WBOB Original Reads

Almonte Calls on Magaziner to Be Transparent on Finances

10/8/2014

Today, the Almonte for Treasurer campaign submitted a letter to the Rhode Island Board of Elections asking the agency to look into the source of Seth Magaziner’s campaign funds and to determine whether or not they comply with campaign finance laws and regulations.

The letter cites Magaziner’s ethics disclosure, which shows no real estate holdings, no trust funds, no investments of any kind, and reports his salary from Trillium Asset Management between $50,001 and $100,000 as his sole source of income.

Evan Petrone, campaign manager for independent candidate Ernie Almonte for General Treasurer, called on the Magaziner campaign to make public the source of $550,000 in “personal” loans made to the campaign.

“With just four weeks left before the election, Rhode Island voters deserve to know the source of these funds,” said Petrone. “Mr. Magaziner has been asked publicly, several times, where the money came from and has refused to answer. We think it’s important to know who is funding his campaign.”

“Mr. Magaziner says he’ll be transparent with taxpayer money if elected treasurer. How can voters trust what he says if he won’t be transparent with his campaign finances?”

In a letter submitted to Robert Kando, Executive Director of the Rhode Island Board of Elections, and Richard Thornton, Director of Campaign Finance at the Rhode Island Board of Elections, Petrone wrote, “It is difficult to see how one can reconcile his $100,000 annual salary over the three years he worked at Trillium Asset Management with $550,000 in after-tax income. We respectfully ask that you look into this matter.”

Facts:

Ernie Almonte loaned his campaign $55,176.05 and repaid those loans.
Ernie Almonte’s ethics disclosure lists several sources of income and an income range of $110,000 – $225,000
Ernie Almonte agreed to comply with campaign public matching funds laws and a spending cap.
Ernie Almonte has raised approximately $367,000, accepted public matching funds in the amount of $281,428 and spent approximately $361,000.

Seth Magaziner loaned his campaign $550,000.
Seth Magaziner’s ethics disclosure lists one source of income and an income range of $50,001 - $100,000
Seth Magaziner did not agree to abide by the public matching funds laws and spending cap.
Seth Magaziner's total reported receipts amount to $1,117,861.29, his total expenditures amount to $1,070,756.68.