BREAKING: Tim Sheehy Could Face DOJ Investigation Over Undisclosed Financial Investments
FOR IMMEDIATE RELEASE
Wednesday, January 17, 2024
CONTACT
rehm@mtdems.org
Ultrawealthy Sheehy is the subject of a complaint filed with the DOJ after he allegedly “failed to disclose nine separate investments’ underlying assets”
Helena, MT – Ultrawealthy Tim Sheehy could be the subject of a DOJ investigation after he appears to have omitted key details on his personal financial disclosure, per new reporting from The Hill.
A complaint was filed with the DOJ against Sheehy after a review of his personal financial disclosure revealed he may have left out pertinent information about his finances and potential conflicts of interest.
The complaint indicates that Sheehy failed to disclose agreements related to his new book. Sheehy has already faced criticism and conflicts of interest questions about his book’s proceeds, which in part go to the D.C. lobbying firm he founded.
Additionally, the complaint states that Sheehy “failed to disclose nine separate investments’ underlying assets,” that would detail the asset’s name, value, and the amount of income it generated for Sheehy.
This complaint adds to Sheehy’s ever growing lists of potential conflicts of interest. Read more below:
The Hill: Liberal group files complaint over Montana GOP Senate candidate’s financial disclosure
By Caroline Vakil and Taylor Giorno
January 17, 2024
End Citizens United filed a complaint against Tim Sheehy, the frontrunner in Montana’s U.S. Senate GOP primary, alleging he’s missing some details on his personal financial disclosure.
He’s also incredibly wealthy, with a net worth between $74 million and $260 million based on his financial disclosure, which would make him among the top 10 wealthiest members of Congress if he wins the primary and general, according to a Business Insider analysis.
In a complaint filed on Wednesday and shared first with The Hill, End Citizens United alleges the Senate hopeful failed to disclose nine separate investments’ underlying assets that “do not appear to qualify as [Excepted Investment Funds].
“The public has a right to know this information to assess whether Mr. Sheehy may have financial interests that could pose a conflict of interest,” End Citizens United wrote in the complaint.
The group also alleges that Sheehy failed to disclose financial details related to his book, “Mudslingers: A True Story of Aerial Firefight (An American Origins Story),” which came out last month, and re-disclose more than $7 million in compensation that he reported in one section of the form but needed to also note in another section.
End Citizens United pointed to the Senate Select Committee on Ethics’ financial disclosure instructions and report for 2022 in making their legal case that Sheehy’s disclosure raised questions.
EIFs are “rare,” according to the Senate instructions, and defined as “widely held” investment funds that are “publicly traded or available” or “widely diversified,” and the filer cannot have control over “underlying financial interests.” In the case of investment funds that do not qualify as EIFs, “underlying assets must be broken out separately with each underlying asset’s name, value, and type and amount of income reported.”
“You must disclose any underlying asset that had a value exceeding $1,000 at the end of the reporting period or generated more than $200 in unearned income during the reporting period,” the rules say.
The… nonprofit also pointed to language in the Senate rules that noted that filers had to disclose “agreements or arrangements,” including those that pertained to “future employment (including any current arrangement with a publisher to write a book or any portion thereof for compensation).”
As it relates to the re-disclosure of compensation in a later section of the form, the Senate rules note that for those filing their first personal financial disclosure or a candidate, they must list where any sources of income over $5,000 are coming from.
End Citizens United President Tiffany Muller accused Sheehy in a statement of “engaging in shady political practices.”
“This is a calculated move intended to prevent Montanans from identifying corruption and conflicts of interest,” she alleged. “Voters are wary of the fact that he’s an out-of-state multi-millionaire running for public office, and they deserve transparent, detailed disclosure reports in order to scrutinize his financial interests. We urge the DOJ to investigate Sheehy and hold him accountable for withholding this critical information.”
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