Majority Leader Harry Reid (D-NV) “filed 42 pages worth of amended financial disclosure reports Thursday for the years 2000 through 2006 to more fully account for a land deal in Las Vegas and to more accurately reflect the value of some other properties he owns,” the AP reports.
Reid, D-Nev., had disclosed ownership of the Las Vegas property in his original disclosure reports, but he did not report that the title of the property had actually been transferred to a limited liability corporation called Patrick Lane LLC, which Reid had an ownership stake in. Reid valued the transaction in his amended 2001 report at between $250,001 and $500,000.
The sale was engineered by Jay Brown, a longtime friend and former casino lawyer, The Associated Press reported in 2006. The report led Reid to direct his staff to file amended disclosure forms. That effort was completed Thursday to clarify that Reid didn’t personally own the property but that he was part of a limited liability corporation that did own it.
The limited liability corporation sold the property in 2004 in a transaction valued at between $1 million and $5 million.
Ethics experts “told AP in 2006 that Reid’s inaccurate accounting of the deal to Congress appeared to violate Senate ethics rules and raised other issues concerning taxes and potential gifts.”