Rep. Ilhan Omar’s (D-MN) financial trajectory has taken a dramatic turn, with new disclosures revealing the Minnesota Democrat’s net worth soared from near-bankruptcy to as much as $30 million in just one year.
The stunning reversal in fortune comes as federal investigators continue probing what authorities describe as one of the largest pandemic-era fraud schemes in American history, with losses potentially reaching $9 billion.
The massive operation centered on fraudulent claims within meal programs serving children in Minnesota’s Somali community, which falls within Omar’s congressional district.
Federal prosecutors have brought charges against nearly 90 individuals connected to the alleged fraud scheme.
Among those charged, at least three have documented ties to the Squad member, though Omar herself has not faced criminal charges.
The congresswoman’s involvement in the matter extends to her introduction of federal legislation that critics argue facilitated the fraudulent activity.
Omar introduced the MEALS Act in Congress during 2020, which reduced oversight requirements for government-sponsored children’s meal programs amid the pandemic.
Critics contend this relaxed scrutiny enabled bad actors to claim they served millions of meals without proper verification while collecting millions in taxpayer-funded subsidies.
Following the scheme’s execution, Omar’s husband Tim Mynett, who works as a political consultant, established Rose Lake Capital in 2022.
The New York Post reported that the venture capital management firm experienced an extraordinary valuation jump, rising from nearly zero dollars in 2023 to between $5 million and $25 million within a single year.
The company has promoted its officers’ $60 billion in “previous” assets under management, a figure that would rival major Wall Street firms.
Paul Kamenar, counsel to the National Legal and Policy Center, raised questions about the rapid wealth accumulation.
“There’s a lot of strange things going on,” Kamenar said, per the Post.
“She was basically broke when she came into office and now she’s worth perhaps up to $30 million…she needs to come clean on these assets.”
Despite its reported multimillion-dollar valuation, Rose Lake Capital lists only a WeWork location in Washington, D.C., as its business address.
The company promotes its “deep global networks built from on-the-ground work in more than 80 countries” on its LinkedIn profile, even though financial disclosures showed the firm held less than $1,000 in assets during 2023.
Between September and October of this year, as federal prosecutors announced additional charges against eight more individuals including six of Somali descent, Rose Lake Capital’s website underwent significant changes.
The company removed the names and biographical information of its nine officers and advisors from public view.
None of these individuals have been charged in connection with the fraud investigation.
The Post reported that the removed roster included notable Democratic Party figures and former Obama administration officials.
Adam Ereli, a lobbyist who served as Obama’s Ambassador to Bahrain, had been listed.
Former Senator Max Baucus, who served as Obama’s Ambassador to China, was also named.
Other individuals whose information was scrubbed include DNC Finance Chair associate Alex Hoffman, former DNC treasurer William Derrough and Keith Mestrich, the former CEO of Amalgamated Bank who once called his institution “the institutional bank of the Democratic Party.”
Mynett’s business interests extend beyond Rose Lake Capital.
He operates a California winery called eStCru, which previously faced fraud allegations and was declared a failed venture in 2023.
Despite this designation, the winery’s reported value jumped from between $15,000 and $50,000 in 2023 to between $1 million and $5 million in 2024, representing an increase of approximately 9,900 percent.
“Ilhan Omar is as disingenuous as they come,” Emmer told the Post Saturday.
“She promotes socialist policies while cashing in a taxpayer-funded paycheck and sitting on tens of millions of dollars.”
Emmer continued, “At least now we have an explanation for why she’s so out of touch with the priorities of hardworking, everyday Minnesotans.”
