Fung Campaign Questions If Magaziner Is Worried that Campaign Loans are Illegal

Fung Campaign Questions If Magaziner Is Worried that Campaign Loans are Illegal

Wednesday, May 18, 2022

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RI Treasurer Seth Magaziner PHOTO: GoLocal

A GoLocal report published Tuesday chronicled the $800,000 that Seth Magaziner provided to his campaign and his repeated refusal to answer the media’s questions about the source of those funds.

Magaziner, the state’s General Treasurer, is term-limited and, after initially announcing he would run for governor, is now a candidate for congress in the second district.

The failure to disclose the source of the $800,000 has now drawn the fire of leading GOP candidate for the second congressional district seat, former Cranston Mayor Allan Fung.


“Seth Magaziner likes to talk about transparency and dark money in politics, but it is his own campaign financing that seems to be shrouded in secrecy. He continues to be evasive in how he got $800,000 to loan his political campaign when he never had a job that paid him that kind of money. Maybe he won’t come clean about this loan because he’s worried that it’s illegal,” said the Fung campaign in a statement to GoLocal.

“We have enough politicians in DC who can’t give a straight answer about their personal finances. We don’t need another,” added Fung’s campaign.

Magaziner’s History and Response

Directly after graduating from Brown University, Magaziner became an elementary school teacher for two years and later joined Trillium Asset Management. He worked at Trillium for two years and three months, and according to disclosure those forms filed by Magaziner with the Rhode Island Ethics Commission, he’d earned less than $100,000 at Trillium in anyone year.

Reporters from GoLocal and other Rhode Island media companies have repeatedly asked Magaziner and his campaign about the source of the funds.

GoLocal, over the past few days, had this interaction with Magaziner’s campaign:

GoLocal asked on Sunday:

Just wanted to see if you could give a direct response as to what the sources of the funds — $800,000 — that was loaned to his campaign.

Who provided the money?

If there is more than one funding source, please break down the amount each provided?

Were the monies gifts or loans?

What was the date(s) on which the money was transferred to Magaziner?

Magaziner campaign spokesperson Patrician Socarras did not respond to GoLocal’s questions — but sent an email with the following statement, “The Treasurer has answered this question clearly on numerous occasions with media outlets including yours. The Treasurer has been transparent in saying he is fortunate that his family has been generous to him over the years, primarily through the annual gift tax exemption and he used those funds to make a contribution to his campaign when he ran for Treasurer 8 years ago.”

Magaziner’s campaign repeatedly refused to respond to follow-up questions regarding who gave him the funds and when they were given.


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