Florida Governor Rick Scott reveals broader look at vast wealth in federal filing for US Senate race

TALLAHASSEE — Gov. Rick Scott released details Friday of his family’s vast financial holdings — including for the first time those owned outright by his wife — to comply with disclosure requirements in his U.S. Senate bid.

The Senate requires only that assets be reported in a range, so the bottom line on the Scott family’s wealth is impossible to measure. In his state disclosure, filed in June, Scott reported a personal net worth of $232.6 million — up 56 percent from a year earlier.

But his wife, Ann’s disclosure consumes two-thirds of the 125-page report filed by the governor, clearly showing the Scott family's wealth far exceeds what has been publicly reported by the governor since his 2010 election.

Also, the federal disclosure provides the first public look since 2014 into the contents of the blind trust that Scott says accounts for $215 million of his personal net worth.

“Gov. Scott personally chose to put his assets in a blind trust when he was elected to prevent any potential conflicts of interest, and he has remained committed to that decision,” Scott’s campaign said in a lengthy question and answer that accompanied the disclosure’s release.

A lawsuit by Tallahassee lawyer Don Hinkle, a major Democratic fundraiser, contends Scott has been violating state disclosure law by using the blind trust and failing to fully report his assets as required by the Florida Constitution. That case was recently argued in the 1st District Court of Appeal.

But the campaign Q&A also attempted to address issues that have long dogged the governor — such as whether he has profited through shrewd investing in stocks affected by decisions he made as Florida’s chief executive.

The Herald-Tribune recently reported that Scott earlier disclosed a $1.1 million stock investment in Gilead Sciences, the controversial maker of Hepatitis C medication.

The stock’s value had climbed significantly because demand for the company’s drugs was heightened by the opioid crisis and the rise of hepatitis among state prison inmates.

Scott’s federal disclosure shows that while the governor appears to have shed much of his holding in Gilead, he reported earning between $100,000 and $1 million in dividends and capital gains. The report indicates that Ann Scott is still invested in Gilead and reported a similar amount of income.

This pattern can be seen in other major investments, in Apple, Alphabet (the Google parent) and Microsoft, where Scott has taken income and pulled back on investments, while his wife maintains larger holdings.

The disclosure also includes a listing of dozens of government bonds owned Scott, his wife, or both.

In a statement accompanying the release of the disclosure, the Scott campaign pushed back against any attempts to link the couple’s private investments with public policy.

The campaign cited the Zika virus crisis of 2016, when there were reports that Scott had invested in mosquito control services as the Miami area was increasing its spraying.

“Every decision made by the governor was made in the best interests of Florida families,” the campaign said. “During the Zika epidemic, Gov. Scott’s sole focus was doing everything to protect the residents and visitors of our state... Any assertion, otherwise, is completely false.”