Daily Beast: “13 [Municipal Bonds] Were Issued In Connecticut, Amounting To Almost $1.7 Million In Connecticut-Based Assets”

PENNSYLVANIA Connecticut mega-millionaire and hedge fund CEO David McCormick’s lies about where he lives are back in the spotlight following a report from the Daily Beast detailing how he hid millions of dollars in Connecticut based investments on his personal financial disclosure.

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  • Now, an updated version of McCormick’s financial disclosure, filed in May with the Senate Ethics Committee, raises new questions about his ties to the New England region.
  • This late disclosure—as well as the fact McCormick appears to have purchased several Pennsylvania bonds since his last bid—could suggest he saw “carpetbagger” attacks as potentially damaging, and may have attempted to obscure Connecticut ties.
  • But in August 2023, doubts began to appear over the strength of his own ties to Pennsylvania. The AP story pointed to documents and interview footage suggesting McCormick lived in a $16 million Connecticut waterfront mansion. Flight records bolstered the theory.
  • On May 6, McCormick filed an amended disclosure. The new document breaks out several items from the earlier version into individual investments. In total, the update revealed that McCormick and Powell’s assets amount to $129.6 million at minimum—$7 million more than was described in January.
  • The second version of the disclosure lists investments individually. Of 17 municipal bonds, 13 were issued in Connecticut, amounting to almost $1.7 million in Connecticut-based assets. None of the bonds newly detailed in May are based in Pennsylvania.
  • A spokesperson for McCormick did not respond to a request for comment about why the securities were not listed individually in the first filing.
  • Danielle Caputo, Legal Counsel for Ethics at the Campaign Legal Center, told The Daily Beast: “By not including, initially, the name of the bond or where it came from, that was not in line with the disclosure rules.”
  • The newly disclosed Connecticut bonds are not the only sign McCormick may have foreseen scrutiny of his investments. Since his 2022 primary loss, he and his wife appear to have acquired new assets in Pennsylvania, which McCormick listed on both his original and his amended financial disclosures.
  • “There may be a political aspect to this. When he is viewed as potentially having a liability of being more attached to Connecticut than Pennsylvania, it may have been he decided to go buy Pennsylvania bonds to even it out.