The federal investigation into Ilhan Omar’s finances will find tens of millions of dollars in reported valuations suddenly vanishing, tax troubles with state tax collectors, and companies reportedly taking in a lot of money suddenly collapsing after overstating their business activity. Having covered corporate accounting frauds at the Wall Street Journal, IRS frauds, and the subprime mortgage fraud crisis, it’s an understatement to say something is seriously off. In May 2025, Omar’s financial disclosures valued her husband Tim Mynett’s stake in Rose Lake Capital at $5M–$25M for calendar year 2024. It began operations in 2022. She also disclosed in Congressional records the value of his stake in their winery eStCru at $1M–$5M. The winery launched in 2020. But just a year earlier, she had reported the stake in Rose Lake Capital was worth only $1 to $1K, and eSTCru, $15K-$50K. Then came a major reversal. Just this year, Omar amended her 2024 and 2025 disclosures on March 26, changing both businesses’ asset values from millions of dollars to “None.” For 2024, Rose Lake income changed from “None” to $100,001–$1M; eStCru income changed from $5K–$15K to $2,501–$5K. For 2025, Rose Lake income changed to “None” and eSTCru income changed to $201–$1K. So what was going on at the businesses that were supposedly worth as much as $30M just two years ago? In November 2024, Rose Lake Inc.’s CEO, William Hailer, reportedly testified in a bankruptcy proceeding that the company had no money, assets or investments. Right as Omar's disclosure valued her husband's stake at up to $25M. Rose Lake Capital listed its headquarters at 80 M Street SE, Washington, D.C., a WeWork coworking location. There was no visible Rose Lake signage or staff. There are no SEC records that either her husband, his partner, or their investment firm were registered with the SEC as investment advisers. Its website boasted “deep global networks in more than 80 countries” when its D.C. WeWork office shared space with a Walmart operation and the American Trucking Assn. There was little to no public evidence of real business activity. No verifiable public track record of Rose Lake managing money for investors. No publicly disclosed clients, investment deals, or portfolios identified. Rose Lake’s public website removed the names and bios of its listed officers and advisers amid scrutiny. Omar’s husband Tim Mynett and his partner had little to no Wall Street experience. They had co-founded a political consultancy, where he helped raise more than $100M for Democrats and worked on Omar’s 2019 re-election. Her husband’s Rose Lake Inc. had to forfeit its registration in Delaware in 2024 for failing to pay the state a big $403K in back taxes, and for having no registration agent. This was right as Omar was claiming in her disclosures his stake was worth up to $25M from less than $1K a year before. How does a firm that is supposedly valued at that sum not able to pay its taxes? And Washington, D.C. also had cancelled its registration for Rose Lake Capital LLC, too, for failure to pay reportedly just $1,770 in back taxes. Another inconsistency: the Delaware entity is Rose Lake Inc., but Omar discloses it as Rose Lake Capital LLC. As for his winery where Omar suddenly valued his stake at $5M in 2024 up from $15K-50K just a year prior - there were wines marketed online, but no signs of a functioning winery facility, tasting room, or production operations at the supposed address. An investor had sued Mynett and his partner alleging they promised to triple his investment in the winery to $900K from $300K, but failed to deliver returns. He claimed in his suit “there is no legitimate business there.” The dispute was reportedly settled in November 2024. eStCru was subsequently dissolved in California in April 2026. #news #News @IlhanMN @GOPoversight @OversightDems @DHSgov @IRS_CI #BreakingNews‌ @AP @Reuters @EveningEdit @FoxBusiness @FoxNews @JudgeJeanine @CBSNews @ABC