US Representative Gary Ackerman (D-NY) obtained private stock in a defense contractor with a collateral free loan worth $14,000 from one of the biggest shareholders in 2002, the NY Daily news reported.
Ackerman hosted a meeting between the firm Xenonics, Inc [AMEX: XNN] and Israeli military officials was able to profit from the eventual sale of the stock purchased with the money loaned to him. It was also discovered that Ackerman obtained an additional loan worth between $15,000 and $50,000 from the same individual in 2007, although the terms of that deal were not disclosed.
[Hat tip: Jammie Wearing Fool; Lonelyconservative]
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