ALD. WALTER BURNETT JR.’S CAMPAIGN INVESTMENTS

Here’s a look at what Ald. Walter Burnett Jr. (27th) has reported to the Illinois State Board of Elections since 1999 regarding investments made with money given to his campaign fund by political supporters:

A $25,000 “investment purchase” with Wintrust — an investment Burnett’s campaign fund didn’t report for more than a year. It said it made the investment on April 28, 2019, though it didn’t report that until Oct. 15, 2020 — two days after his campaign says it cashed the investment out, putting the money back into his campaign fund. Burnett didn’t report making any interest on this investment.

A $100,000 certificate of deposit at the same Wintrust branch on Feb. 27, 2019, reported to the state elections board in April 2019, its next campaign finance report. This is the largest expenditure Burnett’s campaign fund ever reported. What happened to the money isn’t clear. The campaign hasn’t filed any other reports to show whether the CD earned any interest or what happened to the money.

“There is no readily available answer to this question, so the committee will be asked to clarify the matter,” says Matthew Dietrich, a spokesman for the state elections board.

A $50,000 certificate of deposit on Nov. 15, 2001, at a branch of First Eagle National Bank, 1201 W. Madison St., also in Burnett’s ward. Burnett’s campaign promptly disclosed the CD to state elections officials but has never provided any updates to show whether the CD was renewed or cashed out and whether it earned any interest over the past 21 years.

“The committee appears to have reported this only as an expenditure” and “will be asked to clarify the matter,” Dietrich says.

A $50,000 CD on March 27, 2001, with American Charter Bank, 847 W. Randolph St., also in Burnett’s ward. His campaign fund reported receiving $53,173 in principal and interest on the investment on April 1, 2002.

Later that month, it reported getting $218 more in interest from the bank, though it’s unclear whether that’s related to the CD.

A $50,000 CD on Sept. 14, 2000, with Community Bank of Ravenswood, 2300 W. Lawrence Ave. On Dec. 30, 2001, Burnett’s campaign fund reported interest of $2,217 — the only interest it reported making on this. The campaign fund never reported what happened to the original investment of $50,000.

This is another investment the state elections board has asked Burnett’s campaign to explain, Dietrich says.

The bank — which failed in 2010 and was seized by state and federal regulators and is now operated by Wintrust — gave Burnett three campaign contributions totaling $1,200 between the time he purchased the CD and May 2002.

A $50,000 CD from Cole Taylor Bank, 850 W. Jackson Blvd., on July 19, 2000.

The Friends of Walter Burnett Jr. fund also reported receiving two interest payments from this bank — $860.72 on Dec. 29, 2000, and $2,240.13 a year later. Since then, the campaign hasn’t reported any other interest and hasn’t revealed what happened to the money it originally invested.

State elections officials say Burnett’s campaign needs to explain this deal.

A $50,000 CD on Nov. 30, 1999, from Broadway Bank, 5960 N. Broadway. Burnett’s campaign fund reported getting four interest payments totaling $6,573 from the bank through 2001 but hasn’t reported any other interest or said what happened to the $50,000 investment.

In 2010, federal regulators shut down Broadway Bank, owned by the family of Alexi Giannoulias, who was elected Illinois secretary of state on Tuesday. The bank’s deposits, insured by the Federal Deposit Insurance Corp., were assumed by MB Financial Bank.

Dietrich says state officials are seeking an explanation from Burnett’s campaign on this investment, too.