Investigation questions Ken Paxton's financial disclosures in U.S. Senate race
Ken Paxton accused of hiding financial information
A report has detailed how U.S. Senate candidate Ken Paxton left key information out of financial documents. FOX 4's Casey Stegall has more.
The Texas Tribune and ProPublica found what ethics experts call significant errors and omissions in Ken Paxton’s federal financial disclosures.
His campaign dismisses the reporting as an attempt to "manufacture controversy."
Ken Paxton financial disclosures under scrutiny
Texas Attorney General Ken Paxton speaks to supporters in Plano, Texas, after winning the Republican nomination for U.S. Senate on May 26, 20-26. (FOX Local)
What we know:
The review found property, debt and possible rental income that were not fully reflected in the filings. Experts say federal law requires Senate candidates to provide that kind of information.
Texas Senate race and net worth discrepancies
The questions come as Paxton tries to move from the attorney general’s office to the U.S. Senate, battling Democratic challenger James Talarico.
Paxton’s August filing puts his net worth somewhere between $1 million and $27 million.
That is much higher than what he reported a year earlier, when that figure was between negative $1.9 million and positive $11.1 million.
The backstory:
Paxton’s wealth also came under scrutiny during his 2023 impeachment. Financial records subpoenaed by lawmakers put his household net worth at $5.4 million in 2015.
The Senate later acquitted him. Since then, his disclosures have changed dramatically after the Texas Ethics Commission closed a loophole he had used to omit many properties.
Unreported rental income, mortgages, and land valuations
By the numbers:
Here is a look at the comparison.
Paxton reported little or no rental income from seven different homes. However, Texas Tribune and ProPublica reporters found recent rental listings for six of them.
Three Utah condo mortgages were not disclosed, although property records show $1.3 million in loans. He also owns 20% of a 42-acre undeveloped property near Burleson. His disclosure shows Paxton valued his share at no more than $50,000, but his business partner told reporters the value was about $1 million.
Ken Paxton campaign response
What's next:
FOX 4 reached out for comment on these discrepancies, but we have yet to receive a response.
His campaign reportedly told the Tribune and ProPublica that he had a successful private-sector career and called the allegations partisan.
The Source: Information in this article was provided by FOX 4's Casey Stegall. Additional information was provided by the Texas Tribune and ProPublica.