Paul Pelosi Jr., the son of House Minority Leader Nancy Pelosi (D., Calif.), was the president and chief operating officer of Natural Blue Resources Inc., an investment company he cofounded that focuses on “environmentally-friendly” ventures.
The SEC said Wednesday the company was “secretly controlled” by James E. Cohen and Joseph Corazzi, both of whom had previous fraud convictions. Corazzi violated federal securities laws and was barred from acting as an officer or director of a public company. Cohen was previously incarcerated for financial fraud.
Cohen and Corazzi said they were “outside consultants,” but according to the SEC, they actually controlled Natural Blue’s business decisions “without disclosing their past brushes with the law to investors.” The pair made hundreds of thousands of dollars off the company.