FACT Calls for Probe into New York City Mayoral Candidate Andrew Cuomo for Financial Disclosure Violations

Evidence suggests Andrew Cuomo violated the law by failing to fully disclose stock option assets worth millions

Washington, D.C. --- June 16, 2025 --- Today, the non-partisan ethics watchdog, the Foundation for Accountability and Civic Trust (FACT), has filed a complaint requesting the Conflicts of Interest Board investigate former New York Governor and current New York City mayoral candidate Andrew Cuomo for failing to disclose financial interests as required by law.

One of the most basic and fundamental ethics laws applicable to candidates and elected officials requires them to publicly disclose their financial interests. The disclosure requirements are an integral part of an ethical and transparent government—accurate and timely filing is the only method to determine whether elected officials have conflicts of interest or are wrongfully profiting from their position.

In March 2024, Andrew Cuomo joined the Executive Advisory Board of Nano Nuclear Energy and was compensated with both cash and stock options that were paid to Cuomo’s LLC, Innovation Strategies. Nano Nuclear Energy gave Cuomo 125,000 stock options at $3 per share, which was valued at more than $2.6 million in May 2025 and held in Cuomo’s LLC. Additionally, Cuomo reported that he made more than $500,000 in income from the LLC in 2024, an undisclosed amount of which came from cash paid by Nano Nuclear Energy.

On May 1, 2025, Cuomo officially announced his candidacy for Mayor of New York City. However, in his required financial disclosure filings with the New York City Conflicts of Interest Board, he did NOT disclose his Nano Nuclear Energy stock options that were at that time worth millions of dollars. Only after the media confronted him about the omission, his campaign claimed he didn’t need to disclose the stock options because he held them in an LLC. This claim is absurd and is contrary to not only the law, but of plain common sense. Obviously if a candidate could shield themselves from the most basic and fundamental disclosure laws by simply placing assets in an LLC, then any candidate with something to hide would–-leaving the law totally useless. 

Even if Cuomo later disclosed his stock options that does not remedy his failure to do so in the first place or change the fact that he may have violated the disclosure requirements to begin with.

“Governor Cuomo has been active in public office for years and, frankly, is certainly aware of the financial reporting requirements. This type of information, namely a significant financial interest in a company that is oftentimes affected by government action, is exactly the type of conflict of interest the law seeks to expose. The law relies on candidates honestly and fully disclosing all information; it does not allow for candidates to pick and choose what assets they disclose and then 'update' their disclosures if the media or public discovers omissions. The Conflicts of Interest Board should fully investigate this matter and apply the requisite penalties,” said Kendra Arnold, Executive Director of FACT.” said Kendra Arnold, Executive Director of FACT.

A full copy of the complaint can be found by clicking HERE.

FACT is a nonprofit organization dedicated to promoting accountability, ethics, and transparency in government and civic arenas.  For more on FACT, visit: http://www.factdc.org/

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