House, federal investigators scrutinize Ilhan Omar's rapid wealth surge: 'It’s not possible'

WASHINGTON, DC: House Republicans and federal law enforcement officials are examining the rapid rise in wealth tied to Rep Ilhan Omar, D-Minn, and her husband, Tim Mynett, following questions raised about business activity in her district.

The inquiry comes amid a broader investigation into a multibillion-dollar Somali social services fraud case in Minnesota.

House Oversight Committee Chairman James Comer said lawmakers are seeking explanations for what he described as an unusually swift accumulation of wealth. Omar and her husband have not publicly responded to the allegations.

House Oversight Committee reviews financial disclosures and business activity 

Comer, R-Ky, confirmed that committee staff are reviewing Omar’s financial disclosures and business interests connected to her husband, Tim Mynett.

Comer said the committee is considering whether to pursue subpoenas, including potentially subpoenaing Mynett, as part of the inquiry.

“We’re going to get answers, whether it’s through the Ethics Committee or the Oversight Committee, one of the two,” Comer said.

Republican lawmakers have raised questions about how Omar and her husband’s reported net worth rose to as much as $30 million in a short period, citing her 2024 disclosure forms.

Comer said the committee is focused on understanding the source of the income. “There are a lot of questions as to how her husband accumulated so much wealth over the past two years,” Comer said. “It’s not possible. It’s not. I’m a money guy. It’s not possible.”

The review includes scrutiny of Rose Lake Capital, an investment firm founded in 2022 by Mynett and his business partner, Will Hailer.

According to court documents filed in South Dakota, the firm held a minimal bank balance in late 2022.

Within roughly a year, the firm’s reported value rose sharply, according to Omar’s financial disclosures.

Several individuals previously listed as advisors to Rose Lake Capital have told reporters they were no longer affiliated with the firm or had limited involvement.

Former Senator Max Baucus (D-Mont) said he had only brief contact regarding a potential business proposal that did not proceed. Other former advisors either declined comment or said they had no financial stake in the firm.

Federal investigation and regulatory questions emerge

Separately, federal law enforcement officials confirmed that investigators are reviewing potential political connections tied to a large-scale fraud investigation in Minnesota.

“We are investigating all politicians potentially connected to any of this (fraud) in Minnesota,” a law enforcement source said, declining to provide further details.

Sources said the FBI had previously been briefed on concerns involving companies linked to Mynett during the prior administration.

Investigators are examining whether any financial activity overlaps with the broader fraud case involving Somali social service programs in Omar’s congressional district.

Rose Lake Capital is not registered with the Securities and Exchange Commission, according to public records.

Financial experts have noted that certain investment firms may be exempt from registration under federal law, depending on structure and asset type.

“The explosion of wealth, plus the fact that convicted fraudsters helped fund Omar’s campaign, is worth an investigation by the Ethics Committee at the very least,” House Majority Whip Tom Emmer, (R-Minn), said.