SPRINGFIELD, Ill. – Dan Brady, the Republican nominee for Illinois Secretary of State, has released a summary of his tax returns for calendar years 2020 and 2021 and has called on his opponent to do the same.
“The Secretary of State’s office regulates the offer and sale of securities and the people who provide those services, so it’s crucial that voters know if candidates for the office have any potential conflicts of interest,” Brady said. “That’s why I’m releasing this summary of my tax returns so voters can see for themselves that I have no such conflicts. I call on my opponent to do the same thing, but so far he has steadfastly refused to do so. I wonder why.”
According to the Secretary of State’s website, the Illinois Securities Department regulates the offer and sale of securities pursuant to the Illinois Securities Law of 1953. The department registers securities offerings, broker-dealers, investment advisers and their sales-persons and representatives, loan brokers, business brokers and those who offer and sell business opportunities.
Brady is an Associate Director at the firm of Kibler Brady Ruestman Memorial Home and a part-time legislator. He submitted his Statement of Economic Interest form as required by law on March 7, 2022. Brady’s opponent, Alexi Giannoulias, filed the same form on March 14, 2022 with numerous attachments. To date, Giannoulias has refused to follow Brady’s lead and release his income tax information as well.
Brady’s tax summary reflects the fact that his wife Teri was without work for a period of time following a corporate layoff and drew the unemployment benefits to which she was entitled.
During a recent interview with the Illinois Associated Press Media Editors, Giannoulias blamed his wife for not disclosing their taxes. “My wife and I have some…ah…some things that she wants to keep…ah…private,” Giannoulias said. This is not the first time Giannoulias has refused to release his taxes.
The link to the Illinois Associated Press Media Editors interview is here: https://youtu.be/egv-XE-d_uo.
In a news segment posted on Facebook on May 19, 2022 by ABC 7 Chicago, Giannoulias refused to release his taxes. While being questioned in the Illinois Associated Press Media Editors interview about conflict of interests in investments Giannoulias said, “I think the only investments I have are just passive.”
The link to the ABC 7 interview is here: https://www.facebook.com/abc7chicago/videos/2935946843369210/.
Giannoulias has a history of questionable financial actions. Broadway Bank gave approximately $20 million to Russian mobsters while Giannoulias was a senior loan officer, and the bank was later seized by federal regulators. As Illinois State Treasurer, Giannoulias’ college savings fund, Bright Start, lost $150 million.
“The Secretary of State has a fiduciary duty to manage the state’s security division without impropriety,” Brady said. “Giannoulias can’t have it both ways. He needs to be truthful with voters.”