Scaramucci’s ‘Opportunity Zone’ Bet Turns Into Bust for Clients

Anthony Scaramucci is struggling to spin one of President Donald Trump’s big tax breaks into a profit for his wealthy clients. Yet “the Mooch,” as he’s known on Wall Street, keeps getting paid his fees.

The hedge fund manager known for his 10-day stint as White House communications director in 2017 promised wealthy investors that he could help them take advantage of Trump’s signature program for spurring projects in low-income communities, dubbed opportunity zones.

His list of ideas included a luxury hotel in Oakland, California, a warehouse in Savannah, Georgia, and middle-income housing.

Anthony Scaramucci

Photographer: Eva Marie Uzcategui/Bloomberg

But key targets that Scaramucci ...