Carl Paladino listens during a media briefing, Oct. 31, 2010, in Old Bethpage, New York.

GOP congressional candidate Carl Paladino finally revealed his personal finances.
Paladino filed documents after Insider’s report that he was violating federal law by not disclosing his finances.
His disclosure reveals he owns more than 70 rental properties and has up to $11 million in debt.

Republican congressional candidate Carl Paladino, a real estate executive who’s running to represent New York’s 23rd Congressional District, finally disclosed one-and-a-half years worth of his personal financial activity following an Insider report that he was violating federal law for a lack of disclosure.

 

The certified disclosure, which Paladino submitted to the US House of Representatives on August 19 and that congressional officials made public today, reveals that Paladino owns more than 70 rental properties varying in value with one worth as much as $25,000,000.

In addition to his real estate investments, Paladino’s also invested in several stocks including Tesla, vaccine maker Moderna, and GameStop. He’s also invested up to $50,000 in a bitcoin trust.

Paladino’s finances also indicate that he has at least $2.5 million — and potentially up to $11 million — in debt. (Federal lawmakers and candidates are only required to report their assets and debts in broad ranges.)

If elected, Paladino, who’s almost entirely self-funded his campaign effort, will have one of the more complex set financial holdings in Congress because of his various investments, income streams, debt load, and corporate leadership positions.

He’ll also join the ranks of the more than 230 members of Congress who are landlords, according to an Insider review of each member of Congress’ financial disclosure.

For weeks, Paladino has failed to disclosure his personal finances, as mandated by federal law. 

Earlier this month, Paladino’s campaign told The Buffalo News that the Clerk of the US House of Representatives “failed to supply this campaign with login credentials,” which prevented Paladino from filing.

The campaign further asserted that the House clerk extended Paladino’s filing period and that the disclosure was “in the process of being filed” — a point the campaign reiterated last week to Insider, although there is no public record of Paladino ever formally requesting or filing an extension.

Federal law, meanwhile, requires candidates to place a certified personal financial disclosure on the public record 30 days or more before an election.

Election Day in New York is August 23, meaning Paladino has given voters less than a day to review his disclosure. Paladino’s is running against Nick Langworthy in the GOP primary, and the winner will face off against Democrat Max Della Pia in November in New York’s conservative 23rd Congressional District.

Paladino could face an investigation and fine for his late filing, although federal officials rarely pursue such matters.

Carl Paladino speaks before a rally for then-Republican presidential candidate Donald Trump speaks at JetSmart Aviation Services on Sunday, April 10, 2016, in Rochester, New York.

Paladino’s turbulent political history

In 2010, Paladino ran in New York’s gubernatorial election but lost badly in the general election.

In 2016, while sitting on the Buffalo School Board, Paladino — a dedicated supporter of Donald Trump who served as Trump’s 2016 New York state campaign co-chairman — publicly denigrated and disparaged then-first lady Michelle Obama.

While he was pressured by the board to resign, he never did, though did offer up an apology. Paladino was ultimately removed from the board by the state’s education commissioner for revealing confidential information regarding collective bargaining negotiations with the city teachers union.

Paladino officially declared to run for Congress in June 2022. His announcement followed Republican Rep. Chris Jacobs announcing he wouldn’t seek re-election after saying he supported a ban on high-capacity magazines and assault-style guns similar to the ones used in shootings in Buffalo, New York, and Uvalde, Texas.

Read the original article on Business Insider