Randy Cunningham. A name to remember, as he appears to be in some distress these days and could very well lose his job. His job? He’s the Republican Representative from San Diego and a former Navy pilot (Vietnam era). The story is all about how Randy was able to make a great deal of money in California’s housing market in 2003. I know…so what? Well, he sold his house to a defense contractor, Mitchell Wade, for the sum of $1,675.00. Wade later resold that house for $700,000 less than he paid for it. Apparently Wade is a great businessman but a terrible real estate investor. It happens. Although he may be the only one in California.
Back to Randy; now that he is in Washington these days, doing his job as a member of the House Appropriations Defense Subcommittee and the Permanent Select Committee on Intelligence. he is living, rent free, onboard a yacht that just happens to be owned by the same Mitchell Wade. Hey! What are friends for?
So why is Randy living on his friend’s boat? I thought he had one of his own? Ah! He sold that boat in 2002 to Thomas Kontogiannis, a New York real estate developer. Then, surprising…a coincidence perhaps? In 2003, a mortgage company owned by Kontogiannis’ nephew and daughter, finances $1.1 million of the cost of Randy’s new home in Rancho Santa Fe.
Kontogiannis? He now admits that he is looking for a pardon for his “wrongful” conviction of kickback and bribery charges in a bid rigging scheme for the purchase of New York City school computers.
Sort of like Lemony Snickett…a series of unfortunate events.
Want to know more about Mr. Cunningham?
http://www.vote-smart.org/issue_rating_category.php?can_id=H0596103
More on Duke, a much loved representative of the people.
http://www.dukecunningham.org/
And the story of Mr. Kontogiannis.
http://www.washingtonpost.com/wp-dyn/content/article/2005/07/08/AR2005070801536.html
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