NY Dem Fails to Disclose More Than $25 Million in Personal Financial Holdings

New York Democratic congressional candidate Nancy Goroff failed to disclose more than $25 million in personal financial holdings while loaning her campaign more than $1 million—a potential violation of House ethics rules, according to an election watchdog.

Goroff, who is in a tight race against Republican incumbent Lee Zeldin, reported between $5 and $25 million in a Vanguard brokerage account in her latest financial disclosure. Goroff also holds up to $200,000 between three retirement accounts, according to the disclosure.

The Democrat, however, did not report the underlying holdings in those accounts, which runs afoul of congressional disclosure rules designed to safeguard against conflicts of interest. House rules require congressional candidates to disclose the "specific stocks, mutual funds, or other assets" within an investment account.

"The whole point of candidate financial disclosures, generally, is to give a full and complete picture of the candidate's financial circumstances," Kendra Arnold, executive director of ethics watchdog Foundation for Accountability and Civic Trust, told the Washington Free Beacon. "Just saying you have a general account really doesn't give a full and complete picture, because we don't know what the candidate is actually invested in."

Goroff's underlying investments could weaken her allies' attacks against Zeldin. The Democratic Congressional Campaign Committee, which added Goroff to its "Red to Blue" program in August, has criticized Zeldin for "failing to hold drug companies accountable as they jack up the costs of prescription drugs."