By Tom Gailey
While growing up in Flint, Michigan, about the last thing Dan David expected to do was have a leading role in a documentary film on financial fraud. He thought more about football and friends than fraud.
Fast forward to 2018, David, now a Towamencin Township resident and candidate for Congress, will be on theater screens nationwide as an advocate for stopping Chinese companies listed on U.S. stock exchanges from stealing billions of dollars from ordinary investors. The China Hustle, from Magnolia Pictures, debuts in theaters and on demand on March 30.
David is the co-founder of GeoInvesting, a financial research firm in Skippack. As part of the firm’s work, he and partner Maj Souedian discovered that some Chinese companies were systematically defrauding investors who held stocks in mutual funds and 401ks.
“We were stunned by the magnitude and shameless tactics of the Chinese companies,” David said.
The discovery was the start of a crusade that played out over nearly a decade. David pleaded with the stock exchanges to take steps to protect Americans. He walked the halls of Congress to explain the fraud to Congressmen and Senators and asked them to take action. He was shocked by the indifference he was met with.
“The Chinese companies were stealing from my mother, my neighbors and even the members of Congress themselves,” David said. “Yet, no one in Washington, D.C. really cared enough to take a leadership role in bringing the fraud to an end.”
Frustrated by the indifference, David decided to try and get to Congress so he could fight for Americans directly. He recently announced his candidacy for the Republican nomination for the 4th Congressional District, which includes most of Montgomery County. David has lived in Montgomery County for 25 years and his wife, Janine, grew up in Hatfield.
David said his business experience and common sense approach to government will help him be an effective representative for the residents of the 4th District.
“I’ve already been fighting for the people of Montgomery County,” David said. “Now I just hope to do it from Congress where I can truly be their advocate.”