Ilhan Omar Mocked for $30 Million 'Accounting Error': Democrat's Amended Financial Disclosure 'Insults the Intelligence of Her Constituents, or Shows How Really Stupid She Is'

She's at it again.

Rep. Ilhan Omar (D., Minn.) is once again claiming she isn't a multimillionaire, but this time she's blaming her accountants. Omar, a charter member of Rep. Alexandria Ocasio-Cortez's (D., N.Y.) far-left "Squad," now says the accountants misled her into overstating her net worth by close to $30 million and understating her income by as much as $1 million in the financial disclosure she submitted last year.

A recently revised 2024 financial statement, first reported by the Wall Street Journal, is the latest knot in a tangle of explanations, revisions, evasions and misleading statements which surround Omar regarding her personal finances, her husband's businesses, her marital history, and her fealty or lack thereof to immigration law. As scrutiny of her intensifies—amid the massive fraud scandal consuming the Minneapolis Somali community she represents—Omar appears to be trying to get her financial house in order.

In the original version of her 2024 financial disclosure she filed last year, Omar reported she and her husband, Tim Mynett, were worth as much as $30 million, up from no more than $51,000 the year before, due to an investment fund Mynett co-owns and a now-defunct California winery. The eyebrow-raising disclosure filing, first reported by the Washington Free Beacon, prompted calls from President Donald Trump for a criminal investigation. The Office of Congressional Conduct also launched a probe following a formal complaint lodged in February by a conservative interest group raising the alarm about the "sudden and inexplicable increase in … her personal wealth."

But Omar at the time denied being a multimillionaire, saying in September that Mynett's businesses—despite their eight-figure valuation—distributed no more than $15,000 directly into his pocketbook in 2024.

"If you look at the asset for $1 million to $5 million, the income is $5-15,000. And if you look at the asset for $5 million to $25 million, it says none right there," Omar said in the Instagram video directed at the Free Beacon. "Learn to read before you post misleading shit."

Experts described Omar's video as a rather extraordinary display of financial illiteracy from a sitting member of Congress, noting that someone's net worth is determined by the value of his or her assets, not annual income.

Fast-forward to the present, and Omar is telling a radically different story now that investigators have begun peering into her personal finances. It also came to light in January that the Biden Justice Department in June 2024 launched a probe into Omar's finances and her "interactions with a foreign citizen," an investigation that appears to have died on the vine.

Omar quietly filed an amended 2024 financial disclosure in late March claiming her husband's two companies were actually worth $0 on paper but had distributed anywhere between $100,000 to $1 million into his pocketbook that year. Specifically, an attachment to the filing obtained by the Journal shows that Mynett took a $213,000 distribution from his investment fund, even though the firm was worthless.

That's up to 42 times the income Omar previously claimed. Still, her spokeswoman, Jacklyn Rogers, said the new document "confirms" that Omar is not a multimillionaire.

"The amended disclosure confirms what we've said all along: The congresswoman is not a millionaire," Rogers told the Journal, which had the "exclusive" on the story about the amended disclosures and generously noted that these types of errors in congressional financial disclosure filings "aren't uncommon."

Omar and Mynett, her third husband, have a history of providing shifting and contradictory explanations in the face of political scandal. The couple denied having an affair in September 2019, at a time they were both married to other people and when Mynett served as a highly compensated consultant for Omar's campaign. By March 2020, Omar and Mynett had divorced their respective spouses and announced they had wed amid allegations Omar had been using campaign funds to facilitate an affair with Mynett. Mynett's firm received $3 million from Omar's campaign from 2018 through 2020.

Omar long faced scrutiny over her marriages, including credible reports that she married her brother when her family wanted to bring him from London to the United States to extract him from a gay lifestyle. (Omar denies marrying her brother.) The financial irregularities are largely linked to her third and current husband, Mynett.

So what explains the yawning "discrepancy" in Omar's two 2024 financial statements, in which the value of her husband's businesses went from as much as $30 million to $0? Aides told the Journal that that was the fault of Omar's accountants and claimed the congresswoman filed the amendment as soon as the error was identified. (The amended disclosure was filed five months after the Free Beacon report on Omar's net worth.)

To Paul Kamenar, the attorney who filed the complaint that prompted the Office of Congressional Conduct's investigation, Omar's $30 million accounting error is a far cry from the typical sort of error typically found in congressional financial disclosures.

"In no way can this radical amendment of her finances be compared to those of other members who may have inadvertently omitted reporting the purchase of a share of stock," said Kamenar, who serves as counsel to the National Legal and Policy Center watchdog group. "Omar's excuse that she just realized this gross discrepancy is laughable, insults the intelligence of her constituents, or shows how really stupid she is."

Though Omar now asserts that her revised financial disclosure for the 2024 calendar year proves she isn't a multimillionaire and that her husband's companies were worthless on paper that year, an email obtained by the Journal shows that by 2025, her husband's accountants valued his two companies at a combined $9.4 million (despite the valuation of $0 in 2024, according to the revised filing).

Mynett is believed to own about one-third in each of the companies—Rose Lake Capital, a venture capital firm that his accountant (distinct from Omar's) valued at $7.9 million in 2025, and eStCru LLC, a winery valued at $1.5 million in 2025 (even though it is believed to have failed by then)—putting his combined stake in the firms at more than $3 million in 2025 and thereby making Omar a multimillionaire that year. Omar is due to file her 2025 financial disclosure in mid-May but will likely receive an extension until August if she requests one.

Mynett has had a rocky transition from political operative to entrepreneur and investor, a transition he launched after his financial ties to his new wife came under scrutiny. He founded Rose Lake Capital in 2022 with his business partner, former DNC adviser Will Hailer. The firm once claimed on its website that its management team oversaw a staggering $60 billion in assets, yet the firm itself is not registered with the Security and Exchange Commission, and some of its prior advisers, including former senator Max Baucus (D., Mont.), have publicly distanced themselves from the firm.

"You can read between the lines," Baucus told the New York Post in January—"it sounded a little bit fishy."

Court documents obtained by the Minnesota Reformer show Rose Lake Capital had just $42.44 in its accounts in February 2024. By the end of 2024, the firm distributed anywhere from $100,000 to $1,000,000 to Mynett, according to Omar's revised disclosure. This would jive with the amendment to the revised disclosure that Mynett took $213,000 out of the account.

Rose Lake Capital's business activities have intersected at times with Omar's work in Congress. Shortly after her husband founded the firm, Omar formed the U.S.-Africa Policy Working Group, where she leads 20 members of Congress "committed to building partnership with the continent of Africa."

Since then, Omar and Mynett have been pictured together at events hosted by the EBII Group, a company that helps facilitate international investments in Africa. Omar was the keynote speaker at the group's African Leaders and Partners forum in 2023, during which she called on Congress to approve a "$44 billion lifeline for African communities."

Meanwhile, Mynett's ventures in alcohol and drugs have foundered. His winery, eStCru LLC, had just $650 in its bank account in February 2024, when it was facing a lawsuit from Washington, D.C., businessman Naeem Mohd, who sought $780,000 in damages. Mohd's attorney told the Free Beacon the suit was resolved with the winery paying a cash settlement in November 2024.

The California winery, which sold wines with names like "Blockchain" and "Clothesline," appears to have gone out of business. In documents filed during Mohd's lawsuit, Mynett's attorney blamed the COVID epidemic for the winery's woes.

Earlier, in 2022, Mynett and Hailer ran a now-defunct marijuana investment firm called Badland Ventures, which was sued by a pair of South Dakota cannabis companies alleging that a portion of their $3.5 million investment in Mynett's firm had been diverted for "purposes other than Badlands Ventures' business."

When the cannabis investors demanded that money back, Hailer claimed the Office of Foreign Assets Control (OFAC) had placed a hold on the funds, the lawsuit stated. OFAC administers trade sanctions on foreign countries and terrorist regimes engaged in "the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States." It is unclear whether the 2024 Biden DOJ probe into Omar's "interactions with a foreign citizen" are related.

Caitlin Sutherland, the executive director of ethics watchdog group Americans for Public Trust, said there's no reason to take Omar at her word with the revised financial disclosure she submitted in March.

"Extreme discrepancies in a financial disclosure are abnormal and raise serious questions about what else Representative Omar is hiding," Sutherland told the Free Beacon. "Given her track record of bending the rules and truth in service of her political ambitions, there is little reason to take Rep. Omar at her word that the revised disclosures are accurate, and more transparency is needed."

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