President Trump's son-in-law Jared Kushner is under fire for failing to disclose his stake in the Cadre online real estate company he cofounded on government forms and profiting in the process.
Kushner co-founded the company along with his brother, Joshua Kushner, and Ryan Williams, who met Josh at Harvard.
But he didn't mention it on the financial disclosure he provided the government in March.
President Trump's son-in-law Jared Kushner is under fire for failing to disclose his stake in the Cadre online real estate company he cofounded on government forms
Kushner filed an amended financial disclosure form in July valuing his interest in the company as being worth between $5 million and $25 million.
During the intervening months the firm sought $65 million in outside venture capital funding, giving it an estimated value of $800 million.
'It appears [Kushner] ended up being the beneficiary of that omission,' Democratic Rep. Ted Lieu of California told the Newsweek. 'He enriched himself by failing to disclose the asset,' Lieu claimed.
The firm told the publication that Kushner continues to hold a small 'passive' interest in the firm.
Kushner's finances got approved and amended in tight succession.
Jared Kushner, Ivanka Trump and Joshua Kushner attend The New York Observer 25th Anniversary at Four Seasons Restaurant on March 14, 2013 in New York City
Joshua Kushner cofounded the company with his brother
On July 19, Walter Shaub, then head of the Office of Government Ethics, left his post, after clashing with other Trump administration officials. He urged Trump to sell his holdings, urged him not to visit his properties, and criticized the White House for not pushing Kellyanne Conway for plugging Ivanka Trump's book.
On July 20, the day after Shaub quit, it was approved by the office's general counsel, David Apol, Newsweek reported.
The campaign legal center told DailyMail.com it couldn't comment since Shaub reviewed Kushner's form while he was at the ethics office.
The following day, Apol was named Shaub's successor and acting director the following day. That is also the day Kushner amended his disclosure.
A few weeks earlier, Citizens for Responsibility and Ethics in Washington filed a 15-page letter criticizing Kushner for failing to disclose his ownership and urging him to divest it.
Walter Shaub, former head of the office of government ethics, left his post the day before Kushner's certificate of divestiture got approved
Instead, it appears he was allowed to keep at least some ownership in the firm he cofounded.
Filers are required to report assets worth more than $1,000 or that bring in more than $200 in income.
'These cannot be written off as minor oversights,' according to a release from CREW that accompanied its letter.
Cadre allows investors to buy into commercial real estate deals using an online platform. Investors reportedly include Republican boogeyman George Soros, venture capitalist Peter Thiel, and a Goldman Sachs fund.
Kushner co-founded the company along with his brother, Joshua Kushner, and Ryan Williams (pictured), who met Josh at Harvard
Kushner attorney Jamie Gorelick told the Wall Street Journal in May it was 'very normal' for such forms to have to be revised and said Kushner had previously discussed his ownership in Cadre with OGE officials, and resigned from its board.
Kushner 'could potentially have been wanting to not disclose this asset as the latest round of funding was happening," Elana Fine of the University of Maryland told Newsweek.
His continued ownership may have made the investment more appealing to venture capitalists.