Minnesota’s Congresswoman Ilhan Omar is under the spotlight for her financial disclosure reports, revealing an astonishing leap in her assets from $1,000 to nearly $30 million within a single year.
Omar’s latest financial disclosure, made public in May, indicates that Rose Lake Capital LLC is valued somewhere between $5 million and $25 million.
This venture capital management firm, based in Washington DC, is listed as ‘partnership income’ on Omar’s documents, although she asserts she doesn’t draw any income from the company.
Interestingly, her 2023 report, unveiled in May 2024, initially valued Rose Lake Capital at just $1 to $1,000.
During 2023, the congresswoman, originally from Somalia and known for her socialist views, reported earning between $15,001 and $50,000 from Rose Lake, as per her financial disclosures.
In light of this dramatic financial growth, the National Legal and Policy Center, a conservative nonprofit focused on scrutinizing the ethics of liberal officials, has confirmed they are “certainly looking” into the matter concerning the progressive lawmaker.
Peter Flaherty, the chair of the organization, told the New York Post that the center is investigating Omar’s assets.
Omar, whose previous marriage to her own brother was exclusively revealed by the Daily Mail also lists ESTCRU LLC as another form of partnership income on her most recent financial disclosure form.
Rose Lake and ESTCRU are owned by Omar’s husband, Tim Mynett. Mynett has served as the president and co-founder of Rose Lake since 2022, according to his LinkedIn profile.
Representative Ilhan Omar is facing scrutiny over her financial disclosure forms, after her assets skyrocketed to $30 million in just one year
Omar listed Rose Lake Capital LLC as one of her assets on her most recent financial disclosure form. The company is operated by her husband Tim Mynett (pictured)
Mynett is the president and co-founder of Rose Lake Capital. The company’s asset value increased from between $1 and $1,000 to between $5 million and $25 million in just one year
The company is a winery in Santa Rosa, California. It’s value is listed between $1 million and $5 million, according to Omar’s financial disclosure form.
The Daily Mail has reached out to Mynett and Omar’s office for comment.
Rose Lake’s website says they’ve worked with five diplomats in over 80 countries to structure deals, mergers, and acquisitions.
‘From distressed assets to buying publicly traded companies – our team has the prowess to execute the right opportunities,’ the company’s description reads.
‘At Rose Lake we tap into our extensive global network to create strategic partnerships to maximize the strength of the businesses we partner with.’
Rose Lake’s LinkedIn page also appears to have been removed amid reports of Omar’s wealth gains.
The company’s website stripped team members names and bios. The webpage now only displays a brief summary of Rose Lake’s work.
Previous versions of the website listed several high-profile employees, including, Adam Ereli, a former ambassador to Bahrain, former Senator Max Baucus, and former officials with the Democratic National Committee, as first reported by Fox News.
Omar and Mynett met on her congressional campaign. The two were married in 2020 and he left his consultant firm two years later
Peter Flaherty, the chair of National Legal and Policy Center said his organization was looking into Omar’s financial ethics
Estcru wines also has an eye-catching digital footprint. A link to purchase the wines appears to have been blocked and the company’s Instagram page only has 2,000 followers. Their last post was in January, 2023.
Despite the company’s lack of following, its asset value jumped from a maximum worth of $50,000 to $5 million in one year, according to Omar’s financial disclosure forms.
Omar’s finances are drastically different from what she reported in 2018, 2019, and 2020.
In 2018, Omar didn’t disclose any assets or unearned income. The following year, she listed a tax-deferred target retirement fund.
ESTCRU LLC first appeared on her financial disclosure forms in 2021, while Rose Lake Capital was first disclosed the following year.
Omar’s financial disclosure form from 2024 lists Rose Lake Capital’s value of a maximum of $25 million
Omar also listed ESTCRU LLC as an asset on her financial disclosure form. The winery was valued at a maximum of $50,000 in 2023 and $5 million in 2024
Omar didn’t list any assets or unearned income on her financial disclosure form in 2018
Omar married Mynett in 2020. He was working as a political consultant at the time and his firm advised her congressional campaign.
Mynett left the consultant firm in 2022. The NLPC filed a complaint with the Federal Election Committee at the time alleging that campaign funds had been used for personal benefit due to their relationship.
Omar dismissed the allegations and said her romantic relationship with Mynett began after they concluded their work together.
The new backlash over Omar’s disclosure forms comes as the state she represents is engulfed in a $9 billion fraud scandal.
Minnesota’s Republican led House Oversight Committee has launched a corruption investigation into social service programs.
Rose Lake Capital is a venture capital management firm in Washington DC. The company’s webpage appeared to remove team members’ names and bios
Rose Lake Capital’s LinkedIn page appears to have been taken down amid growing scrutiny over the company’s assets
Scrutiny over Omar’s financial disclosure forms comes as Minnesota faces a $9 billion fraud scandal involving mismanagement of social service funds
Assistant US Attorney Joseph Thompson alleged that 14 Medicaid programs spent $18 billion in seven years.
The state’s attorney’s office charged 92 defendants, many of whom are of Somali descent in fraud-related crimes.
‘What we see in Minnesota is not a handful of bad actors committing crimes. It’s a staggering industrial-scale fraud,’ Thompson said at a news conference in mid-December.
Omar previously addressed the scandal in an interview on CNN. She said the rush to push out benefits during the pandemic resulted in a lack of guardrails for the programs.
