Dem lawmaker changes hedge fund name after ethics complaint
Rep. Alan Grayson (D-Fla.) has changed the name of one of his hedge funds after months of arguing that the fund did not violate House ethics rules because it included his name in the title.
{mosads}Florida Department of State documents show that Grayson filed to change the name of the Grayson Fund Management Company to Sibylline Fund Management earlier this month.
Grayson is running against Rep. Patrick Murphy (D-Fla.) in what’s expected to be a tight race for the party’s nomination for the seat Sen. Marco Rubio (R-Fla.) is vacating to run for president.
“There’s nothing wrong with the investor partnership using ‘Grayson’ in their name, but at this point, it’s simply easier to change the name than to argue about it,” Grayson spokesman Kevin Franck told the Tampa Bay Times in an email.
House ethics experts told Politico in July that the name violated ethics rules that forbid using a lawmaker’s name in certain financial entities to ensure a lawmaker isn’t capitalizing off of his or her post for financial gain.
There have been two ethics complaints filed against Grayson for the management of his hedge fund, one by Celeste Bush, a Florida county Democratic chairwoman who is supporting Murphy’s Senate bid.
The congressman’s team adamantly disputed those charges to multiple outlets, including The Hill, after the story. A spokesman argued that that the rule did not apply because he had no “fiduciary responsibility” to the fund and noted that he’s reported the fund as part of his financial disclosures and the Ethics Committee has never raised it as an issue.
The Democratic Senatorial Campaign Committee has already endorsed Murphy, the candidate favored by the establishment. But Grayson, who is no stranger to controversial statements, has shown no sign of backing down and the pair spar in what is becoming a contentious race.
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