Socas Pays Civil Penalty for Violations of Millionaire's Amendment
For Immediate Release
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Contact: |
Kelly Huff Bob Biersack Ian Stirton George Smaragdis |
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| SOCAS PAYS CIVIL PENALTY FOR VIOLATIONS OF MILLIONAIRE''''S AMENDMENT |
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Washington -- The Federal Election Commission (FEC) has entered into a conciliation agreement with James R. Socas, a candidate in the 2004 general election in Virginia’s 10th district, the Socas for Congress Committee, and its treasurer Andrew T. O’Dell. They have agreed to pay a civil penalty $68,250 for violating the reporting requirements of the Millionaire’s Amendment passed as part of the Bipartisan Campaign Reform Act of 2002 (BCRA) and other reporting requirements found in the Act (pre-BCRA). Respondents failed to timely file a notification when the candidate made a $150,000 loan to the Committee causing his expenditures of personal funds with respoce to the general election to $497,000, which exceeds the $350,000 reporting threshold for the Millionaire’s Amendment. The Respondents subsequently failed to file a notification regarding an additional expenditure of personal funds of $24,752. The law requires candidates for the House of Representatives to notify the FEC and opponents within 24 hours of making expenditures from personal funds that exceed the $350,000 threshold which may allow possible increases in contribution limits for opponents. Specifically, these provisions require candidates and committees to file notifications within 24 hours of any expenditures from personal funds by the candidate, which in the aggregate exceeded the $350,000 threshold or which exceed $10,000 if the candidate has previously passed the $350,000 threshold. The Respondents also failed to file Schedule Cs for two loans, an October 25, 2004 loan for $150,000 and a November 17, 2004 loan for $24,752 made by Mr. Socas to the Committee, which triggered the reporting obligations under the Millionaire’s Amendment. Furthermore, the Respondents failed to report the source of another loan for $43,000.
*There are four administrative stages to the FEC enforcement process:
It requires the votes of at least four of the six Commissioners to take any action. The FEC can close a case at any point after reviewing a complaint. If a violation is found and conciliation cannot be reached, then the FEC can institute a civil court action against a respondent.
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