Carl Palladino reveals personal finances after an insider reported them missing
- The Republican congressional candidate, Carl Palladino, has finally revealed his personal financial situation.
- Paladino filed documents after Insider reported that he was violating federal law by not disclosing his finances.
- His disclosure reveals that he owns more than 70 rental properties and has debts totaling $11 million.
Republican congressional candidate Carl Palladino, the real estate executive who is running to represent New York’s 23rd congressional district, finally revealed his personal financial activity for a year and a half after an insider reported that he was violating federal law due to a lack of disclosure.
The authorized disclosure, which Paladino submitted to the US House of Representatives on August 19 and announced by congressional officials today, revealed that Paladino owns more than 70 properties for rent of varying value with a value of up to $25,000,000.
In addition to his real estate investments, Paladino has also invested in several stocks including Tesla, vaccine maker Moderna, and GameStop. He has also invested up to $50,000 in a Bitcoin fund.
Palladino’s finances also indicate that he has at least $2.5 million – and possibly as much as $11 million – in debt. (Only lawmakers and federal candidates are required to report their assets and debts in broad ranges.)
If elected, Palladino, who funds his campaign efforts almost entirely, will have the most complex financial assets in Congress due to his various investments, income streams, debt burdens, and leadership positions in the company.
It will also join the ranks of more than 230 members of Congress who are real estate owners, according to an insider review of each finance congressman.
For weeks, Palladino failed to disclose his personal finances, as required by federal law.
Earlier this month, Paladino’s campaign told The Buffalo News that a US House clerk “failed to provide this campaign with login credentials,” preventing Paladino from registering.
The campaign further confirmed that the House clerk extended Paladino’s filing period and that 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 formally requesting or making a formal request. extension.
Meanwhile, federal law requires candidates to place an approved personal financial statement in the public record 30 or more days before the election.
Election Day in New York is August 23, which means that Palladino has given voters less than a day to review his disclosure. Palladino is running against Nick Langorthy in the Republican primary, and will face Democratic winner Max Della Pia in November in New York’s 23rd congressional district.
Palladino could face an investigation and a fine for filing late, although federal officials rarely follow through on such matters.
Palladino’s turbulent political history
In 2010, Palladino ran for governor of New York but lost heavily in the general election.
In 2016, while sitting on the Buffalo School Board, Palladino—a staunch supporter of Donald Trump who served as the co-chair of the Trump campaign in New York State 2016—discredited and belittled then-first lady Michelle Obama.
While he was pressured by the board to resign, he never did, though he did offer an apology. Paladino was eventually removed from the board of directors by the state commissioner of education for disclosing classified information relating to collective bargaining negotiations with the city’s teachers union.
Palladino officially announced his candidacy for Congress in June 2022. His announcement followed Republican Representative Chris Jacobs’ announcement that he would not seek re-election after he said he supported a ban on high-capacity magazines and assault weapons similar to those used in shootings in Buffalo, New York, and Ovaldi, Texas.