GOP candidate parlays less than $3K into a million, "forgets" to disclose

Asa Hutchinson, the Republican candidate for governor, has turned $ 2, 800 into $ 1 million as a founding shareholder in a company that went public with no revenues, products or employees — but with a stock offering that promised lavish profits for insiders risking tiny sums.

As a “blank-check” company, Fortress America Acquisition Corp. ’s only business plan was to find and buy an unspecified company doing business in some aspect of homeland security. In the wake of an initial public offering that raised $ 42 million, Fortress America announced its acquisition Tuesday.
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“In this case,” Hutchinson said in an interview Tuesday, “the investment is almost biblical in proportion: A little up front, but a whole lot of sweat equity.”

Hutchinson, who draws no salary as a special adviser to Fortress America, said he spent two long days in presentations to potential investors and an unspecified number of hours screening takeover targets and offering advice in conference calls to Fortress America’s headquarters in Arlington, Va.

Despite those efforts, he overlooked his Fortress America holdings on the financial-disclosure form he is required to file as a gubernatorial candidate. On the form, filed May 4, Hutchinson listed his stock and options in two other companies, and even disclosed bank and credit-union accounts with balances under $ 1, 000. He said he forgot to list his 200, 000 shares in Fortress America.

http://www.nwanews.com/adg/News/156878/

one of the critics of Hilary's windfall? These guys have no shame!!

"I forgot" is getting very tired.

"It just has a very slimy feel to it,” said David Menlow, president of IPO Financial Network, a Wall Street research firm. Menlow said he can understand a company founder getting rich after struggling to build a business and finally taking it public. But he said the profits that a few savvy insiders are reaping from blank-check companies such as Fortress America are difficult to justify. “This is how people legally get taken care of without violating the law,” he said.

It's even bigger than the targeted "culture of corruption". -And, as pointed out above, Asa The Hypocrite was a Whitewater cheerleader.

If this is skirted, it will become one of those Harken-style "vetted" events.

Hmmm . . . oh, wait, not if you're a repuke . . .

when they go 'public' with these things? Do they also 'kick back' to brokers to sell the stock?