Texas Attorney General Ken Paxton has been found to potentially violate federal ethics law regarding his recent financial disclosures, according to a review by ProPublica and The Texas Tribune. The review indicates that Paxton, who is the Republican nominee for U.S. Senate, reported owning seven homes but claimed he earned no income from them, despite most being listed for rent during the reporting periods. Residents and neighbors confirmed that the properties were rented, which could constitute a violation of federal disclosure law, according to three ethics experts.
Furthermore, Paxton did not disclose mortgages for three condominiums at a Utah golf resort, which federal law mandates be listed as liabilities if they are not personal residences. He also reported a stake in a vacant plot of Texas land valued at up to $50,000, while his business partner stated that Paxton's share has been worth approximately $1 million for years. Federal financial disclosure law requires property to be reported at fair market value.
These discrepancies obscure the full extent of Paxton’s income streams, assets, and debts, complicating voters' ability to assess his financial situation ahead of the November election, according to the ethics experts. Craig Holman, a government affairs lobbyist for Public Citizen, remarked that the situation reflects either negligence or an intentional effort to hide some of Paxton's investments and property holdings.
In Paxton's filings, he valued an undeveloped plot of land at $50,000 in 2025 but listed it the following year at between $1 million and $5 million. The review highlighted that if Paxton wins, an incomplete financial picture could hinder watchdogs from evaluating potential conflicts of interest as a senator.
The apparent omissions in his disclosures are part of a broader pattern, as Paxton has withheld financial information over his three terms as attorney general, which could clarify how he accumulated significant wealth and acquired numerous properties across five states. Many of these properties began appearing on his state disclosures only after the Texas Ethics Commission closed a loophole in 2024 that Paxton had previously cited to omit them. During his tenure, he earned a government salary of $153,750.
In his latest federal disclosure filed in August, Paxton reported a net worth between $1 million and $27 million, a notable increase from the negative $1.9 million to $11.1 million range reported the previous year. This increase was attributed to a rise in the reported value of several properties rather than the acquisition of new assets.
Paxton's report did not include seven properties collectively valued at around $5.2 million, including the Utah condos for which he did not disclose mortgages. Property records indicate that he co-owns all known real estate holdings with his estranged wife, state Sen. Angela Paxton, and these properties are managed by a family friend through a blind trust.
Federal regulations do not require candidates to report personal homes or properties that do not generate income, even if they are valued in the millions. Given the current economic concerns among voters, Texas ethics and campaign finance lawyer Andrew Cates suggested that Paxton should prioritize transparency regarding his wealth.
Paxton declined to comment and did not respond to specific inquiries about his disclosures. Madison Cercy, a spokesperson for his campaign, stated that Paxton has had a successful career outside public service and accused critics of attempting to create controversy without basis.
Before entering the state Legislature in 2002, Paxton worked at a law firm and as a corporate attorney for JCPenney. His financial disclosures from 2001 indicated assets totaling no more than $170,000. By 2015, his household net worth had reportedly increased to $5.4 million, as per financial records subpoenaed in 2023 following his impeachment on bribery charges related to aiding a real estate investor.
The records, which were largely not admitted during the Senate trial that resulted in his acquittal, illustrate how Paxton developed a diverse investment portfolio, including interests in a cellphone tower, an HVAC company, a cement supplier, and a police body camera manufacturer. He reportedly earned $2.2 million when Motorola acquired the body camera firm in 2019, after which he began purchasing multiple properties in Oklahoma, Florida, Utah, and Hawaii. His impeachment defense team argued that Paxton made a strategic decision to invest in real estate during a period of low interest rates.
Concerns regarding Paxton's integrity have persisted throughout his Senate campaign. His opponent, Democratic state Rep. James Talarico, entered September with a narrow lead in polling, a notable development in a state where Republicans have not lost a statewide race in over three decades. A recent University of Texas/Texas Politics Project poll indicated that only a third of respondents were supportive of Paxton.