A wealthy 87-year old New York socialite convicted of insider trading years ago and later pardoned by Bill Clinton is now in hot water again for financial funny business, The New York Post reports.
Edward Downe Jr., a well-known Democratic donor, pleaded guilty in 1992 to violating insider trading laws and was sentenced to three years probation plus community service. Additionally, he could no longer engage in the securities business and was ordered to pay an $11 million fine.
Now, a lawsuit has been slapped on Downe in New York for urging an investor to lend money to a banking apps provider that was apparently never repaid. Dr. Michael Cantor is suing Downe for repayment of his $100,000 loan and is suing the banking apps provider, Urban FT, as well.
President Clinton granted Downe a full pardon in 2001 after former Connecticut Democratic Sen. Chris Dodd spoke on behalf of Downe’s case.
Downe gave $1,000 to Hillary Clinton’s Senate campaign and was invited to a White House state dinner during her husband’s last year in office. Additionally, it was later discovered that Downe had helped Dodd buy a house in Ireland around the same time of Downe’s conviction.