MINNEAPOLIS, Minn. (Diya TV) — House Republicans and federal investigators are probing questions about Rep. Ilhan Omar’s family finances after new disclosures showed a sharp rise in her household wealth. The inquiry centers on business ventures linked to her husband, Tim Mynett, and follows a massive fraud case tied to social services in her Minnesota district.
The House Oversight Committee has begun reviewing Omar’s 2024 financial disclosures. Republicans say the filings show a jump from modest means to a net worth that could reach $30 million in about a year. Oversight Chairman Rep. James Comer of Kentucky said staff lawyers are weighing whether to subpoena Mynett. Comer said the committee wants clear answers. He said the growth in wealth raises basic questions that demand review. “It’s not possible,” he said, adding that the matter could move through either the Ethics Committee or Oversight.
The review comes as federal law enforcement also examines potential links between politicians and a sprawling fraud scheme in Minnesota. Investigators allege that fraudsters siphoned billions from social service programs meant to help vulnerable residents. A law enforcement source said officials are looking at “all politicians potentially connected” to the case.
Much of the scrutiny centers on Rose Lake Capital, an investment firm formed in 2022 by Mynett and business partner Will Hailer. Court records from late 2022 show the firm held just $42.44 in a bank account during a lawsuit involving a related company in South Dakota. Yet Omar’s 2024 disclosure lists Rose Lake as soaring in value to as much as $25 million within a year. The filing helped fuel questions on Capitol Hill and among financial experts.
Sources familiar with the matter said associates flagged concerns to federal investigators in 2024. They questioned where the money came from and how the firm grew so fast without a public track record. The questions extended to other ventures tied to the partners, including a winery.
Several prominent figures once appeared on Rose Lake’s website as advisers. They no longer appear there. Former Sen. Max Baucus of Montana said he had a single call in 2022 about a storage project. He said nothing came of it. He added that later emails stopped, and the pitch sounded “fishy.”
Former Rep. Collin Peterson of Minnesota and J. Peter Pham, a former Trump administration envoy, also appeared as advisers at one point. Pham said he had one meeting about a solar project in South Africa and had no financial stake. Peterson did not respond to requests for comment.
Rose Lake’s website claims its officers had “previous” experience managing $60 billion in assets. Wall Street sources told The Associated Press they had never heard of the firm or its deals. One source expressed surprise that Mynett, a longtime political consultant, now runs a financial company.
Rose Lake is not registered with the Securities and Exchange Commission. The firm does not disclose assets under management. Federal rules require many advisers to register once they pass certain thresholds. Some firms qualify for exemptions, such as family offices or venture capital funds.
A former senior SEC official said the firm’s claims raise questions. The official said boasting about private equity work and past management of billions suggests a need for registration. “This looks funny,” the person said. Recent changes added to the scrutiny. The firm deactivated its LinkedIn page. Hailer no longer lists the firm on his profile. Rose Lake also removed names of officers from its website after reports tied the scrutiny to the broader fraud case in Omar’s district.
Republicans say the matter warrants a formal ethics review. “The explosion of wealth, plus the fact that convicted fraudsters helped fund Omar’s campaign, is worth an investigation by the Ethics Committee at the very least,” one lawmaker said. House Majority Whip Tom Emmer of Minnesota said the investigations are overdue. He accused Omar and her husband of benefiting while Minnesotans suffered losses from fraud. Omar has not been charged with wrongdoing.
An SEC spokesman declined to comment when asked about Rose Lake and its filings. The New York Post reported that the FBI received briefings during the Biden administration on concerns tied to the firm. The Post also reported that investigators continue to review the matter.
The Post said it contacted Mynett, Hailer, and Omar’s office seeking comment. As the probes widen, lawmakers say they plan to pursue records and testimony to clarify how the wealth was built and whether any laws were broken.
