Friday, August 20, 2010

Questions continue to pile up about Matt Falconer's finances

Looks like I'm not the only one asking questions about Matt Falconer's financial status.  One of Falconer's main reasons he cites for why voters should select him as our next Orange County Mayor is his success as a businessman and developer.  However, a recent WFTV-9 report throws some serious doubt on Falconer's so-called success story: | Mayoral Candidate Falconer's Finances in Question
Public records raise serious questions about one of the leading candidates for Orange County mayor and whether he's being honest with voters.

All candidates file financial disclosure forms. On Matthew Falconer's form, he stated his net worth was $12.1 million, but public records show serious discrepancies that suggest he may actually be millions of dollars in debt.

Matthew Falconer, a candidate for Orange County Mayor, said the Windermere house he calls home was worth $775,000 to him on this financial disclosure form filed in June where he reported a net worth of more than $12 million.
But records from the Orange County comptroller show Falconer deeded the house entirely to his wife in March of last year, putting the actual value to Falconer at zero.
...after WFTV reviewed loan documents for 18 other commercial properties owned by Falconer, it was discovered the businessman, who stresses his experience as a successful developer, might be underwater, or "in the red," by hundreds of thousands, even millions, of dollars.  
Falconer says the Kirkman Commons strip mall is worth more than $1.1 million to him, but WFTV found his outstanding debt on the property was about $4 million in 2007.  
Falconer won't show WFTV the documents to prove how much he's paid off since then, but based on current values provided by the property appraiser he could be as much as $2 million in the red.  
In fact, mortgage documents and records from several property appraisers show similar discrepancies on all of Falconer's properties.
...despite repeated requests for financial records to back up his claims, Falconer said he didn't have time to show them to WFTV...Falconer told WFTV he has appraisals for each of his properties. WFTV gave him more than a week to provide them, but he refused.  He insists he's actually understated his net worth.
You can see the unedited video interview with WFTV's Eric Rasmussen and Matthew Falconer here.

1 comment:

  1. As the Channel 9 camera zooms in on Falconer sitting at his desk, a "Lower Taxes Now" sign is prominently displayed on his desk.

    The deed transferring title to his wife says it was prepared by Margaret (Margie) Patchett, a candidate for the Volusia County Council and cofounder with Falconer of Lower Taxes Now, a Florida nonprofit organization whose Web site says it “primarily focuses on the need for lower taxes and greater government efficiency.”

    Although Falconer and Patchett are both candidates for public office, Lower Taxes Now, which was certified by the Internal Revenue Service as a tax-exempt social welfare organization, claims on its Web site it is “Not authorized by any candidate or candidate’s committee.” Falconer endorses Pritchett on her campaign Web site, and she supports Falconer on his Facebook page. “He was Tea Party before Tea Party was cool," she writes.


Creative Commons License

Creative Commons License
Permissions beyond the scope of this license are available here.