Larry Elder, the leading contender in California’s gubernatorial recall election, appears to have not properly listed his business holdings on a financial disclosure statement designed to reveal a candidate’s potential conflicts of interests, according to an investigation by the Los Angeles Times.
All candidates in the Sept. 14 election were required to file a public Statement of Economic Interests that shows sources of income, business ownership, investments, gifts and loans.
The Republican talk show host did not disclose any stake in Laurence A. Elder & Associates Inc., a company he appears to own, experts said.
He did list the company as a source of personal income. But state law requires separate disclosure of income received by any business in which a candidate holds at least a 10% ownership interest. Sources of income to the business above certain amounts also must be identified.
In response to questions from The Times, a spokeswoman for Elder’s campaign said, “It appears there might have been an oversight.” She did not specify further.
“As you know, these are extensive filings containing hundreds of pages. If an innocent mistake was made, the filings will be amended as soon as possible,” the spokeswoman wrote in an email.
Failure to comply with the disclosure requirements carries an administrative penalty of up to $5,000 per violation, according to the state Fair Political Practices Commission.
The statement Elder filed shows that over a 12-month period, he received income of more than $100,000 — amounts are disclosed only in broad ranges — from Elder & Associates, whose business activity is listed as “talk show host.” The document disclosed no other financial interests, including ownership in the firm.
Elder is listed on the statement as president of the company, which was originally registered in Ohio. A separate corporate filing he submitted last month to the California secretary of state’s office identified him as the firm’s chief executive, secretary and chief financial officer. That document states that the company’s California address is in South Lake Tahoe; the Statement of Economic Interests lists a Glendale address for the firm.
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