MacArthur campaign says financial disclosures raise questions

For Immediate Release

Toms River, August 21, 2018 – The MacArthur for Congress campaign today questioned how Andy Kim – whose financial disclosure statements report him earning just $23,450 since the end of 2015 – has amassed significant personal investments, rented multiple properties in Burlington County, and still maintains ownership of his nearly million-dollar condo in Washington, D.C. all with no reportable income?  Moreover, the campaign asked when the candidate discovered that he had two personal bank accounts stuffed with as much as $150,000 in cash and why it took him from October 2017 to May 2018 to disclose these assets as required by law.

Background information

As a candidate for the U.S. House of Representatives, Andy Kim is required to file a Personal Financial Disclosure statement with the U.S. House of Representatives.  Having announced his candidacy and starting to fundraise in 2017, Kim obtained a 90-day extension on July 8, 2017 – making his first report due on October 17, 2017.

Andy Kim filed his financial disclosure statement on October 17, 2017, covering the year 2017.  In it, he reports income from the ”preceding year” (2016) as a partial year’s salary of $23,450.00 from the Department of State.  How he occupied himself during the remainder of 2016 is anyone’s guess.  On this and subsequent disclosures, Andy Kim does not indicate any work income for 2017 or 2018, making him a full-time candidate.

Subsequently, Andy Kim filed an amendment to his October 17, 2017 Personal Financial Disclosure statement on May 15, 2018, which also covered 2017.  In the amended report, Andy Kim lists one personal bank account valued between $50,000-$100,000 and another valued between $15,001-$50,000 that he “forgot” or failed to report on October 17, 2017.

On May 15, 2018, Andy Kim filed his personal financial disclosure covering 2018. Apparently without any income (aside from his wife’s), Andy Kim had accumulated significant investments:

From October 17, 2017 filing…

From May 15, 2018 filing…

Chris Russell, MacArthur for Congress strategist, said Kim needs to answer the following questions to explain these bizarre omissions and sudden infusion of assets:

• Andy Kim asked for and received an extension for filing his financial disclosure yet, despite this extra time to ensure accuracy and full compliance, he forgot or failed to realize that he had two bank accounts with as much as $150,000 in cash between them?
• Andy Kim didn’t work a full year in 2016 and not at all in 2017 or 2018 – and yet in 2018 he’s picked up no fewer than nine new investments. Where did this money come from?
• Since becoming unemployed in 2016 and reporting zero income, Andy Kim moved to different rental properties in Burlington County, while maintaining ownership of his nearly million-dollar Washington, DC condo and illegally collecting a property tax break available only to residents of Washington, D.C. In the real world, how is that possible?