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Welle Files His Financial Disclosure Report

Congressional Candidate’s Disclosure Raises More Questions

Congressional Candidate Josh Welle

Josh Welle, address unknown, the Democrat endorsed by the Monmouth and Ocean Democrats to run against Congressman Chris Smith in the 4th Congressional District, filed his Financial Disclosure Report with the Clerk of the House of Representatives on Sunday, March 11.  MMM reported on Saturday March 10 that Welle was over four months late in filing the report, a violation of the Ethics in Government Act that could result in a fine up to $58,000.

Welle has not explained why he did not file the report as required in October of 2017.  Nor is it clear that the report filed on Sunday brings him into compliance.   Welle reached the $5000 fund raising threshold that triggered the requirement of the report within thirty days on September 29, 2017. He was then required to disclose his assets and sources of income of more than $5,000 for 2016 and 2017 within thirty days.  The report filed yesterday indicated that it is for the year 2017 but also indicates that it covers the period of January 1, 2017 through February 28, 2018.  The disclosures of income and assets seem to be for 2017 and YTD 2018.

Members of Congress and candidates who have raised $5000 or more for their campaigns are due to file their 2018 reports, which would cover 2017 and YTD 2018 on May 15, 2018.

According to the report, which can be viewed here, Welle and his wife jointly own three rental properties.  Their Arlington Virginia home is valued between $500,000 and $1,000,000 and earned the couple between $2501 and $5000 in the current year (2017 or 2018?) and between $15,000 and $50,000 in the preceding year (2016 or 2017?)  The couple owns a home in Virginia Beach valued at between $100,001 and $250,000.  They earned rent of between $2501-$5000 in the current year to filing (2017 or 2018?) and between $15,001 and $50,000 in the preceding year (2016 or 2017?)

The home in Rumson that they paid $577,000 for on June 6, 2017, according to the Monmouth County Clerk’s website, is valued at $250,000 to $500,000 on the financial disclosure report.  Welle disclosed that he received rent of $5001-$15,000 in the current year and $15,001-$50,000 in the preceding year.

Josh Welle and his wife paid $577,000 for this Rumson house, one block from the Shrewbury River in 2017. Welle’s financial disclosure values the house between $250K and $500K

Welle sold a home located in Lake Como, NJ for $270,000 on June 6, 2017, according to Monmouth County records.  On his Financial Disclosure Report, Welle said he sold the Lake Como property in May of 2017 for $250,001-$500,000 and that he received between $15,001-$50,000 the preceding year.

The Welles have three mortgages, according to the disclosure.

A mortgage from Wells Fargo incurred in June of 2017 would seem to coincide with the purchase of the Rumson property. The disclosure says the loan is for $250,001-$500,000.  There is no mortgage filed in Monmouth County on the property, according to the Clerk’s website.

A mortgaged dated May 0f 2010 from Sun Trust Bank for $100,001-$250,000 secures the Virginia Beach property, according to the disclosure. US Bank lent the couple $250,001-$500,000 in June 2016 which coincides with the Welles purchase of the Arlington, Virginia home.

The couple lists six IRAs between them and together they have between $15,001 and $50,000 in credit card debt.

Welle’s wife earned $31,750 in the current year (again, not clear if the current year is 2017 or 2018) and $126,322 in the preceding year as her salary with Deloitte Consulting, LLP.

The candidate earned $13,500 from Severn Pacific, Inc. in the preceding year.  He was CEO of Severn Pacific, a company that dissolved in 2017. He was a partner in a firm called Pearl Harbor Partners, which also dissolved in 2017.  He reported no income from Pearl Harbor Partners.

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Posted: March 12th, 2018 | Author: | Filed under: 2018 Elections, Chris Smith, Monmouth County News, Monmouth Democrats, New Jersey | Tags: , , , , , , , , , | 2 Comments »

2 Comments on “Welle Files His Financial Disclosure Report”

  1. Good grief. said at 8:33 pm on March 12th, 2018:

    No wonder why this wonder boy is running. With those mortgages, and that combined income, somebody must’ve co- signed something, no? Agree more examination may be necessary.

  2. That’s leaves us said at 12:49 am on March 13th, 2018:

    With more questions than answers…

    No bank would give them a mortgage with that low income to debt ratio, NOT ONE!!!