On the eve of today’s Democratic primary election, Fifth District Congressional candidate Dan Roberti has filed his financial disclosure statement for 2012, showing he liquidated a trust fund that held interests in his father’s lobbying, consulting and real estate businesses.
Roberti had sought an extension of filing deadline for the federally mandated form in order to sort out the exact value of the trust, which Roberti said he intended to sell to his brother. A year ago, the disclosure forms show, Roberti’s share of the businesses was valued at between $380,000 and $850,000. With the divestment complete, Roberti’s only listed investment asset is a separate trust currently valued at between $50,000 and $100,000. Roberti has loaned his campaign $902,000.
Roberti’s father, Vin Roberti, runs Roberti Associates, a prominent Washington lobbying firm. Dan Roberti said he would divest of his interests in that company, and all of his father’s businesses, to avoid the apperance of a conflict of interest.
The form also shows Roberti earned a little over $3,000 this year in consulting fees and commissions from Dan Klores Communications, a public relations firm in New York City. Roberti had earned an average of about $43,000 a year at the firm in 2010 and 2011, but left to care for his ailing mother, who died Sunday.
The value of the trust was determined by attorney James Wade of Robinson & Cole, who also reviewed – and found errors – in Roberti’s 2011 disclosure form. In an amended disclosure form for 2011, the value of some individual assets has been restated, although the overall range of values was unchanged. But the form also shows that Roberti overstated his income from the trust in 2010 and understated his income in 2011.
Roberti’s original form, filed a year ago, indicated he had earned $50,000 to $100,000 from the trust in 2010 and between $20,000 and $65,000 in the first 7 1/2 months of 2011. The amended form indicates he earned no more than $15,000 in 2010 and at least $105,000 for that part of 2011.
Roberti is facing fellow Democrats Chris Donovan and Elizabeth Esty in today’s primary election.
View Roberti’s 2012 and amended 2011 disclosure forms below. And view forms for all of the Fifth District candidates here.