When Gov. Rick Scott led a delegation of utility providers to Puerto Rico last year to help the hurricane-ravaged island, he also was protecting his investment.
The reason: the governor and his wife have untold millions of dollars invested in the commonwealth’s devastated electric company. The Scotts’ stake is via AG Superfund, a New York hedge fund which with other large investors issued $9 billion of credit to the government-run Puerto Rico Electric Power Authority, or PREPA. Those bond investors were enticed by the island’s lucrative tax breaks.
In July, Gov. Scott’s blind trust valued its AG Superfund holdings as worth between $1 million and $5 million. He also disclosed that four trusts and a family partnership in the name of First Lady Ann Scott valued their investments as being worth over $1 million each – meaning the Scotts’ total investment in AG Superfund is at least $5 million. (Republican Scott filed a lengthy financial disclosure form while running against incumbent Democrat Sen. Bill Nelson. Senate rules allow amounts to be disclosed by range.)
Gov. Scott does not comment on his financial affairs. Still, he has held on to his investment in AG Superfund throughout much of his time in office. His state financial disclosure forms show that as far back as 2013 Scott owned a $4.3 million stake in the fund that he put into a “blind trust” managed by a long-time business crony. That year, AG Superfund kicked off income to Scott of $209,000.