Shekarchi’s Financial Disclosure Unveils Millions in Assets Including Holdings in Companies That Lobby the General Assembly
GoLocalProv News Team
Shekarchi’s Financial Disclosure Unveils Millions in Assets Including Holdings in Companies That Lobby the General Assembly
Former Rhode Island Speaker of the House Joseph Shekarchi, this past week, filled his Rhode Island Ethics Commission Financial Disclosure form — it was due in April, but he received a 60-day extension from the Commission.
Shekarchi resigned the Speakership in May, but continues to serve as a member of the legislature. He was rarely seen at the State House after stepping down from his leadership position.
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He is an applicant for the vacancy on the Rhode Island Supreme Court. That application sparked an ethics complaint by the former Dean of Roger Williams University Law School, Michael Yelnosky.
A Supreme Court appointment is a lifetime position.
Shekarchi has moved to have Yenosky's complaint dismissed.
The Financial Disclosure form unveils that Shekarchi owns at least $5,000 in nearly 400 separate stocks as well as significant real estate holdings,
His holdings include a number of businesses that appear before the legislature or have substantial ties to the State of Rhode Island
Shekarchi Lists Hundreds of Stocks
The Financial Disclosure form requires public officials to disclose holdings of $5,000 or more:
Add a response if at any point during 2025 you, your spouse or dependent child individually or collectively held a 10% or greater ownership interest, or a $5,000 or greater ownership or investment interest in any business(including holding publicly traded stock in a company).
At a minimum of $5,000 per stock, and the fact that Shekarchi lists more than 390 stocks or bond holdings.
“Well, I listed more of those then. I listed a lot. I listed every stock I own. Because that's the way I interpreted it. I gave more information,” Shekarchi told GoLocal.
READ Shekarchi's 23-Page Disclosure Form
"With more information and a full disclosure, I've talked to Jason [Gramitt, executive director of the Ethics Commission] for years, my assets have been roughly the same for ten years," said Shekarchi.
GoLocal reviewed the last five years of Financial Disclosure forms and found that he disclosed his stock holdings annually. Many of those stocks have risen in value — one example is NVIDIA, the AI chip maker. In his 2021 disclosure form, he lists two separate holdings of $5,000 or more of NVIDIA stock. During the course of the five years, NVIDIA stock has jumped more than 1,200%
GoLocal also found that dozens of his stockholdings are in companies that have had registered lobbyists who have appeared before the General Assembly, and Shekarchi, more than anyone else, determined their fate.
A number of companies that Shekarchi held stock in had registered lobbyists this past year, including:
Apple
ATT
Bank of America
Bristol-Myer
Cisco
CVS — Shekarchi also serves as an attorney for CVS.
Hasbro
Uber and many others.
There appears to be nothing illegal about the crisscrossing roles.
“I list them because I had a discussion many times in person and on calls with Jason Gramitt, from the ethics commission, and because some of those valuables could be $4,000 and they could go up to $6,000, they could go back down to $4,000, stocks have a liquid valuation,” added Shekarchi.
“I don't have children. I have a dog. I live a conservative lifestyle. I'm not a flashy spender,” said Shekarchi.
“I have a 10-year-old car. I save my money. I'm very good at what I do. And I've never had any way, any investment, or any shape or stock or real estate benefit from my public office at all. And that goes before I was speaker,” added Shekarchi.