Sen. Bob Corker Failed to Properly Disclose Millions of Dollars in Income [View all]

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http://www.wsj.com/articles/sen-bob-corker-failed-to-properly-disclose-millions-of-dollars-in-income-1450051046

Sen. Bob Corker Failed to Properly Disclose Millions of Dollars in Income
Tennessee Republican files amendments to reports going back to 2007; ‘I am extremely disappointed in the filing errors’
By Brody Mullins
Updated Dec. 13, 2015 7:24 p.m. ET


WASHINGTON—Sen. Bob Corker failed to properly disclose millions of dollars in income from real estate, hedge funds and other investments since entering the Senate in 2007, according to new financial reports filed by the Tennessee Republican.

Mr. Corker late Friday filed a series of amendments showing that his personal financial reports as originally filed included dozens of errors and omissions. The new filings came after The Wall Street Journal asked the senator’s office about some irregularities in his prior financial reports.

The senator is the third-ranking Republican on the Senate Banking Committee, which oversees the real-estate and financial-services sectors.

The new forms show that Mr. Corker had failed to properly disclose at least $2 million in income from investments in three small hedge funds based in his home state. He also didn’t properly report millions of dollars in income from commercial real-estate investments due to an accounting error. And he didn’t disclose millions of dollars in other assets and income from other financial transactions.

A letter sent to the secretary of the Senate along with the new financial reports acknowledged that the senator’s previous reports didn’t comply with Senate rules.

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The Journal’s calculations were made using a very conservative methodology using the low end of the numerical ranges in which senators are required to disclose their finances. The actual numbers are likely higher.