Seth Magaziner dressed down by Almonte

Almonte Campaign Questions “Family Money” Spent in Treasurer’s Race

Nearly 45 Days After Question Was First Asked, Magaziner’s ‘Family Money’ Response Raises More Questions than it Answers

Cranston, R.I. - Following a Providence Journal report that the $550,000 Seth Magaziner loaned to his own campaign was a combination of personal income and “family money,” Evan Petrone, campaign manager for Ernie Almonte released the following statement:

“Rhode Island General Law prohibits anyone, except the candidate, from contributing or loaning more than $1,000 to a campaign or candidate in a calendar year. Mr. Magaziner admitted the $550,000 he loaned to his campaign came from earnings from his job and 'family money.' Frankly, his response raises more questions than it answers.

Campaign finance laws do not allow candidates to take financial gifts or loans from family and funnel it into a campaign. If Mr. Magaziner’s parents gave him money after he became a candidate, this would be a clear violation of campaign finance law.

If the money came from a family trust, why isn't the trust listed on his ethics disclosure?

But the real question is why it took him so long to answer. He dodged the question, not giving an answer for almost 45 days. This is exactly the kind of behavior one would expect from a second-generation political insider with a sense of entitlement who believes the rules don't apply to him.

How willing someone is to answer questions truthfully and in a timely manner speaks directly to that individual’s character and integrity. It took almost 45 days for Mr. Magaziner to offer a response to these questions, and even then, his response was so vague that it raised more questions than it answered.

Transparency is an issue of critical importance to the treasurer’s office. If Mr. Magaziner believes that Rhode Islanders don’t care about truth, timeliness, and transparency, he’s sadly mistaken.”

Facts:

The Providence Journal reported Mr. Magaziner stated that the $550,000 he loaned to his campaign came from earnings from his job and from “family money.”

Rhode Island General Law prohibits anyone, except the candidate, from contributing or loaning to the campaign or candidate over $1000.00 in a calendar year.

• http://webserver.rilin.state.ri.us/Statutes/TITLE17/17-25/17-25-10.1.HTM
• http://webserver.rilin.state.ri.us/Statutes/TITLE17/17-25/17-25-3.HTM

The Rhode Island Ethics Commission Financial Statement requires that candidates “list the name of any trust, name and address of the trustee of any trust, from which you, your spouse, or dependent child or children individually received $1,000 or more gross income.”

The Rhode Island Ethics Commission Financial Statement also requires that candidates list all sources and amounts of income in excess of two hundred dollars ($200).

Magaziner submits Initial Notice of Organization, July 3, 2013

Filing Amendments for Seth Magaziner: Initial Notice of Organization

Magaziner announces candidacy, October 22, 2013

ProJo: Seth Magaziner announces candidacy for RI state treasurer

Magaziner files 2013 Yearly Financial Statement, July 17 2014

(Magaziner 2013 Yearly Financial Statement attached)

Rhode Island General Laws § 17-25-10.1  Political contributions – Limitations. – (a)(1) No person, other than the candidate to his or her own campaign, nor any political action committee shall make a contribution or contributions to any candidate, as defined by § 17-25-3, or political action committee or political party committee which in the aggregate exceed one thousand dollars ($1,000) within a calendar year, nor shall any person make contributions to more than one state or local candidate, to more than one political action committee, or to more than one political party committee, or to a combination of state and local candidates and political action committees and political party committees which in the aggregate exceed ten thousand dollars ($10,000) within a calendar year, nor shall any political action committee make such contributions which in the aggregate exceed twenty-five thousand dollars ($25,000) within a calendar year, nor shall any candidate or any political action committee or any political party committee accept a contribution or contributions which in the aggregate exceed one thousand dollars ($1,000) within a calendar year from any one person or political action committee.

Rhode Island General Laws § 17-25-3 (2) "Candidate" means any individual who undertakes any action, whether preliminary or final, which is necessary under the law to qualify for nomination for election or election to public office, and/or any individual who receives a contribution or makes an expenditure, or gives his or her consent for any other person to receive a contribution or make an expenditure, with a view to bringing about his or her nomination or election to any public office, whether or not the specific public office for which he or she will seek nomination or election is known at the time the contribution is received or the expenditure is made and whether or not he or she has announced his or her candidacy or filed a declaration of candidacy at that time.