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Owens, Hoffman file their financial statements

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WASHINGTON — After a long delay, the Democratic and Conservative parties' candidates for the 23rd Congressional District have filed financial statements with the House clerk's office.


William L. Owens, the Democratic nominee to replace former Rep. John M. McHugh in Congress, reported income of at least $751,000 last year and is heavily invested in NBT Bank, which employs him as a director and also is one of his law clients.


Douglas L. Hoffman, the Conservative candidate, reported $485,213 in income during the last full year.


Mr. Hoffman's main source of income last year was $188,833 in salary and fees he took in as a principal in American Business Transitions, a Lake Placid firm that specializes in sales, mergers and acquisitions.


Mr. Owens's 17-page disclosure shows he has a more complicated financial profile than Mr. McHugh, whose personal investments were limited mainly to bank accounts and who stood out in Congress for the simplicity of his finances.


Mr. Owens's main source of income last year was a $644,576 partner distribution through his law firm, Stafford, Owens, Curtin & Trombley, in Plattsburgh. For this year so far, he received $118,000 from the firm, since renamed Stafford, Owens, Piller, Murnane & Trombley. He also received $55,904 last year in director's fees from NBT Bank, and $37,750 so far this year.


He has an individual retirement account at NBT that generated between $15,001 and $50,000 last year and in the same range for this year to date. His filing shows that some of his favored investments are in banks, including through his IRA.


In addition, he received between $5,000 and $15,000 in profit sharing from the law firm for each period. And he received between $15,001 and $50,000 last year in his share of rent from a building the law firm owns, his filing shows.


Mr. Owens reported owning between $100,001 and $250,000 in common stock of NBT bank; between $15,001 and $50,000 in unexercised NBT stock options, and smaller amounts of stock in Champlain National Bank and Hydroponic Technologies Co. Ltd.


He reported a savings account at NBT Bank valued between $100,001 and $250,000.


On the liabilities side, he has a share of between $100,001 and $250,000 in a mortgage at One Cumberland Ave., Plattsburgh, held by NBT Bank, Norwich.


As required by ethics law, he reported legal clients since January 2007, most in the Plattsburgh area and the Adirondacks, but not the amounts spent by those clients. NBT Bank in Norwich was listed as a client for 2008 and 2009.


Mr. Hoffman and his wife, Carol, reported having between $4.89 million and $16.56 million in assets last year. That included the couple's Buck Island camp at Lake Placid, valued at more than $1 million, and Mrs. Hoffman's Spruce Lodge bed and breakfast, also in Lake Placid. That's also worth more than $1 million, according to the report.


Mr. Hoffman reported having between $905,011 and $1.96 million in liabilities, including four lines of credit and four credit cards. The Conservative candidate has accounts at NBT Bank, HSBC and Community Bank.


Mr. Hoffman reported holding 12 positions, including being a member of the Olympic Regional Development Authority audit committee and secretary/treasurer of the Adirondack Medical Center Foundation.


He also noted there were four clients who paid him more than $5,000 sometime during the prior two years for tax services. He did not name the clients, saying they were "considered confidential as a result of a privileged relationships recognized by the law of New York state."


Mr. Hoffman's campaign said the report was filed Thursday, although it wasn't publicly available until Monday.


The Federal Elections Commission required Mr. Hoffman to file his financial disclosure statement when he raised or spent $5,000, the date of which is unknown, or within 30 days of becoming a candidate, which was Sept. 10. The Conservative candidate was granted an extension, but was required by federal law to have the paperwork in by Monday.

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