by Steve Kush, Campaign for Sam Fiocchi
CAPE MAY-After being called out for failing to file the required report, Singh filed, and it was discovered he could not self-fund his congressional race after telling Republicans he intended to do so.
“I clearly remember Hirsh Singh saying he would spend $2 million of his own money on his campaign, he said it at the Cape May County convention,” Former Assemblyman Sam Fiocchi said. “Other candidates heard him say it and rank-and-file members of the party heard him. For his campaign manager to say he never said it is untrue.”
Fiocchi added, “The untrue statement from his campaign is just the tip of the iceberg. The real concern are the two loans listed in the report that Singh took out in January. Who cosigned the loans? No financial institution is going to give someone with no collateral a loan for between $10,000 and $50,000 as listed in the report.
“In his report Singh listed a loan of $10,000 – $15,000 from Goldman Sachs and one from LendingClub between $15,001 – $50,000.” Fiocchi campaign spokesman Steve Kush explained, “Obviously, Goldman Sachs is a lending institution and would require collateral or a cosigner. LendingClub clearly states on its website that ‘In some cases when you apply for an individual loan, we may recommend that you add a co-borrower, which may help you qualify.’
As Singh doesn’t list assets necessary for a loan on his Financial Disclosure Report it is painfully obvious a co-signer was required for the Goldman Sachs loan and a co-borrower may have been required for the LendingClub loan. If Singh had his father serve as a co-signer or a co-borrower on these loans he has successfully found a way to use his father’s personal fortune to provide a financial benefit to his campaign as he did in his gubernatorial bid which, at the very least, violates the spirit of federal campaign finance law.”
“This all adds up to more controversy surrounding Hirsh Singh,” Fiocchi said. “Singh needs to tell voters who co-signed the loans and explain if he did an end-around campaign finance law. If he wants to continue to be a candidate for office voters have a right to know, because as candidates we are, and should be, held to a higher standard. Either come clean with the voters or get out of the race.”