Spence‚Äôs Shady Shell Game: Why is Dave Spence funneling money through his undisclosed LLC to his campaign?
After Dave Spence reported his second large contribution from one of his shell companies on Friday, the Missouri Democratic Party called on Spence to come clean and explain why he’s secretly funneling money to his campaign from an LLC, which was not disclosed on his personal financial disclosure form and was fined for failing to pay its property taxes on time in 2008 and 2009.
“We know Dave Spence has millions to spend on his own campaign, the question is why he’s funneling the money through an undisclosed corporation with a history of late tax payments,” said Isaac Wright of the Missouri Democratic Party. “It’s no surprise that a guy who would vote not to repay his bank’s bailout and inflate his academic credentials would run an equally dishonest campaign – but Spence needs to come clean with voters about where this money’s coming from and why.”
On Friday, Dave Spence reported his second $25,000 contribution from Big Sky Properties LLC, one of Spence’s shell companies that paid more than $23,000 in penalties and interest for late St. Louis County property taxes in 2008 and 2009. [Missouri Ethics Commission, Kansas City Star, 4/11/12]
- Spence is the President and Owner of Big Sky Properties. As of December 2010, Spence was the “principal” and owned 100 percent of Big Sky Properties, which owns the property where Alpha Packaging operates. He also operates and listed himself as the “manager” of Big Sky Properties II. According to the St. Louis Beacon, “Spence’s campaign declined to say why Big Sky wasn’t mention” [sic] on his disclosure report. [Reliance Bancshares FR Y-6, 12/31/10; Missouri Secretary of State, 8/31/05; St. Louis County Property Records; Kansas City Star, 4/10/12; St. Louis Beacon, 5/8/12]
- Spence Has Funneled $50,000 to his Campaign from Big Sky Properties. Big Sky Properties has made two $25,000 contributions to Spence’s campaign since February. [Missouri Ethics Commission]
- Big Sky Properties Exposed for Failing to Pay Taxes On Time. As reported by the Kansas City Star, “Big Sky Properties paid more than $23,000 in penalties and interest for late St. Louis County property taxes in 2008 and 2009.” [Kansas City Star, 4/11/12]