Congressmen, Foes Disclose Finances
Rep. Elton Gallegly (R-Simi Valley) earned between $56,000 and $192,000 from real estate holdings and $7,250 in speaking fees in 1987 and has assets exceeding $475,000.
His major Republican primary opponent, Sang Korman, who came to the United States from South Korea in 1972, owns real estate in his native land and Japan worth $200,000 to $500,000. The Newbury Park resident and developer has assets exceeding $515,000.
Rep. Anthony C. Beilenson (D-Tarzana) has extensive stock and other holdings worth $365,000 to $1.16 million. His Democratic challenger, Val Marmillion, received $155,634 this year as part of the sale of his Westwood marketing and public relations firm.
These personal financial figures for San Fernando Valley area representatives and their major June 7 primary opponents are included in annual financial disclosure statements filed last week with the U.S. House of Representatives.
The filings under the Ethics in Government Act require individuals to disclose the sources of income, assets and liabilities but not specific amounts. They are only required to list ranges.
Personal residences and their annual $89,500 congressional salaries are excluded.
Both Marmillion, who lives in West Hollywood, and Korman filed their statements late. Marmillion said his accountant mailed a copy before the May 16 postmark deadline, but it never arrived. He said he has sent another copy.
Korman’s campaign manager, Bob Lavoie, said the candidate’s form was filled out weeks ago but was mailed three days late.
John Davison, an attorney with the House Committee on Standards of Official Conduct, said he did not know of an instance when an individual was disciplined for a late filing.
Korman’s statement also includes incorrect information about the value of his holdings, which Lavoie said occurred because the campaign’s accountant confused the categories from different sections of the report. He said a letter and corrected version were mailed Friday.
Gallegly, who operated a real estate brokerage before going to Congress in 1987, reported rental income of $20,000 to $60,000 from three Simi Valley buildings in which he owns a half-interest and $15,000 to $50,000 from a capital gain from another Simi Valley property. He and his wife, Janice, have holdings, including investment property, the real estate firm and an antique restoration business, exceeding $475,000. Their liabilities are $85,000 to $215,000.
Korman, who has lent his 21st District campaign $205,000, reported that the worth of his holdings exceeds $515,000. He valued his common stock in Duk & His Sons, a firm that built two downtown Los Angeles shopping centers, at more than $250,000. His stock in a second company, Goldwell Investment, a brokerage firm, is valued at $50,000 to $100,000.
Korman said the overseas real estate investments are an apartment in Tokyo and a hotel in Taegu, South Korea, both purchased through his father-in-law in Japan. He said the money for these investments came from the sale of property he had owned in South Korea.
“I didn’t send any money to Korea or Japan,” Korman said. “The money was already over there.”
He reported earnings of $69,500 to $115,000 in real estate commissions, capital gains, dividends and interest last year.
Beilenson reported income of $28,250 to $102,000 from interest and dividends and $9,130 from his pension as a former state lawmaker. His holdings include Peter Pauper Press, a family business, as well as stocks in numerous companies and municipal bonds. He did not accept an honorarium.
Marmillion and his partner sold their firm, Hunt/Marmillion/Associates, to the Olgivy & Mather advertising agency in March. Marmillion received $111,744 in salary in 1987 and has been paid $155,634 as part of the buyout and salary agreement.
He said the deal includes additional salary payments under a three-year contract if he returns to the firm from his campaign leave. He will be a senior vice president unless he is elected to Congress.
Marmillion received a dividend of $9,120 in 1987 from a second firm, Fans Inc., which provided specialty items for Hunt/Marmillion. He has lent his 23rd District campaign $21,000.