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Sen. Stevens turns $5,000 real estate investment into $129,250
By: Taxpayers Sense | Submitted on: 08/19/08EDITORIAL - New information has surfaced that alleges Senator Ted Stevens (R-AK) turned a $5,000 investment into $129,250 profit with the help of a secret no-interest loan that the Senator had not previously disclosed.
Federal prosecutors filed a new motion late yesterday that alleges that between 2001 and 2003, Sen. Stevens had been “intimately involved in a Florida real estate transaction” with an unknown individual who the prosecutors describe as a “personal friend.” After an initial investment of a mere $5,000, the prosecutors allege that “Stevens’ friend sold his real estate interest only six months later, with an eventual gross profit to Stevens of more than $100,000." Stevens' own 2003 disclosure reports put the exact profit from the transaction at $129,250.
The condo is part of Carroll Walk Condominium Project, a fifteen-story waterfront luxury-condo project "right at the heart of South Florida’s hottest and most exciting area- the Gold Coast."
To assist in purchasing the property, Senator Stevens’ friend provided him with $31,000 interest-free for the initial downpayment on the garden apartment at Carroll Walk Condominiums in Bay Harbor, Florida. Also, despite the fact that he knowingly carried the debt for more than 10 months, Sen. Stevens did not report the loan as a liability on his Senate financial disclosure form.
The prosecutors also allege that Bill Allen, chairman of VECO, purchased for Stevens' daughter a new Jeep Grand Cherokee and requested that VECO hire his son and grandson, which they did.
Also, the government filed another major motion detailing new information about the legislative assistance that Senator Stevens had provided Veco Corp.
Federal prosecutors filed a new motion late yesterday that alleges that between 2001 and 2003, Sen. Stevens had been “intimately involved in a Florida real estate transaction” with an unknown individual who the prosecutors describe as a “personal friend.” After an initial investment of a mere $5,000, the prosecutors allege that “Stevens’ friend sold his real estate interest only six months later, with an eventual gross profit to Stevens of more than $100,000." Stevens' own 2003 disclosure reports put the exact profit from the transaction at $129,250.
The condo is part of Carroll Walk Condominium Project, a fifteen-story waterfront luxury-condo project "right at the heart of South Florida’s hottest and most exciting area- the Gold Coast."
To assist in purchasing the property, Senator Stevens’ friend provided him with $31,000 interest-free for the initial downpayment on the garden apartment at Carroll Walk Condominiums in Bay Harbor, Florida. Also, despite the fact that he knowingly carried the debt for more than 10 months, Sen. Stevens did not report the loan as a liability on his Senate financial disclosure form.
The prosecutors also allege that Bill Allen, chairman of VECO, purchased for Stevens' daughter a new Jeep Grand Cherokee and requested that VECO hire his son and grandson, which they did.
Also, the government filed another major motion detailing new information about the legislative assistance that Senator Stevens had provided Veco Corp.
Taxpayers for Common Sense is a non-partisan budget watchdog serving as an independent voice for American taxpayers. Our mission is to achieve a government that spends taxpayer dollars responsibly and operates within its means. We work with individuals, policymakers, and the media to increase transparency, expose and eliminate wasteful and corrupt subsidies, earmarks, and corporate welfare, and hold decision makers accountable. Their web site is available at taxpayers.org.
