Renzi faced cash squeeze , needed to take out $500,000 2nd mortgage to pay back taxes

[maddezmom]

Renzi faced cash squeeze
By Alexander Bolton
May 02, 2007
Rep. Rick Renzi (R-Ariz.) took out a $500,000 second mortgage on his Flagstaff home in January after paying more than $300,000 in tax arrears discovered by a Federal Election Commission (FEC) investigation.

The mortgage loan, revealed by Renzi in a document filed with Coconino County, Ariz., is worth the highest possible listed value of his house, and suggests the embattled lawmaker may have faced a substantial cash squeeze at the end of the last Congress.



It may also cast light on $200,000 that came to Renzi two years ago from a business partner. The money exchange has raised eyebrows and suggestions of impropriety.

Around the time Renzi accepted the payment, the FEC launched an investigation of his campaign finances, forcing the lawmaker and his wife to pay an extra $324,000 in federal and state taxes.

The FEC launched its investigation in May 2005 and informed two businesses linked to Renzi of the probe later that month. That same month, James Sandlin, a former business partner, gave Renzi $200,000, a payment now being investigated by the FBI, according to The Wall Street Journal.


more:http://thehill.com/leading-the-news/renzi-faced-cash-squeeze-2007-05-01.html

[maddezmom]

1. Hope this little snip means he's being investigated in the House

House records show, an aide to Rep. Doc Hastings of Washington pulled copies of Renzi's financial disclosure statements for 2003 through 2006.

Hastings is the top Republican on the House ethics committee.

Committee rules prohibit aides or members from commenting on whether the panel is conducting an investigation.

Renzi defended himself against the corruption allegations Tuesday in an interview with 12 News. He said the inquiry and the public disclosure of it were aimed at defeating him politically.

"And to make that up and put that out means the Department of Justice was engaged in electioneering, and it needs to be investigated," he said.

Democrats say the corruption investigation into land deals in Arizona involving a former business partner of Renzi is also connected to the forced resignation of Arizona's former top federal prosecutor, Paul Charlton.


http://www.azcentral.com/news/articles/0502renzi0502.html