"The most ethical Congress in history"

U.S. Rep. Gary Ackerman hosted a meeting between Israeli officials and a defense-contracting firm in which he had invested money — and made a big profit, a Daily News probe has found.

The Queens Democrat put no money down when he obtained private stock in the company, Xenonics Inc., relying on $14,000 borrowed in 2002 from the company's top shareholder, a longtime friend.

The sweetheart loan required no collateral and had no written payback date, a potential violation of House ethics rules.

When the company went public, its stock soared. Ackerman says he repaid the loan at 6% interest and sold the stock for more than $100,000 in 2005 and 2006.

House ethics rules bar members of Congress from using Congressional resources to promote commercial enterprises, stating:"The prohibition against use of House resources to support unofficial undertakings clearly applies to support of business endeavors."

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