California regulators have launched an investigation into whether recall election gubernatorial candidate Larry Elder failed to properly disclose his income sources, a spokesman with the Fair Political Practices Commission confirmed on Sunday.
Elder, like all candidates for public office, was required to file a public statement of economic interests that discloses some aspects of his personal finances, including stocks, gifts, real estate that he owns and sources of income. The document is supposed to show the public whether a candidate for office would have conflicts of interest in his or her decisions.
Elder’s initial filing was only two pages long and only showed income from Laurence A. Elder and Associates Inc. A Times article earlier this month first reported that Elder likely failed to properly disclose his finances because he appeared to own the company, meaning he was also required to report ownership in the business as well as income sources to the company above certain amounts.
After the Times story, the California Democratic Party filed a complaint with the Fair Political Practices Commission alleging that Elder failed to properly disclose the business and its sources of income. Elder, a conservative radio show host, amended the document to show that Elder owned 100% of the company and that it is worth between $100,000 and $1 million. His exact wealth is difficult to determine because the state requires disclosure in broad dollar ranges.