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Clay Pell, Democratic gubernatorial hopeful in 2014 Rhode Island race

Pell disclosures show wealth

PROVIDENCE — New financial disclosure forms offer the first details about the personal wealth of Democratic gubernatorial hopeful Clay Pell, who has contributed nearly $3.1 million to his campaign.

In filings with the Rhode Island Ethics Commission, Pell reported income for 2013 of between $322,000 and $771,000. That includes capital gains of between $200,001 and $500,000; dividends of $21,000 to $61,000; and rental income from his District of Columbia property of between $25,001 and $50,000.

The forms also show business interests of Pell’s wife, former Olympic figure skater Michelle Kwan, but their worth isn’t clear. That information doesn’t have to be disclosed.

The candidate reported owning at least $5,000 worth of 83 stocks, or at least $415,000. Among the companies in which he listed owning stock are Apple, Microsoft and Family Dollar; financial services firms Goldman Sachs and Morgan Stanley; tobacco company Philip Morris; casino and resort company Las Vegas Sands; and Woonsocket-based pharmacy CVS Caremark.

Pell lists himself as a co-trustee of a life insurance trust in his late father’s name and a marital trust in his parents’ names. Pell, the grandson of the late U.S. Sen. Claiborne Pell, is a former prosecutor in the U.S. Coast Guard and one-time Obama administration official who has never sought elective office. Candidates are required under state law to disclose sources of income, assets and business interests.

The filings show Pell received income of $25,001 to $50,000 from the Coast Guard and between $50,001 and $100,000 from the U.S. Department of Education, where he worked from April through October last year as a deputy assistant secretary for international and foreign language education.

They also show Kwan has an ownership interest in a California-based skating center, Artesia Ice Skating Training Center LLC, where she is a general partner. She has served as president of Michelle Kwan Corp., based in Los Angeles, since 1994 and owns a rental property in that city.

A new fundraising report filed Thursday showed Pell loaned his campaign another $1 million.

The other leading Democrats running in the Sept. 9 primary also submitted filings. Providence Mayor Angel Taveras listed income of between $100,001 and $200,000 for his salary as mayor and between $25,001 and $50,000 from his law office for “contingent fees” for prior case work. Because she is already a general officer, Treasurer Gina Raimondo had previously reported between $100,001 and $200,000 in salary; between $1,001 and $10,000 in dividends and interest from a brokerage firm; and not more than $1,000 in bank interest.

On the Republican side, Ken Block listed ownership interests in the two small businesses of which he is president. He received between $200,001 and $500,000 in 2013 from his software engineering firm and $25,001 to $50,000 from his traffic signal manufacturing firm. Block also earned between $1,001 and $10,000 as an adjunct professor in the University of Rhode Island’s MBA program.

Cranston Mayor Allan Fung listed a salary of between $50,001 and $100,000; income of $10,001 to $25,000 from a rental property in the city; dividends of between $1,001 and $10,000; and bank interest of not more than $1,000. He had previously reported owning at least $5,000 each of 10 stocks, including in CVS, McDonald’s and Pfizer.

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