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July 16, 2013

Cuccinelli Faces Scrutiny for Ties to Company

The New York Times links Virignia gubernatorial nominee Ken Cuccinelli (R) to the Star Scientific gifts scandal embroiling Virginia Gov. Bob McDonnell (R).

"He first bought the company's stock after bunking down in its chief executive's six-bedroom home. He added to his holdings soon after the rollout of a new product that the company hinted could be a cure for Alzheimer's disease... For a relative novice at stock picking, Mr. Cuccinelli's investment in Star Scientific was highly unusual. It is a thinly traded stock in a company that has lost money for a decade. It stayed afloat by selling stock at a discount in "private placements" to large investors, whose hopes were repeatedly raised by company promotions about big payoffs."

Star Scientific's chief executive "also gave the attorney general $18,000 worth of gifts, including frequent stays at Mr. Williams's homes outside Richmond and in the Blue Ridge Mountains... Mr. Cuccinelli at first failed to report some gifts, as well as his Star Scientific stock, as required by law, which he has said was an oversight."


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