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Home insecurity

Council members disclose some but not all personal finances

By André Coleman , Kevin Uhrich 06/05/2014

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Statements of economic interest filed by Pasadena’s mayor and City Council members offer a glimpse at the wealth of some of these elected officials and reveal some possible confusion by others about what needs to be reported regarding personal finances.

 

Council members Gene Masuda, Victor Gordo, John Kennedy and Steve Madison all list stocks, businesses and properties that they own and rent. Othes like Bill Bogaard and Margaret McAustin reported as much as possible, including their personal residences. 


The Fair Political Practices Commission (FPPC) requires officials to list their homes if any portion of it is used as a home office. According to state law, disclosures must be made each year that an individual holds office. The deadline for filing the forms is April 1 of the following year.

City Clerk Mark Jomsky said any enforcement action is left up to the FPPC.

“I have been told mine is fine,” said Kennedy, adding he was not required to list stocks he owned that were part of a mutual fund, which he receives as part of a deferred compensation package on his Form 700, or state of economic interest (SEI). According to Jomsky, stocks contained in mutual funds, IRAs and 410Ks do not have to be reported. Kennedy also listed the Los Angeles Urban Leagues as the source of “severance payments” of between $10,001 and $100,000 in 2013. He also listed $250 in gifts in the form of complimentary tickets to local events.

Masuda told the Weekly that had no additional reportable income other than the rental property on Sierra Madre Boulevard that he reported on his forms. “I don’t have any stocks,” Masuda told the Weekly. “All I have is the real estate.”

Gordo listed rental homes and his work as attorney and secretary treasurer of United Public Employees LIUNA (Laborers’ International Union of North America) Local 777 and as an attorney with the firm Scolinos, Sheldon and Nevel. Gordo told the Weekly that he only consults with Scolinos, Sheldon and Nevel.

Madison, also an attorney, listed an investment of between $10,001 and $100,000 in his limited partnership with Athenaeum Fund, LP, and stock valued at between $100,001 and $1 million with ProAmerica Bank. Madison also lists his partnership investment of between $100,001 and $1 million in Dona Rosa, LP, a restaurant South Arroyo Parkway. Madison also lists partnership income of over $100,000 from his law firm, Quinn Emanuel Urquhart & Sullivan, LLP. And he notes accepting $468 in gifts during 2013. 

In his statement of economic interests, or 700 Form, Councilman Terry Tornek lists that he attended concerts performed by the musical group MUSE/IQUE, headed by Rachael Worby, a total of three times in 2013, with ticket totaling $250.
 
Councilwoman Jacque Robinson, who serves as the council’s vice mayor, is not married and does not own a home. She also listed only gifts and travel costs she received that year.

On his form, Bogaard lists his home on Congress Place as an investment, one valued at more than $1 million, as well as stock with 46 major corporations. 

A partial list of Bogaard’s stock valued at between $10,001 and $100,000 includes Verizon, Qualcom Inc. Visa Inc., the Goldman Sachs Group, Phillip Morris International (makers of tobacco products), Pepsico Inc. United Health Group, Target, Starbucks Corp., Nestle, Tiffany, Charter Communications, Ross Stores, Johnson & Johnson, Mattel, Apple, AT&T, Lockheed Martin, Boeing Co., Conoco Phillips, McDonald’s Corp. and Cisco Systems Inc.

Bogaard owns stock valued at between $100,001 and $1 million with Microsoft Corp., Chevron, Well Fargo & Co., Comcast Corp., Home Depot Inc. and Bristol Meyers Squibb. Bogaard also list three meals as gifts totaling $160 as gifts.

In her disclosure forms, McAustin, a financial consultant, lists her home on Atchison Street, a rental property she owns on that street and a number of investments in stocks valued at between 2,000 and $10,000 with Aerovironment, Starbucks, Verizon, Wells Fargo Bank and CVS Caremark, a pharmaceutical company. She also lists financial consulting work she performed for three clients. McAustin didn’t list any gifts, but she did note her partnership in StorBox Self-Storage on Foothill Boulevard in Pasadena.

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