WASHINGTON — Senate Democrats have opened an investigation into a financial group with links to President Donald Trump's family over its efforts to pursue a business deal in Venezuela, according to a letter released on Thursday and reporting by the Financial Times.
Senator Ron Wyden, the top Democrat on the Senate Finance Committee, wrote to Yorkville Advisors President Mark Angelo seeking information about Yorkville International Capital, a special-purpose acquisition company established to raise funds for a potential acquisition in Latin America, including Venezuela. Wyden said the inquiry is intended to examine possible conflicts of interest and the company's connections to businesses associated with the Trump family.
According to the Financial Times, Yorkville had planned to raise about $200 million through the acquisition vehicle to invest in a business in Venezuela following recent changes that opened parts of the country's economy to foreign investment. The report said the proposal has drawn scrutiny because of Yorkville's previous involvement in financing ventures linked to Trump's business interests.
In his letter, Wyden said the committee was seeking documents and communications related to the company's Venezuela plans, ownership structure and relationships with Trump-affiliated entities. "The American people deserve transparency regarding any financial arrangements that could present conflicts of interest," Wyden wrote.
Yorkville Advisors did not immediately comment publicly on the investigation, according to the Financial Times.
Representatives for Trump's sons denied that they were involved with Yorkville's Venezuela initiative, the newspaper reported. A spokesperson also said Kevin McGurn, who had previously been associated with both Yorkville and a Trump-linked acquisition vehicle, no longer has ties to the firm.
The inquiry comes amid broader Democratic scrutiny of business ventures connected to the Trump family during the administration. Congressional Democrats have recently sought information on several transactions involving Trump-linked companies, citing concerns about potential conflicts between public office and private business interests.
No allegations of wrongdoing have been filed against Yorkville Advisors, the Trump family or related entities in connection with the Venezuela proposal. The Senate inquiry is a request for information and does not constitute a formal finding of misconduct.
As of Friday, neither the White House nor Yorkville Advisors had announced additional responses beyond those previously reported. Details of the proposed Venezuela transaction, including whether it will proceed, remain unclear.
