foundation, a title he's held since
founding the organization in 2001.
The former president created the foundation alongside Rajat Gupta, who was then managing director at McKinsey & Co.
McKinsey & Co., a major consulting firm, has donated up to $1 million to the Clinton Foundation and has employed Chelsea Clinton.
Gupta became engulfed in controversy in 2011 when he was hit with
accusations of insider trading from the Securities and Exchange Commission.
Ortel said he believes Bill Clinton seldom mentions his ties to the American India Foundation due to its messy finances and affiliation with individuals like Gupta.
A spokesman for the foundation said the lapse in registration in Massachusetts was due to documents the state said it never received and that the registration lapse in Illinois was due to a misunderstanding involving the deadline to file paperwork. The spokesman also said the foundation registered to solicit donations in the state of Georgia in March of this year.
The little-known charity is just one example of the way the Clintons' philanthropic network skirts federal and state regulations to continue operations despite massive financial discrepancies, Ortel said.
In other cases, the lines between foundation entities like the Clinton Health Access Initiative, the Clinton HIV/Aids Initiative, and the Clinton Climate Initiative were blurred enough to conceal specific transactions, he explained.