Magaziner Refuses to Disclose Source of $800K Loan, But Calls for Disclosure From Other Candidates
Thursday, October 28, 2021
Democratic gubernatorial candidate Seth Magaziner is calling on the other candidates running for office to be transparent and disclose their five previous years' taxes. But, he is refusing to disclose the source of $800,000 that he lent his own campaign account.
Magaziner made the demand for the release of tax returns on Monday. Magaziner is one of five prominent Democrats running for the Democratic nomination for governor in 2022.
“Rhode Islanders deserve to have trust in their elected officials and we earn that trust by being transparent,” said Magaziner -- in talking about taxes. “Candidates in Rhode Island should follow the long-accepted custom that President Trump broke when he refused to release his tax returns. No one should ever have to guess who their elected officials are working for.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTHowever, Magaziner, who has served as Rhode Island’s General Treasurer and overseer of the $10 billion retirement fund, loaned his campaign $800,000 in the 2014 campaign and is refusing to disclose what was the source of those funds. His campaign still has an outstanding loan to back to Magaziner of more than $700,000.
At the time of the loans, Magaziner had only had two jobs after he graduated college -- and fewer than five years of work experience. What he did have was a family name and affluent parents. Seth is the son of Ira and Suzanne Magaziner -- his father is a top ally of former President Bill Clinton and a former head of The Clinton Foundation. His mother has served as the chair of Trinity Rep.
Directly after graduating from Brown University, Magaziner became an elementary school teacher for two years and later joined Trillium Asset Management. He worked at Trillium for two years and three months and according to disclosure forms filed by Magaziner with the Rhode Island Ethics Commission, he’d earned less than $100,000 at Trillium.
Questions about the monies have risen in the past, but now as a candidate for governor Magaziner is making transparency a major issue -- for the other candidates.
America's top financial whistleblower Ted Siedle is raising questions about Magaziner's lack of transparency.
"Magaziner has long stated that he is a national leader in transparency. Does he [legally] have to disclose the source of his campaign funds? Likely not. But a politician who claims to be a leader in transparency should strive to go above and beyond the legal requirements, in order to boost public confidence and build trust," said Siedle, who received the highest whistleblower award ever issued by the U.S. Security and Exchange Commission.
In 2018, the Commodity Futures Trading Commission (CFTC) announced an award of approximately $30 million to "a whistleblower who voluntarily provided key original information that led to a successful enforcement action." GoLocal then earned that former SEC lawyer and Forbes columnist Siedle was the recipient of the award.
On Monday, GoLocal asked Magaziner’s campaign what was the source of the $800,000 — specifically asking if it was a family gift or provided by a third party. His campaign refused to respond to repeated questions about the source of the funds. His spokesperson Patricia Socarras only said in an email response, "The Treasurer made a personal loan in 2014 at the start of his first campaign and the entirety of those funds were spent for that election." She refused to disclose the source of those monies.
Magaziner’s campaign has been carrying more than $700,000 outstanding debt for seven years, according to the RI Campaign Finance Division of the Board of Elections.
"Indeed, Rhode Islanders deserve no less than full transparency," added Siedle.
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