WASHINGTON, DC- We have seen time and again Washington, D.C. politicians enrich themselves while serving in Congress, for example, former House Speaker Nancy Pelosi has managed to become a multi-millionaire while serving in Congress. When our form of government was formed, it was not intended to be a lifelong career, nor was it intended to be a means to become extremely wealthy. Yet, here we are.
One of the most maddening cases in point is that of anti-American, Hamas-supporting Rep. Ilhan Omar (D-MN), who managed to come to this country from war-torn Somalia, yet never misses the opportunity to criticize the country that has allowed her to become a very wealthy person.
Omar’s sudden windfall has gotten the attention of House Oversight Committee Chairman Rep. James Komer (R-KY), especially in light of the recent scandal in Minnesota, where an estimated $9 billion has been uncovered in Omar’s district, The New York Post reports.
According to Comer, staff lawyers are looking into the possibility of issuing a subpoena to Omar’s husband (not the brother one, her new one) over what appear to be some questionable business practices.
“We’re going to get answers, whether it’s through the Ethics Committee or the Oversight Committee, one of the two,” Comer told The Post.
In question is how Omar and her husband, Tim Mynett, have gone from practically broke to a net worth of up to $30 million in just a year, according to her 2024 financial disclosure forms.
“There are a lot of questions as to how her husband accumulated so much wealth over the past two years,” Comer said. “It’s not possible. It’s not. I’m a money guy. It’s not possible.” Meanwhile, a law enforcement source said the couple is also subject to a criminal investigation.
“We are investigating all politicians potentially connected to any of this [fraud] in Minnesota. You can read between the lines,” the source said.
While the Biden administration looked the other way, the source said the Trump administration is “on top of it.”
According to The Post, the FBI was briefed during the Biden administration about suspicious activity in companies run by Omar’s husband, yet nothing was done.
The probe focuses on an investment firm, Rose Lake Capital, formed by Mynett and Will Hailer in 2022, which is one of several companies created by Omar’s husband of five years.
Why the suspicions? In late 2022, Rose Lake Capital had only $42.44 in its bank account, according to court documents related to a lawsuit filed in South Dakota against a related company.
In only one year, however, the value of Rose Lake Capital went up to $25 million, according to the 2024 filing.
Associates questioned how the value of the company rose so exponentially, so much so that they brought the information to the attention of federal investigators,” sources said. Their curiosity was piqued because some of the businesses, including a winery, seemed suspicious, as none had a public track record, The Post reported.
Several well-known individuals had previously been listed as advising Rose Lake, including former Sen. Max Baucus (D-MT), who once chaired the Senate Finance Committee and served as U.S. Ambassador to China under Barack Obama. Baucus, who no longer appears on the firm’s website, said he had a lone phone call with Hailer back in 2022 about a proposed deal to make storage units, however “nothing came of it” save an occasional email from Hailer.
“That went on for about four or five months or so, then just radio science,” Baucus told The Post.
“He stopped writing emails about the investment–about how well he’s doing, all that stuff. You can read between the lines–it sounded a little bit fishy,” he said. Baucus said he never granted permission to use his name as an “advisor” on the company website.
Also previously listed as advisors were former Rep. Collin Peterson (D-MN), who once chaired the House Agriculture Committee, and J. Peter Pham, a fellow at the Atlantic Council who served as President Trump’s Special Envoy to Africa’s Great Lakes Regions.
“Obviously, I’ve seen reporting, including in The Post, about Will’s partner, whom I’ve never met, and his wife [Omar]--Tim and his wife’s sudden coming into riches. But [I] can’t say anything about that, other than certainly I had no share in that,” said Pham, who said he had one meeting about a potential deal to build solar panels in South Africa and was called an “advisor” by the company. Peterson didn’t respond to The Post’s requests for comment.
According to Rose Lake’s website, it claims to have had officers with “previous” experience managing assets worth $60 billion, which would make the firm an attractive target that might attract notice from “investors,” The Post reported.
However, Wall Street insiders say they had never heard of Rose Lake or anyone who had invested with the firm, despite the firm claiming on its website that it had been running billions of dollars of assets under management, and engaged in a number of high-end financial activities, including “deals, mergers, and acquisitions, debt restructuring, and capital raising.”
Yet another Wall Street source told The Post they were shocked that Mynett, a longtime political consultant in Minnesota, was “suddenly” running a financial firm.
Moreover, Rose Lake is not registered with the Securities and Exchange Commission (SEC), Wall Street’s top regulator, nor does it say how much it is now managing.
H.R. 4173, otherwise known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, was enacted in 2010 after the 2008 financial crisis and imposed reforms that require registration for advisors overseeing $100 million in assets, or $150 million for private fund advisors, with limited exceptions. The Act allows so-called “family offices” to circumvent disclosure rules because they (allegedly) do not solicit outside investors. Venture capital firms are also exempt, and Rose Lake claims such work is one of its “specialties.”
Despite that, Rose Lake brags on its website that it does private equity work and that its officers had billions in “previous” assets under management, The Post reported. That would suggest, the outlet wrote, that the fund would be required to register, citing a former high-ranking SEC official.
“I would continue to push on the disclosure issue because this looks funny,” the source said.
Likewise, financial experts said the presence of “multiple variations” of similar names for Rose Lake raises “red flags,” and that the company started scrubbing a list of its officers from its website after the multi-billion dollar fraud scheme involving Omar’s fellow Somalians came to light, thanks in part to an expose from The Post.
Suddenly, Rose Lake has deactivated its LinkedIn page, while Hailer’s own LinkedIn page no longer lists the firm, although it does identify him as a co-owner of the StCru winery, which he launched with Mynett in 2020.
The web of entanglements with Rose Lake includes Minnesota Attorney General Keith Ellison, whom Hailer served as political director when Ellison was the Democratic National Committee chair.
House Majority Whip Tom Emmer (R-MN) told The Post that the widening scope of investigations is long overdue.
“While Minnesotans have been getting fleeced to the tune of $9 billion by Somali fraudsters, Ilhan Omar and her husband have been raking in millions through their shady businesses,” Emmer added.
“The explosion of wealth, plus the fact that convicted fraudsters helped fund Omar’s campaign, is worth an investigation by the Ethics Committee at the very least.
The Post reached out to the SEC, and a spokesman wouldn’t comment when asked about Rose Lake and its filings. Also, The Post contacted Mynett, Hailer, and Omar seeking comment, however none was received.
Many on the right knew Omar was a grifting slimeball. The whole world may know soon.
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