The New York mayoral campaign of Zohran Mamdani is being funded by a financial network that blurs the line between charitable contributions and political fundraising, according to an investigation by Sam Antar, the founder of WhiteCollarFraud.com.
Records show millions of dollars in transactions between a George Soros–backed foundation and the progressive advocacy group Bend the Arc, which endorsed Mamdani in September.
The fraud analysis suggests money was cycling between the organizations, effectively converting tax-deductible charitable donations into political spending. None of the transactions appear in New York City campaign finance disclosures, according to Antar.
The Bend the Arc endorsement—its first ever in a mayoral race—appeared to be a grassroots decision. Yet within 72 hours, the group launched professional fundraising and campaign-training operations supporting Mamdani’s campaign. Tax filings reviewed by Antar reveal a deeper infrastructure behind the effort: more than $13 million flowed from Soros’ Foundation to Promote Open Society to Bend the Arc’s affiliated charitable and political arms.
At the center of the pattern is a circular funding loop with all the involved entities sharing the same CEO and address. IRS filings show that in 2021 the charity reported $1.53 million in “loans” to its political affiliate—the identical amount listed as “accounts receivable” on its balance sheet, according to Antar. Despite “repayments” and new grants in subsequent years, the receivable balance remained virtually unchanged through 2023.
Antar’s investigation concludes that the structure exposes a regulatory gap—one allowing tax-advantaged charitable dollars to flow into political activity while maintaining the appearance of independent operations.
A state Assemblyman who moved to the U.S. from Uganda, Mamdani is leading in the polls again former Gov. Andrew Cuomo and Guardian Angels founder Curtis Sliwa. He has also come under fire for allegedly accepting more than $13,000 in contributions from overseas sources, a violation of campaign finance laws.