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David Hale, the source of criminal allegations against President Bill Clinton in the Whitewater affair, claimed in November 1992 that Bill Clinton, while governor of Arkansas, pressured him to provide an illegal $300,000 loan to Susan McDougal, the partner of the Clintons in the Whitewater land deal.[2] Clinton supporters regarded Hale's allegations as questionable, as Hale had not mentioned Clinton in reference to this loan during the original FBI investigation of Madison Guaranty in 1989. Hale also had a history of creating dummy companies, then looting their federal funds, such as SBA loans, and then allowing them to fail.[citation needed] Only after coming under indictment for this in 1993 did Hale make allegations against the Clintons.[3]
A U.S. Securities and Exchange Commission investigation did result in convictions against the McDougals for their role in the Whitewater project, but the Clintons themselves were never prosecuted, as three separate inquiries found insufficient evidence linking them with the criminal conduct of others related to the land deal.[4] Bill Clinton's successor as Arkansas Governor, Jim Guy Tucker, was also convicted and served time in prison for his role in the fraud. Susan McDougal later served 18 months in prison for contempt of court for refusing to answer any questions relating to Whitewater, and was later granted a pardon by President Clinton just before leaving office.
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