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#news Fraud in Gavin Newsom's California estimated to be $250 billion, according to Chief Investment Officer#california “I estimate that the number is around $250 billion, and that's excluding some categories."I haven't even touched the pension spiking issue and some of the issues around that. It's massive."Herb Morgan, a candidate for state controller, says that fraud, waste, and abuse in the Golden state could be more than $250 billion over the past five years. Morgan, leveraging his decades-long career in financial oversight and asset management, has a preliminary report dubbed "Califraudia," that he co-authored with GOP gubernatorial candidate Steve Hilton. The recently released report is based on hundreds of whistleblower reports and calls for immediate federal investigations into what they describe as systemic looting under Governor Newsom. Morgan, who founded Efficient Market Advisors before its 2017 acquisition by Cantor Fitzgerald, says he's a fiscal watchdog ready to bring transparency to Sacramento's $325 billion budget. #sacramento"As an investment professional who's spent a career tracking money, I can say this plainly: California has lost up to $250 billion to waste, fraud, and mismanagement in just the last five years," Morgan said that unchecked spending in welfare, health, and housing programs has skyrocketed under one-party rule, draining taxpayer dollars without results. Morgan and Hilton are asking Attorney General Pam Bondi and federal inspectors general for a joint task force to recover the moneyAllegations of fraud: 🔹Morgan cites $55 billion in Unemployment fraud during the pandemic, including checks sent to prisoners and gang members. 🔹State audits and federal estimates confirm widespread fraud, with the EDD paying out at least $20 billion in improper claims, with independent analyses say it's more like $32.6 billion. 🔹Medi-Cal (healthcare)- $100 billion in fraud over five years, according to Morgan. 🔹Homelessness - $26 billion in fraud. A 2024 state audit revealed California spent $24 billion on homelessness from 2018-2023 but failed to track where the money was going, track outcomes consistently, allowing fraud 🔹CalFresh (Food Stamps), CalWorks (Welfare-to-Work), and In-Home Supportive Services (IHSS): Described as "absolutely rampant" with fraud This push comes as California struggles with an $18 billion budget shortfall.