Anthony Gemma discloses more than $3M in personal wealthAugust 15th, 2012 at 12:10 pm by Ted Nesi under Nesi's Notes, On the Main Site
PROVIDENCE, R.I. (WPRI) – Democratic congressional candidate Anthony Gemma and his estranged wife own assets worth more than $3 million, according to a disclosure detailing his personal finances obtained by WPRI.com.
Gemma reported owning assets worth between $3.16 million and $9.74 million. His most valuable asset is his partnership in Media Peel LLC, which sold a majority stake to Alex & Ani earlier this year. Gemma said his stake in Media Peel is worth between $1 million and $5 million.
Gemma said his income from Jan. 1 to July 15 of this year totaled between $315,872 and $2.2 million from all sources, including $51,854 in salary from Media Peel and $28,808 in salary from Media Buying & Marketing Bureau LLC. His income from all sources in 2011 was between $274,044 and $1.26 million, including a $138,836 salary from Media Buying & Marketing.
The disclosure forms only ask candidates to report the value of their holdings in broad ranges. A spokesman for Gemma did not respond to emails asking about the filing, which was due last week.
Gemma is part of three corporate partnerships worth between $500,001 and $1 million: Gem Plumbing & Heating Co. Inc., Maple Realty LLC and Birch Realty LLC. Another partnership, Gem Investments LLC, is worth $250,001 to $500,000. He also listed bank accounts, retirement accounts and investments owned by his wife and son.
Gemma owes between $115,003 and $250,000 to three creditors, including two credit cards carrying liabilities of between $100,001 and $200,000 that he dated to last month. He also owes up to $50,000 on a loan he took out from his Gem Plumbing 401(k) account in October 2010.
Gemma’s disclosure also said his wife earned a salary from Sandman Anesthetics Ltd. in Lincoln but did not disclose the amount. The couple recently announced they plan to divorce. Gemma faces incumbent Congressman David Cicilline in the Sept. 11 Democratic primary for Rhode Island’s 1st Congressional District.
Gemma and his wife own a single-family house on Jenckes Hill Road in Lincoln, which has an assessed value of $537,300, according to the town assessor’s office. Candidates aren’t required to list their personal residences on their disclosure forms unless they earn rent from them.