Lisman releases financial data, worth $50.9 million

This story was updated at 1:40 p.m. to include comments from Bruce Lisman

MONTPELIER — Republican gubernatorial candidate Bruce Lisman released financial information Monday showing his net worth to be $50.9 million with an income of $1.67 million in 2014.

Lisman, who is squaring off against Lt. Gov. Phil Scott in a Republican primary for the state’s top elected office, is the first of the four major-party candidates to release personal financial information. The retired Wall Street executive spent four decades in the financial services industry and retired as a senior manager at J.P. Morgan Chase & Co. There he oversaw operations in stock brokerage, according to his campaign.

Bruce Lisman

Bruce Lisman

Lisman had total income of $1,675,299 in 2014, primarily from dividends, interest and investment gains, according to tax documents released Monday. He paid total federal and state taxes of $488,507 — 29.2 percent of total his income — last year. Lisman’s federal income taxes paid amounted to $363,896 while his Vermont state income taxes totaled $124,611.

In 2013, Lisman had total income amounting to $1,323,268, also largely from investment gains. In that year he paid total federal and state taxes of $383,468, which was 29 percent of his total income. Federal income taxes paid in 2013 totaled $284,292. His Vermont state incomes taxes were $99,176.

“When I announced I was running for governor I said … that statewide office seekers should disclose information that voters and citizens, generally, would find important. That’s what we’ve done in this case,” Lisman told the Vermont Press Bureau Monday. “It’s clear, extensive information that spans the 40-year career that I’ve had.”

According to the information released Monday, Lisman has $4.5 million in retirement accounts and $4 million in direction investments to private companies. He has a stake in four Vermont companies; NSA, Inc., NGA Advantage Inc., Point Bay Marina, and SemiProbe, Inc.

His Shelburne home has an appraised value of $5.8 million.

Lisman has $7.2 million in cash and $7.3 million in publicly traded securities. The biggest chunk of Lisman’s net worth is in brokerage accounts — $19.7 million.

Lisman also released a list of corporate boards he serves on, and ones he has served on the past. He said that disclosure is to show “where we’re involved … but also so that we could see potential conflicts.” He said no conflicts exist.

He currently serves on the boards of National Life, Merchants Bancorporation, Association Capital Group, Myers Industries and Pep Boys.

Lisman gave about $158,000 in charitable contributions in 2013 and 2014, combined. He said his giving was largely to support education, animals and the environment.

“Over a very long period of time we’ve generally averaged about 5 percent of income, plus or minus,” he said.

Lisman said he does not believe his considerable wealth will dissuade voters from supporting him.

“I think they really care about the future needs for them, and what direction the state is going to take. What they really care about are ideas that turn to solutions and solutions that turn into action steps,” he said.

Lisman also called on Scott, and Democrats Sue Minter and Matt Dunne, to also disclose their personal financial information.

“We hope to set a standard, not just in this election, but for future cycles, that statewide office holders will release information that is wholesome,” he said. “This is not easy. It is uncomfortable. I understand. Believe me, I understand. But if you’re running for office, particularly governor, you’re obligated to tell voters who you are in a number of ways.”

A Burlington-native, Lisman said he began working “before I could drive” and attributed his success to his parents and his own work ethic.

“I wanted to work and in America and in Vermont we believe that there is dignity in work and we think there is dignity in seeking the opportunity to do more. In this state we need to make sure that’s always visible,” he said.

He said Vermonters should have the same opportunities he had.

“It’s America, so opportunity is usually some place at our finger tips. The opportunity is always there,” Lisman said. “Everyone’s experience is always different. I was fortunate to grow up in a household that was secure and stable and had parents that wanted a lot for their sons.”

Scott’s campaign said Monday that he intends to release his personal financial information in the spring after his 2015 taxes are filed.

“Phil is a product of the construction trades in Vermont and a long time small business owner who still laces up his boots every day,” campaign coordinator Brittney Wilson said. “There is no doubt that he is the candidate who best understands the perspective of everyday, working families and the burden Vermont’s growing crisis of affordability has placed on us and on our economy.”

Sarah McCall, Minter’s campaign manager, said Minter intends to release her personal financial information “at a later date next year.” That will likely happen in the spring after Minter’s 2015 taxes are filed, she said.

Dunne’s campaign Nick Charyk said Dunne plans to release his information by May 15, but may consider doing it sooner.

Read the documents released by Bruce Lisman below:

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