Rep. Ilhan Omar quietly filed an amended 2024 financial disclosure in late March that slashed the reported value of her husband's two companies from as much as $30 million to zero, a correction her office calls an accounting error and her critics call something far worse.
The revised filing, first detailed by the Washington Free Beacon, came five months after the outlet reported that Omar's original 2024 disclosure showed household assets of up to $30 million, a figure that had been no more than $51,000 the year before. The amended document now claims Tim Mynett's two companies, Rose Lake Capital and eStCru LLC, are worth nothing on paper, while simultaneously reporting that those same companies distributed between $100,000 and $1 million to him during 2024.
That gap, companies worth zero that still managed to pay out six figures or more, is at the center of a growing ethics inquiry, a federal probe, and pointed questions from watchdog groups on both sides of the aisle about whether the Minnesota Democrat's financial disclosures can be trusted at all.
Omar's original 2024 financial disclosure, filed last year, listed assets in the range of $6 million to $30 million. The Wall Street Journal, which obtained the amended filing, reported that the revised document puts Omar and Mynett's assets at roughly $18,000 to $95,000. Just The News reported that Omar's office attributed the original sky-high figures to incorrect valuations from financial professionals connected to Mynett's business interests.
An attachment to the amended filing, obtained by the Journal, shows Mynett took a $213,000 distribution from his investment fund, up to 42 times the income Omar had previously claimed in a September Instagram video. In that video, the congresswoman told critics to "learn to read" and insisted Mynett's companies generated no more than $15,000 in income.
Omar spokeswoman Jacklyn Rogers framed the amendment as vindication, telling the Journal:
"The amended disclosure confirms what we've said all along: The congresswoman is not a millionaire."
But the timeline raises its own questions. The amendment landed after Omar received a March letter from the Office of Congressional Conduct, which reviews allegations of misconduct by House members. A lawyer for Omar told the office that the inaccurate filing was unintentional and stemmed from reliance on accountants. Breitbart reported that Omar's lawyer wrote, "there is nothing untoward, and nothing illegal has occurred."
Whether that assurance holds up depends on facts still being gathered by multiple investigators.
The Office of Congressional Conduct launched its inquiry after attorney Paul Kamenar, counsel to the National Legal and Policy Center watchdog group, filed a formal complaint in February citing a "sudden and inexplicable increase" in Omar's reported personal wealth. Kamenar did not mince words about the amended disclosure, telling the Free Beacon:
"In no way can this radical amendment of her finances be compared to those of other members who may have inadvertently omitted reporting the purchase of a share of stock."
He went further, saying Omar's excuse that she "just realized this gross discrepancy is laughable" and that it "insults the intelligence of her constituents." As Rep. Tom Emmer has publicly argued, the scale of the discrepancy sets it apart from routine filing mistakes.
The congressional ethics probe is not the only investigation Omar faces. The Biden Justice Department launched a separate probe in June 2024 into Omar's finances and her "interactions with a foreign citizen." That investigation came to light in January, adding a federal dimension to what had been a congressional accountability matter.
President Donald Trump called for a criminal investigation after the original disclosure filing surfaced. Newsmax noted that no criminal charges have been filed and that the legal significance hinges on whether any false reporting was intentional, a question investigators have not yet answered publicly.
Much of the scrutiny centers on Rose Lake Capital, the venture capital firm Mynett co-founded in 2022 with former DNC adviser Will Hailer. The firm's website once boasted that its management team oversaw $60 billion in assets. Court documents obtained by the Minnesota Reformer paint a different picture: in February 2024, Rose Lake Capital had $42.44 in its accounts.
Mynett's accountant valued the firm at $7.9 million in 2025. The second company, eStCru LLC, a California winery, was valued at $1.5 million by the same accountant. Combined, the 2025 valuations put Mynett's stake at more than $3 million, given his reported one-third ownership in each company. Yet the amended 2024 disclosure lists both at zero.
The winery's finances were no healthier than the venture fund's. In February 2024, eStCru had $650 in its bank account while facing a lawsuit from Washington, D.C., businessman Naeem Mohd, who sought $780,000 in damages. Mynett's attorney blamed the COVID epidemic for the winery's troubles. The suit was resolved with a cash settlement in November 2024, and the winery appears to have gone out of business. Omar's initial response to the disclosure controversy leaned heavily on the claim that accountants, not she or her husband, were responsible for the inflated numbers.
Former senator Max Baucus, a Montana Democrat, publicly distanced himself from Rose Lake Capital. His assessment was blunt:
"You can read between the lines, it sounded a little bit fishy."
The financial disclosures do not exist in a vacuum. Shortly after Mynett founded Rose Lake Capital, Omar formed the U.S.-Africa Policy Working Group, which she leads alongside 20 members of Congress. In 2023, Omar served as keynote speaker at the EBII Group's African Leaders and Partners forum, a company that facilitates international investments in Africa, and called on Congress to approve a "$44 billion lifeline for African communities."
The overlap between Omar's official congressional work on Africa policy and her husband's Africa-focused venture capital firm has drawn attention from the House Oversight Committee, which launched its own probe into Mynett's unexplained business valuation surge.
Mynett and Hailer also ran Badland Ventures, now defunct. A pair of South Dakota cannabis companies sued the firm, alleging that a portion of their $3.5 million investment had been diverted for "purposes other than Badlands Ventures' business." When the cannabis investors demanded their money back, Hailer claimed the Office of Foreign Assets Control had placed a hold on the funds. OFAC administers trade sanctions on foreign countries and terrorist regimes, an unusual entity to invoke in a domestic cannabis investment dispute.
Mynett's history with Omar's political operation predates his venture capital career. His firm received $3 million from Omar's campaign between 2018 and 2020. The two denied having an affair in September 2019 when both were married to other people. By March 2020, both had divorced their spouses and announced they had wed.
Scrutiny of Omar has also intensified amid a fraud scandal in the Minneapolis Somali community she represents, and congressional demands for records on Mynett's international business dealings in Kenya, Dubai, and Somalia have added further pressure.
Caitlin Sutherland, executive director of Americans for Public Trust, said the revised filing raises more questions than it answers. She told the Free Beacon:
"Extreme discrepancies in a financial disclosure are abnormal and raise serious questions about what else Representative Omar is hiding."
Sutherland added that "given her track record of bending the rules and truth in service of her political ambitions, there is little reason to take Rep. Omar at her word that the revised disclosures are accurate, and more transparency is needed."
Fox News reported that Omar has ducked questions as scrutiny grows, and that the wealth spike had been linked to valuations of Rose Lake Capital and eStCru that jumped sharply in 2024 compared with earlier filings. Rep. Tom Emmer told Fox News Digital that "Ilhan Omar is even more clueless than I thought if she thinks this financial disclosure revision clears her of suspicion."
Omar's 2025 financial disclosure is due in mid-May, though the Free Beacon noted she will likely receive an extension until August if she requests one. That filing will test whether the numbers have stabilized, or whether the pattern of wild swings continues.
The June 2024 federal investigation into Omar's finances and her interactions with a foreign citizen has produced no public findings. Whether that probe continues under the current administration, or what evidence it has gathered, is unclear. The Office of Congressional Conduct investigation is also ongoing.
Omar's defenders say the amended filing proves she is not wealthy and that the original error was the accountants' fault. Her critics note that a $30 million discrepancy is not a rounding error, and that companies listed at zero somehow managed to distribute six-figure sums to her husband in the same year.
Most Americans who file their taxes wrong by a few hundred dollars hear from the IRS. A member of Congress whose household wealth swings by $30 million in a single filing gets to blame her accountant and move on. That's a transparency standard only Washington could love.
