By A new report from a conservative oversight group has accused a network of nonprofits tied to billionaire philanthropist George Soros of channeling more than $40 million in charitable funds to quietly bolster the mayoral campaign of New York Assemblyman Zohran Mamdani, in what investigators call an elaborate end-run around tax law.
Mamdani, 34, a rising Democratic figure who has cast himself as a populist reformer propelled by small donors and grassroots energy, now faces questions about the origins of that “bottom-up” momentum. According to findings published by White Collar Fraud, a site focused on exposing financial misconduct, Soros-affiliated organizations allegedly blurred the line between legal advocacy and electioneering—using tax-deductible donations to advance Mamdani’s political rise, according to The Daily Mail.
Officials at the Open Society Foundations, the flagship Soros entity now led by his son, Alex, 40, have dismissed the report as fundamentally flawed. “The math isn’t the only thing that doesn’t add up,” a spokesperson told reporters. “The grants it cited—many of which were earmarked for specific projects and causes elsewhere around the country as we have disclosed—were made years before the mayoral race even began.”
The report’s author, Sam Antar, is a former CPA and convicted fraudster turned whistleblower who now works with agencies on financial crime investigations. Antar has filed 11 formal tips with the IRS, claiming the nonprofits violated federal rules governing tax-exempt operations. “This is the manufacturing process of a generational political machine that has weaponized the income tax code,” he said, describing Mamdani as “a product of that machine.”
Antar’s 40-page analysis outlines how funds from 501(c)(3) charities—barred from partisan activity—were funneled into aligned 501(c)(4) advocacy groups, which are allowed limited political involvement. Those resources, he claims, crossed the legal boundary by specifically promoting Mamdani. “The problem is they weren’t campaigning for a general cause like women’s rights,” Antar told the newspaper. “They were campaigning for a specific candidate. And that’s the rub.”
While IRS rules permit collaboration between such groups for neutral purposes, direct candidate advocacy is prohibited. Antar’s documentation, based on tax filings and election disclosures, highlights organizations that publicly claimed joint initiatives yet denied such relationships on official forms—signs, he argues, of deliberate concealment. “The 501(c)(4)s have gone beyond what the IRS code allows,” he concluded. Soros himself had an open invitation to the White House when Biden was president and have been accused of paying protesters across the country.
The Open Society Foundations and five other Soros-linked organizations are named in the report. Together, they allegedly mobilized what Antar calls a “coordinated ground army,” logging more than 100,000 voter contacts across New York City. Mamdani, for his part, has cultivated an image as an anti-establishment progressive who champions everyday New Yorkers over entrenched wealth and power.
Antar insists his goal is not to derail Mamdani’s campaign. “I kind of concede the fact that he’s going to win,” he said. His focus, he adds, is dismantling the broader network he likens to the old Chicago and New York political machines—scaled up for the digital age. “This is the 2025 version of that,” Antar said. “A machine that can produce candidates at scale.”
With George Soros, now 93, transferring leadership to Alex, the report contends that this apparatus extends far beyond New York, shaping races nationwide. “The complete scope of this coordination can only be understood with investigative and subpoena powers,” the document warns. “What we document is merely the visible tip of an industrial-scale political enterprise.”
Invoking a historical parallel, Antar concluded, “Remember Al Capone. They couldn’t get him on murder, extortion, prostitution—they got him on income tax evasion.”
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