Sen. Bob Corker (R-Tenn.) failed to properly disclose millions of dollars in income from real estate, hedge funds and other investments since entering the Senate in 2007, according to new financial reports filed, The Wall Street Journal first reported.
Late Friday, Corker filed a series of amendments to his previous personal financial reports showing that he had filed dozens of errors and omission that The Wall Street Journal tallied to at least $3.8 million between 2007 and 2014 in real estate holdings alone. As much as an additional $13 million is in question among hedge fund and other investments, reported The Hill.
“I am extremely disappointed in the filing errors that were made in earlier financial disclosure reports,” he said in a statement, according to Fortune. “After completing a full, third-party review, we have corrected this oversight.”
Corker hired an additional, accredited accounting firm to conduct a review of his personal financial forms, after it became aware that there had been errors on prior reports.
There are few restrictions on investments that lawmakers can make, provided they disclose their personal investments to the public so that Americans can determine whether or not a legislator has a conflict of interest. Further, lawmakers are not prevented from voting on legislation that may affect their personal finances or investments.
“I have gone to great lengths, and in some cases beyond what is required by the reporting guidelines to ensure all of my filings are beyond reproach,” Corker wrote in a letter to the Secretary of the Senate and the Senate Ethics Committee, The Tennessean reported.
The Wall Street Journal cautioned that their findings were made with "very conservative" calculations by using the low end of the ranges that senators are required to disclose. The paper said that the actual numbers "are likely higher."
With a minimum net worth of $18 million, Corker ranks as the 23rd richest member of Congress, according to the Roll Call Wealth of Congress Index.