Trump Ended Santos's Restitution to Fraud Victims and Pardoned Men With Financial Ties to Him
Chapter 1 — Trump Freed Santos and Ended His Payments to Victims
Chapter 2 — A $2 Billion Investment Used the Trump Family's Coin
Chapter 3 — $3.5 Million to MAGA Inc., Then Two Pardons
Chapter 4 — A Trump Donor and a Member of His Transition Team
Chapter 5 — A Public Power, Private Connections and People Left Waiting
1 · Trump Freed Santos and Ended His Payments to Victims
1.1 — Mercy for Santos, a Loss for His Victims
1.2 — The Crimes Behind the Sentence
1.3 — What Trump's Mercy Accomplished
Trump freed George Santos and ended any further court-ordered repayment to his fraud victims. He was the first of five men connected to Trump's financial or political interests to receive clemency in less than nine months.
This is far worse than what George Santos did, and at least Santos had the Courage, Conviction, and Intelligence to ALWAYS VOTE REPUBLICAN!
Santos stole donors' identities, charged their credit cards without permission and admitted targeting elderly people with cognitive impairment. The House had already expelled him with the votes of 105 Republicans.
Trump said Santos's punishment was excessive and that he had been mistreated in prison. Releasing him accomplished that stated goal, but Trump also ended his remaining duty to repay victims.
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2 · A $2 Billion Investment Used the Trump Family's Coin
2.1 — Trump's Financial Interest, Then Zhao's Pardon
2.2 — A Guilty Plea, Not a Finding of Innocence
2.3 — The Defense, and What It Does Not Answer
Trump pardoned Binance founder Changpeng Zhao after a $2 billion investment in Binance was paid in USD1, the coin of the Trump family's World Liberty Financial. Trump's disclosure shows separate income from a World Liberty company.
Zhao admitted failing to maintain safeguards against money laundering. Binance admitted conduct that included more than $898 million in trades between U.S. users and users in Iran, and agreed to a financial penalty exceeding $4.3 billion.
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The White House says Zhao's prosecution unfairly punished the crypto industry. Zhao says he knows of no pardon deal, and World Liberty says it had no role in the pardon process. Zhao had pleaded guilty.
3 · $3.5 Million to MAGA Inc., Then Two Pardons
3.1 — The Donations and the Charge Reduction
3.2 — Trump Removed Even the Misdemeanor Consequences
A donor NBC News identifies as Julio Herrera Velutini's daughter gave MAGA Inc. $3.5 million. The first contribution preceded the government's decision to replace bribery charges with a misdemeanor, and the second followed it.
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Trump pardoned Herrera Velutini twice before sentencing, covering both the old indictment and the misdemeanor contribution by a foreign national. The court then dismissed the misdemeanor case because of the pardon.
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4 · A Trump Donor and a Member of His Transition Team
4.1 — Kidan's Contributions and His Pardon
4.2 — Buyer: Endorsements Instead of an Explanation of the Crime
Trump pardoned Adam Kidan, whose fraud sentence included $21,701,015.45 in restitution. Florida Bulldog reported that he gave more than $1.13 million to Trump's campaign and supporting committees during the 2024 campaign, and held his wedding at Mar-a-Lago.
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Trump pardoned Stephen Buyer, a member of his 2016 transition team, on the recommendation of 53 named endorsers. A jury had convicted Buyer of four securities-fraud counts, and the proclamation praised his career without mentioning them.
5 · A Public Power, Private Connections and People Left Waiting
5.1 — Nearly 6,000 Denials in the Ordinary Queue
5.2 — The Strongest Legal Defense Is Correct, but Incomplete
5.3 — The President Is Responsible for These Grants
The New York Times reported that nearly 6,000 clemency applications were denied in July 2026, mostly from people without political connections. Four rejected applications came from a university clinic invited to submit candidates.
The President has broad constitutional power to pardon, and the Justice Department's clemency rules do not restrict it. That makes the grants valid without making their use immune from impeachment scrutiny.
Trump himself granted this clemency, and his own Santos announcement praised partisan loyalty. His decisions ended criminal consequences for men with financial or political ties to him and, for Santos, further payments to victims.
Full Source Index
Primary Sources
- [1]
- [2]U.S. Attorney's Office, Eastern District of New York, 'Ex-Congressman George Santos Sentenced to 87 Months in Prison for Wire Fraud and Aggravated Identity Theft' (Apr. 25, 2025) · official statement; archive.org raw snapshot
- [3]Donald J. Trump (@realDonaldTrump), post on Truth Social (Oct. 17, 2025, 22:04 UTC) · the President's own post; platform record
- [4]
- [5]Executive Grant of Clemency, Changpeng Zhao, United States v. Zhao, 23CR00179RAJ-001 (Oct. 21, 2025) · the President's warrant
- [6]
- [7]
- [8]Proclamation 11033 of June 4, 2026, Granting Pardon to Stephen E. Buyer, 91 FR 35365 (June 10, 2026) · presidential proclamation, Federal Register
- [10]U.S. Department of Justice, Office of Public Affairs, 'Former Governor of Puerto Rico Arrested in Bribery Scheme' (Aug. 4, 2022) · official statement of alleged conduct; archive.org raw snapshot
- [14]U.S. House of Representatives, Roll Call 691, H. Res. 878 (Dec. 1, 2023) · official roll call
- [18]
- [19]
- [20]
- [21]U.S. Department of Justice, Office of Public Affairs, 'Binance and CEO Plead Guilty to Federal Charges in $4B Resolution' (Nov. 21, 2023) · official statement; archive.org raw snapshot
- [22]
- [23]CBS News, 'Read the full transcript of Norah O'Donnell's 60 Minutes interview with President Trump' (Nov. 2, 2025) · the broadcaster's own full transcript of the President's words
- [25]
- [26]
- [27]
- [29]
- [30]
- [31]Docket entries 1 to 20, United States v. Herrera-Velutini, No. 3:25-cr-00297 (D.P.R.), as mirrored by CourtListener's RECAP archive · the clerk's docket text, mirrored
- [32]Federal Judicial Center, Carreño-Coll, Silvia Luisa (captured Oct. 10, 2026) · official judicial biography
- [33]Campaign Legal Center, Complaint to the Federal Election Commission against Julio Herrera Velutini and Isabela Herrera (Feb. 17, 2026) · for the allegation only: an advocacy group's complaint
- [36]
- [37]
- [38]U.S. Attorney's Office, Southern District of New York, 'Former Congressman Sentenced To 22 Months In Prison For Insider Trading' (Sept. 19, 2023) · official statement; archive.org raw snapshot
- [39]
- [40]
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Secondary Sources
- [9]Associated Press, 'Trump pardons Binance founder Changpeng Zhao,' PBS NewsHour (Oct. 23, 2025) · reliable secondary (attributed)
- [11]Dan Christensen, Florida Bulldog, SunCruz fraudster Adam Kidan who paid Trump millions draws pardon from Trump (July 5, 2026) · reliable secondary (attributed local investigative reporting)
- [12]
- [13]
- [15]Associated Press, Trump commutes 7-year prison sentence of former Rep. George Santos in federal fraud case, PBS News (Oct. 17, 2025) · reliable secondary (attributed)
- [16]
- [17]CNBC, 'Pardoned Binance founder Zhao says his business relationship with the Trumps was misconstrued' (Jan. 23, 2026) · reliable secondary (attributed)
- [24]Timmy Shen, The Block, White House says Trump's pardon of CZ was reviewed with utmost seriousness (Nov. 5, 2025) · reliable secondary (attributed)
- [28]NBC News, 'Trump pardons former Puerto Rican Gov. Wanda Vázquez Garced' (Jan. 16, 2026) · reliable secondary (attributed)
- [34]Sarah N. Lynch and Jennifer Jacobs, CBS News, Trump pardons Puerto Rico's former governor Wanda Vazquez (updated Jan. 16, 2026) · reliable secondary (attributed)
- [35]