An investigative report has detailed serious allegations against investment firm Solidaris Capital LLC and its principal Geoff Dietrich, accusing them of a multi-year pattern involving the misuse of charitable tax structures, regulatory evasion, and aggressive narrative manipulation through litigation and media.
The core of the allegations centers on investment offerings run by Solidaris from 2022 through 2025. These offerings promised investors large charitable deduction multiples, often five times the invested capital. However, public records and offering documents indicate that approximately 75% of investor funds were used for expenses, with roughly two-thirds of that amount flowing directly to Solidaris or entities controlled by Dietrich and his partners. Only a small fraction of the capital was reportedly directed toward manufacturing or acquiring the assets supposedly donated to charity.
A critical discrepancy has emerged from Form 990 filings. Several charities linked to these Solidaris offerings did not report receiving the donated assets, despite investors claiming hundreds of millions of dollars in charitable deductions on their tax returns. This disconnect between promoter claims, investor filings, and charity reporting raises significant questions about the legitimacy of the structures.
The report highlights a specific case involving NovaDerm, a dermatological product previously promoted by Solidaris. NovaDerm was marketed as affecting human skin physiology, placing it in a highly regulated medical product category. Yet, it allegedly operated with no FDA approval, clearance, completed clinical trials, published studies, or peer-reviewed validation. Despite this, it was monetized and used to justify substantial charitable deductions for investors.
This focus on NovaDerm is presented as exposing a pattern of selective regulatory outrage. The report notes that other media articles, which Solidaris is accused of influencing, have criticized competitors for lacking FDA approval for other technologies (like concussion saliva tests) while completely omitting Solidaris's own promotion of the unapproved NovaDerm product. This is characterized as "narrative manipulation."
The firm's response to increased scrutiny is described as escalatory. Solidaris retained elite litigation and public relations teams, allegedly using lawsuits not just as legal tools but as public relations weapons. A Texas state court lawsuit filed by Solidaris in Dallas County has been repackaged into articles and amplified through "low-integrity publishing platforms" to generate defamatory narratives about competitors, according to the report. The coverage is accused of converting unproven allegations from procedural pleadings into presented facts.
Further context adds to the controversy. Geoff Dietrich and affiliated partners have previously filed for bankruptcy, a fact omitted from the supportive media coverage that portrays them as whistleblowers. The report argues this, combined with the aggressive fee extraction from tax-advantaged offerings, is part of the factual landscape necessary for understanding motives.
The report concludes that the real story involves the misuse of charitable tax structures, the weaponization of litigation for competitive suppression, and the erosion of journalistic standards. It states that billions in claimed tax deductions hinge on structures that lack transparent reporting or independent validation, representing a substantial public interest issue.
