Congressional candidate Jonathan Jackson: Made ‘mistake’ in ignoring personal financial disclosure deadline

After being criticized by his main rivals for ignoring the law, Jonathan Jackson, a candidate for the 1st District House Democratic congress — whose disclosure was finally made public Thursday, just ahead of Tuesday’s election — said he had made a “mistake.”

Speaking at a news conference at his campaign headquarters, 8658 S. Cottage Grove Ave., Jackson called in light of two controversies that surfaced days before the primaries: Finally—but only under pressure—to submit his statement detailing revenue, assets and liabilities. — and the rise of more than $1 million in independent spending by three PACS in the cryptocurrency industry to support Jackson’s bid.

When asked why he waited so long to submit, Jackson said, “I made a mistake and it’s a lesson learned. I didn’t realize these documents were so extensive.”

The mandatory disclosure on personal finances differs from campaign finance reports filed with the Federal Election Commission.

However, Jackson’s comment didn’t reflect the whole story. He’s known for weeks that his disclosure was far too late.

On June 2, the Chicago Sun-Times revealed that only Jackson had failed to submit the required document to the House Ethics Committee. On June 2, Jackson told the Sun-Times, “That’s a mistake and an error I didn’t file.”

Candidates for the United States House of Representatives are required by the Federal Government Ethics Act of 1978 to file financial disclosures.

The House Ethics Committee, which oversees disclosures, tells candidates, “Individuals are required to file a Financial Disclosure Statement once they raise or spend more than $5,000 in a House election campaign.”

As for deadlines, according to the House Ethics Committee’s instruction guide for the 2022 elections, candidates who have raised or spent more than $5,000 must file a financial disclosure report “within 30 days of running for office” or, in 2022, before May 16. Jackson’s personal financial report posted on Thursday and revealed:

  • Jackson owns a company, 3I Roadwork, which paid him between $15,001 and $50,000 in 2021. The disclosure in this section only required mentioning a broad range, not a specific number.
  • The RE Partnerships 1802 E. 71st St. LLC Roseland, described as a construction company, generated between $15,001 and $50,000 in rent. The asset was valued between $250,001 and $500,000.
  • Jackson also listed as assets buildings – no house number was given – on S. Cornell, valued between $500,001 and $1 million; S. Crandon, valued between $100,001 and $250,000 and S. King Drive, between $250,001 and $500,000. The declaration states that these buildings did not generate any income in 2021; in 2022 so far together they generated somewhere between $45,000 and $150,000.
  • In 2021, Jackson received $75,000 in “board fees” from 3rd LLC, an education consulting firm, and $63,081 in partnership income from the Roseland Building Venture.
  • As of May, he has between $10,000 and $15,000 in credit card debt. He also has a line of liquidity access credit from Morgan Stanley, where the obligation was pegged at between $250,001 and $500,000.

More external spending by the crypto industry to boost Jackson, reported to the Federal Election Commission, brought the total to $1,041,899 as of Tuesday.

The Chicago Sun-Times broke the news on Sunday that the “Protect Our Future” PAC, funded by crypto billionaire Samuel Bankman-Fried, has bought $500,026 worth of television ads.

There are 17 Democrats in the primary to replace Rep. Bobby Rush, D-Ill.

Jackson’s Biggest Rivals – Ald. Pat Dowell (3rd), Senator Jacqueline Collins, D-Chicago, and business owner Jonathan Swain — lamented the crypto special interest industry’s spending aimed at Jackson’s election. Jackson was criticized by his rivals for failing to file his legally required personal financial disclosure statement detailing his income, assets and liabilities.

And on Tuesday, an FEC filing reveals that a new political action committee affiliated with the cryptocurrency industry, Web3 Forward, has spent $491,250 in media purchases to support Jackson.

Contributing: Ashlee Rezin

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