A longtime associate of Bill and Hillary Clinton is facing up to six years behind bars after he pleaded guilty on Monday to one count of felony theft.
Attorney Steve Bachar, touted as a “socially responsible” investor, served as the co-chair of the Clinton Global Initiative prior to his arrest in October 2021.
As was previously reported, the Denver district attorney’s office accused Bachar of stealing up to $1 million and then lying to an investor “in connection with the offer, sale or purchase of a security.” The crimes took place between October 2017 and August 2018.
At the time, Bachar called the allegations “outrageous, unfounded, and false” and said he was looking forward to letting “the facts come to light.”
That all ended on Monday when the founder of Denver-based Empowerment Capital LLC pleaded guilty and agreed to pay $182,000 in restitution.
A press release from the office of Denver District Attorney Beth McCann detailed Bachar’s now-admitted crime.
“In October 2017, an investor wired $75,000 to Empowerment Law, a subsidiary of Empowerment Capital, after Bachar offered him a 10% interest in Empowerment’s profits,” the release states. “Two months later, after Bachar offered him an additional 6% or 10% interest in Empowerment Capital’s profits, the investor wired $50,000 to Empowerment Acquisition, another subsidiary of Empowerment Capital.”
“Bachar never invested or repaid the money, instead spending most of the investor’s $125,000 for personal use,” the DA’s office said.
“In fact, Bachar never sought the approval for the sharing of profits with his Empowerment Capital business partner,” CBS News reports. “That approval was legally required to approve of the offer Bachar made to the investor.”
According to the redacted affidavit in the case, “Mr. Bachar never asked for his consent to admit any new members to Empowerment Capital.”
The unidentified investor said “he met Mr. Bachar in 1992 when they both worked on a presidential campaign and subsequent administration,” the affidavit states, adding that, “over the years” the investor and Bachar “developed a strong working relationship and friendship.”
Bachar served under former President Bill Clinton as White House advance lead and in the Treasury Department before he co-chaired the Clinton Global Initiative. He also served on the national finance committee for Hillary Clinton’s failed presidential run in 2016. He was also an adviser to former governor John Hickenlooper (D-CO).”
In August, the disgraced attorney lost his license to practice law in Colorado, CBS News reports.
“He was disbarred by the state following two civil lawsuits against he and Empowerment Capital involving the delivery of personal protective equipment during the COVID-19 pandemic,” according to the outlet. “Judges ruled Bachar and Empowerment Capital were legally responsible for judgements of $700,000 and $4 million in those cases.”
“Steven Bachar violated the trust of an investor – who was also a close friend of his — and, for that, he is being held accountable, as he should be. I want to thank the prosecutors and investigators in my office whose hard work over several years has resulted in the successful resolution of the case,” said DA McCann following Bachar’s guilty plea.
Bachar “will be sentenced on November 6,” according to the DA’s office. “He faces either probation or between two and six years in prison.”