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EXCLUSIVE: Sen. McCaskill's Husband's Businesses Benefitted From $20 Million in Stimulus Funds
National Legal & Policy Center ^ | October 25, 2012 | Ken Boehm

Posted on 10/25/2012 12:23:24 PM PDT by jazusamo

McCaskill/Shepard photo

An analysis of public records by the National Legal and Policy Center (NLPC) has found more than $20 million in federal stimulus funds benefitting real estate projects financially tied to Joseph Shepard, husband of Missouri Senator Claire McCaskill.

Earlier this month, the Associated Press published an analysis , stating, "businesses affiliated with the husband of Senator Claire McCaskill have received almost $40 million in federal subsidies for low-income housing developments during her first five years in office..."

The NLPC analysis released today showed more than $20 million in financial benefits from the federal stimulus law to real estate projects associated with McCaskill's husband, with all of the $20 million benefitting projects different than those identified by the Associated Press story.

Missouri Tax Credit Fund: More Than $1 Million in Annual Income For the McCaskill Household in 2009, 2010 and 2012

While the AP study focused on federal subsidies going to entities listed on Financial Disclosure Reports filed by Senator McCaskill, NLPC reviewed voluminous public records involving the Missouri Tax Credit Fund, L.P. (MTCF), a business listed as an asset by Senator McCaskill on her reports.

None of the six real estate projects identified by NLPC as receiving over $20 million in federal stimulus funds were listed on McCaskill's Financial Disclosure Reports or covered by the AP analysis.

According to McCaskill's Financial Disclosure Reports, MTCF was listed as having an asset value of over $1 million in 2009, 2010, and 2011. Asset values are reported in broad ranges with "Over $1,000,000" being the highest category. Therefore, it is possible that the asset value of MTCF is much larger than $1,000,000.

In 2008, prior to the stimulus law, officially known as the American Recovery and Reinvestment Act, passed in 2009, MTCF was listed by McCaskill as having an asset value of "$500,000 to $1,000,000."

The lucrative nature of this asset is underscored by McCaskill's Financial Disclosure Reports showing "over $1,000,000" in income for each of the years 2009, 2010 and 2011.

Since this category is the highest listed in the Senate Financial Disclosure Reports, it is likely that the annual income from MTCF to Senator McCaskill's husband's business was higher than $1,000,000 in each of those years.

The current standard annual salary for a U.S. Senator is $174,000.

Follow the Money: How Stimulus Funds Came to Benefit McCaskill Household Income

There is no question that Senator McCaskill was deeply involved in the policies and politics of the stimulus bill signed into law by President Obama on February 17, 2009. The public record shows Senator McCaskill speaking in favor of it on the Senate floor, supporting amendments, voting for it, and issuing press statements about it.

One such McCaskill press statement issued April 20, 2009 proved very prophetic at least for one Missouri family:

U.S. Senator Claire McCaskill wants Missourians to know about all the ways the American Recovery and Reinvestment Act will help put a little extra cash in their pockets over the coming months and during next year's tax season.

Buried in the massive legislation were several provisions designed to finance low-income housing. The first program, called the Tax Credit Assistance Program (TCAP), disbursed funds in the forms of grants or loans for capital investment to state-run entities to promote housing projects, especially those that were "shovel-ready."

The second program, known as the Tax Credit Replacement Program (TCR) allowed state entities to exchange unused housing credits for a federal grant whose proceeds then would be available for construction or rehabilitation of qualified low-income housing.

NLPC's chart below shows the stimulus funding for each of the two programs by project.

UCC Chart

***

The Missouri recipient of these stimulus funds was the Missouri Housing Development Commission (MHDC).

The Executive Director of MHDC was a former developer, Pete Ramsel. He resigned without citing a reason following the awarding of most the Missouri funds.

Mr. Ramsel was a former business partner of Senator McCaskill's husband, Joseph Shepard, according to a February 4, 2010 article in the Columbia Daily Tribune .

NLPC discovered the connection between Mr. Shepard's Missouri Tax Credit Fund and six real estate projects which received more than $20 million in federal stimulus funds by examining public records from the Missouri Housing Development Commission, the web site maintained by the federal government for stimulus fund information and the Missouri web page which archives Uniform Commercial Code (UCC) financial statements.

The UCC filings document the key role played by Mr. Shepard's Missouri Tax Credit Fund (MTCF) in financing the six projects.

The UCC filings show the MCTF filing as a secured party for financing involving each of the six real estate projects. Each project is indicated as a recipient of stimulus funds on both MHDC and federal lists.

Additional UCC filings show MTCF then using its position as a secured party to obtain bank financing. Both types of UCC filings tie MTCF to the financing of the projects.

SheppardUCC filings (at article link)

The ties do not end there. A number of the UCC filings show the contact for the filing as being Sheri Barto, with the email address containing sugarcreekrealtyllc.com in the suffix.

Sugar Creek Realty LLC is described as providing "asset management, consulting, and state equity finance services" for a long list of projects, including five of the six projects benefitting from the stimulus funds.

Sugar Creek Realty, LLC appears on Senator McCaskill's 2011 Financial Disclosure Report for the year 2011 as an income-producing asset with a value of $500,000 to $1,000,000, which produced income for the McCaskill household of $100,000 to $1,000,000. And Mr. Shepard's LinkedIn Page lists him as "Owner at Sugar Creek Realty, LLC."

Therefore, at least five of the six projects funded by stimulus funds produced income for two valuable assets belonging to Senator McCaskill's husband: The Missouri Tax Credit Fund and Sugar Creek Realty, LLC.

The cozy arrangement does not end there.

Horizon Asset Management, LLC, which is listed as a debtor to the Missouri Tax Credit Fund on many of the UCC filings is hardly a stranger to Mr. Shepard's complicated network of assets. According to the annual IRS Form 990 for Horizon Housing Foundation, the foundation owns 99.9% of Horizon Asset Management, LLC. Several incorporators of the foundation have lengthy business ties to Shepard interests.

Kathleen Rorris, one of the leaders of Horizon Housing Foundation listed her employer as Sugar Creek Realty when making major donations to the McCaskill for Missouri campaign in 2005 and 2006. In fact, Ms. Rorris was one of the initial directors of Horizon Housing Foundation according to the group's original incorporation papers filed with the state of Kansas in 2000. She is currently the COO of Mr. Shepard's Sugar Creek Realty.

Another Horizon Housing Foundation leader, Alice Duarte-Fletcher, was a member of the initial board of the group and an executive with two of Mr. Shepard's companies.

NLPC, an ethics watchdog, has a long history of expertise in reviewing public documents to unravel complicated financial dealings by public officials in both parties. In 2007, Senator Lisa Murkowski (R-AK) sold back land to a developer a day after NLPC alleged in a Complaint to the Senate Ethics Committee that the original sale was a "sweetheart" deal.


TOPICS: Crime/Corruption; Extended News; Front Page News; Politics/Elections; US: Missouri
KEYWORDS: 2012; akin; corruption; democrats; dnccorruption; dncrico; mccaskill; paytoplay; rico; stimulus; ussenate

1 posted on 10/25/2012 12:23:30 PM PDT by jazusamo
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To: jazusamo

What a country!

Good God, Missourians!

You’re getting ripped.


2 posted on 10/25/2012 12:24:59 PM PDT by NormsRevenge (Semper Fi)
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To: jazusamo

Perfectly all right, she’s a Democrat.

If this happened with a Republican, it would be a wall-to-wall scandal. Culture of Corruption. Corporate fat-cats feeding at the public trough, Stop The Presses.


3 posted on 10/25/2012 12:27:29 PM PDT by Steely Tom (If the Constitution can be a living document, I guess a corporation can be a person.)
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To: NormsRevenge
Absolutely...McCaskill looks like she learned from Pelosi and her husband.

The corruption by elected representatives is so blatant it’s really difficult to comprehend how they continue to get away with it.

4 posted on 10/25/2012 12:32:00 PM PDT by jazusamo ("Intellect is not wisdom" -- Thomas Sowell)
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To: jazusamo

Nothing but Democrat Slush Funds......I wonder how much money is still left in Bathouse Barry’s “Stash”??


5 posted on 10/25/2012 12:32:45 PM PDT by jakerobins
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To: jakerobins

I’m shocked shocked that gambling is going on.

Democrat pols getting stimulus 2009 kickbacks????
McCaskill in the middle of it?

She didn’t pay taxes on her plane.

BYE BYE CLAIRE BEAR


6 posted on 10/25/2012 12:37:59 PM PDT by preamble
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To: jazusamo
FOBs. Crony socialism at its most repugnant.


7 posted on 10/25/2012 12:38:27 PM PDT by Servant of the Cross (the Truth will set you free)
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Please bump the Freepathon or click above and donate or become a monthly donor!

.

8 posted on 10/25/2012 12:47:32 PM PDT by jazusamo ("Intellect is not wisdom" -- Thomas Sowell)
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To: jazusamo

Wenzel Strategies polling on 15 Oct found that this McCaskill corruption now has Akin leading McCaskill by 4 in their latest poll of Missouri.

So, which is worse...corruption or misspeaking...and the answer is: corruption.

Wonder where the GOP-E stands on that?


9 posted on 10/25/2012 1:33:19 PM PDT by xzins (Retired Army Chaplain and Proud of It! True supporters of our troops pray for their victory!)
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To: NormsRevenge

She learned from Nancy Pelosi.


10 posted on 10/25/2012 1:37:57 PM PDT by Uncle Chip
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To: xzins

Hopefully that lead will increase when more of this comes out.

The GOPe better get their act together and support Akin these last days, this corrupt McCaskill has got to go.


11 posted on 10/25/2012 1:46:27 PM PDT by jazusamo ("Intellect is not wisdom" -- Thomas Sowell)
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To: jazusamo

Yet, people want to get all up in arms over Akin’s words. Actions speak louder....sticks & stones.....wake up Missourians!!


12 posted on 10/25/2012 2:03:26 PM PDT by A_Former_Democrat
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To: jazusamo

Corrupt witch! Ughhh!


13 posted on 10/25/2012 2:07:58 PM PDT by KansasGirl ("If you have a business, you didn't build that. Somebody else made that happen."--B. Hussein Obama)
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To: Steely Tom

Our local media hasn’t even covered this story.


14 posted on 10/25/2012 2:09:15 PM PDT by KansasGirl ("If you have a business, you didn't build that. Somebody else made that happen."--B. Hussein Obama)
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To: KansasGirl
Our local media hasn’t even covered this story.

That's because they know that whoever's first to put this on their air or in their paper is going to find that every single Democrat contact they have in MO government - from state legislators to county and city government, right down to the local Democrat dog-catcher - will suddenly dummy up like they've tried to eat an entire sock drawer. Won't even pick up the phone to talk to them.

All this while they accuse Republicans of "not being transparent" and "not facing questions from The People."

15 posted on 10/25/2012 2:28:09 PM PDT by Steely Tom (If the Constitution can be a living document, I guess a corporation can be a person.)
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To: jazusamo

McCaskill is out of control.


16 posted on 10/25/2012 2:44:09 PM PDT by NotSoModerate
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To: xzins
Wenzel Strategies polling on 15 Oct found that this McCaskill corruption now has Akin leading McCaskill by 4 in their latest poll of Missouri.

Rasmussen and PPP polls done since then have McCaskill up by 8 points and 6 points respectively. Akin is trying to hit McCaskill on this but he just doesn't have the money. For every Akin ad on TV there are two dozen McCaskill ads. He's being drowned out. I think this one is going into the D column on November 6.

17 posted on 10/25/2012 2:44:50 PM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: NotSoModerate

She certainly is and I pray she’ll be shown the door in a couple weeks.


18 posted on 10/25/2012 2:47:13 PM PDT by jazusamo ("Intellect is not wisdom" -- Thomas Sowell)
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To: Delhi Rebels

The worst thing that could happen to her is she gets re-elected. This is just the tip of the iceberg. She’ll be spending six years getting eaten alive by NLPC. Look at their site, Rangel and others have learned the hard way.


19 posted on 10/25/2012 3:00:16 PM PDT by NotSoModerate
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To: xzins
Wonder where the GOP-E stands on that?

Well, since there is no ongoing investigations of these corrupt millionaires I guess they are for it. No one wants to limit their own income possibilities, I guess.

20 posted on 10/25/2012 3:47:15 PM PDT by itsahoot (Rich people have more fun.)
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To: jazusamo

Todd Akin was a guest on the Mark Levin Show tonight. The last hour. I missed it but wonder if this was brought up. Levin has been ripping McCaskill to shreds.

Great post jazusamo..needs to go viral.


21 posted on 10/25/2012 7:14:42 PM PDT by katiedidit1
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To: jazusamo

McCaskill has to go...just imagine what 6 more years of Claire McCaskill would be like..
http://clairogant.com/


22 posted on 10/25/2012 7:26:39 PM PDT by katiedidit1
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To: KansasGirl

It’s bad enough that McCaskill deliberately distorts every comment Akin ever made with a barrage of despicable, misleading TV ads, but the bleeding liberal St Louis Post Dispatch is complicit in her schemes to destroy a good man. I went to stltoday.com and searched for Akin and McCaskill articles and found that the incompetent PD news staff chose to publish only positive McCaskill stories and everything negative about Akin, including arrests almost 30 years ago for protesting against abortion. It’s time for all Conservatives to cancel their subscriptions to the Post Dispatch.


23 posted on 10/25/2012 7:37:05 PM PDT by Jonah Vark (Any 5th grader knows that the Constitution declares the separation of powers.)
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To: Jonah Vark
Relentless ads by Claire McCaskill on veterans...lying about Akins record. From Akin.org. Here is the truth on Todd Akin's support of veterans

We must honor the promise we have made to our military veterans. This means taking care of them and their families after they have finished their service. As someone who has served, and who has had three sons in the Marine Corps, this is a personal commitment on which I will not waiver. My actions include:
•Strong support of veterans in Missouri. I have worked with numerous veterans to ensure that they are getting the care & support they need.
•Fighting to help improve the conditions at the VA Medical Center is St. Louis.
•Introducing a bill to create a burn pit registry for veterans who have been affected by burn pits in Iraq and Afghanistan. This bill has about 70 bipartisan cosponsors and has been endorsed by organizations like the VFW, AMVETS, the American Legion, Disabled American Veterans and many more. This bill passed the House of Representatives and is now waiting on action from the Senate.
•Introducing the Veterans ID Card Act, which would create an ID card for many veterans who have served honorably but have no easy way to prove their service. This bill is also endorsed by numerous veterans organizations and has over 60 bipartisan cosponsors.
•Supporting numerous bills to fix the concurrent receipt issue. Veterans should be allowed to receive both their retirement pay and their disability pay.
•Cosponsoring a number of bills and voting for amendments to fix the problems with the Survivor Benefit Plan.
•In 2008, voting for the Post 9/11 GI Bill which increased educational benefits for our new veterans.

24 posted on 10/25/2012 8:20:04 PM PDT by katiedidit1
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To: katiedidit1
Something strange going on with St Louis County voting machines.......

Voter says machine cast vote for wrong candidate twice

One voter tells News 4 an electronic voting machine at the St Louis County Board of Elections mistakenly cast a vote for President Barack Obama even though she voted for Mitt Romney.

Diana Neff says the voting glitch happened on October 10 during absentee voting.

She says she tried twice to touch the screen and vote for Romney but both times the machine indicated she was voting for Obama.

http://www.kmov.com/news/local/Voter-says-voting-machine-casted-vote-for-wrong-candidate-twice-175900571.html

25 posted on 10/26/2012 3:08:27 PM PDT by Jonah Vark (Any 5th grader knows that the Constitution declares the separation of powers.)
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