House, Feds Probe to Unravel Mystery of ‘Squad’ Rep. Ilhan Omar’s Skyrocketing Wealth: ‘It’s Not Possible’
The House Oversight Committee has launched scrutiny into Rep. Ilhan Omar’s rapidly growing family fortune following the eruption of a $9 billion Somali social services fraud scandal centered in her Minnesota district, according to a report by The NY Post.
Oversight Committee Chairman Rep. James Comer of Kentucky said committee attorneys are weighing the unusual move of compelling testimony from Omar’s husband, citing concerns over his business dealings.
“We’re going to get answers, whether it’s through the Ethics Committee or the Oversight Committee, one of the two,” Comer told The Post.
Republicans are questioning how Omar, who was born in Somalia, and her husband, political consultant Tim Mynett, went from having little wealth to reporting a net worth of as much as $30 million within roughly a year, based on her 2024 financial disclosures.
Comer said the numbers defy basic financial logic. “There are a lot of questions as to how her husband accumulated so much wealth over the past two years,” he said. “It’s not possible. It’s not. I’m a money guy. It’s not possible.”
In parallel, federal law enforcement agencies have opened their own inquiries into potential political links tied to the fraud investigation.
“We are investigating all politicians potentially connected to any of this [fraud] in Minnesota. You can read between the lines,” a law enforcement source said.
The source added that unlike the Biden administration, which the source said took no visible action, Team Trump is actively pursuing the matter.
Those remarks came as The Post reported that the FBI had been briefed during the Biden administration about concerns involving a network of companies associated with Mynett.
One of those firms, Rose Lake Capital, was launched in 2022 by Mynett and business partner Will Hailer and sits at the center of a cluster of related ventures linked to Omar’s husband, whom she married five years ago.
Court records from a lawsuit filed in South Dakota show that Rose Lake Capital had just $42.44 in its bank account in late 2022.
Despite that, the company’s valuation jumped from essentially nothing to as much as $25 million within a year, according to Omar’s 2024 disclosure.
Sources said that by 2024, associates grew concerned enough about irregularities and the origin of the firm’s funding that they shared information with federal investigators.
They questioned whether the businesses, including a winery, were engaged in improper activity, noting that none had an established public track record.
Several high-profile figures who were once listed as advisers to Rose Lake Capital have since been removed from the firm’s bright pink website. Among them was former Sen. Max Baucus of Montana, a former chairman of the Senate Finance Committee who also served as U.S. ambassador to China under Barack Obama.
Baucus said his involvement amounted to one phone conversation in 2022 regarding a potential storage-unit project. “Then nothing came of it” beyond periodic emails from Hailer, he told The Post. “That went on for about four or five months or so, then just radio silence.”
“He stopped writing his emails about the investment – about how well he’s doing, all that stuff. You can read between the lines – it sounded a little bit fishy,” Baucus said, adding that he never gave permission for his name to appear on the firm’s website as an adviser.
Also previously named on the site were former Rep. Collin Peterson of Minnesota and J. Peter Pham, a fellow at the Atlantic Council who served as President Trump’s Special Envoy to Africa’s Great Lakes Regions.
“Obviously I’ve seen reporting, including in The NY Post, about Will’s partner who I’ve never met and his wife [Omar] – Tim and his wife’s sudden coming into riches. But [I] can’t say anything about that, other than certainly I had no share in that,” Pham said. He indicated that he attended a single meeting about a possible solar panel project in South Africa and was labeled an “advisor” by the firm. Peterson did not respond to requests for comment.
Rose Lake’s website has claimed that its officers previously managed $60 billion in assets, a figure that would place the firm among major financial players.
However, Wall Street professionals told The Post they were unfamiliar with Rose Lake Capital and unaware of any investors associated with it, despite the company’s claims of managing billions of dollars and participating in sophisticated financial transactions such as “deals, mergers and acquisitions, debt restructuring and capital raising.”
Another Wall Street source said it was startling that Mynett, long known as a Minnesota political consultant, had suddenly emerged as the head of an investment firm.
The firm is not registered with the Securities and Exchange Commission and does not disclose how much money it currently manages.
Following the 2008 financial crisis, Dodd-Frank reforms established registration requirements for advisers managing $100 million in assets, or $150 million for private fund advisers, subject to certain exemptions. Family offices can avoid disclosure rules because they do not seek outside investors, and venture capital firms are also exempt, a category Rose Lake claims as one of its strengths.
Even so, a former senior SEC official said Rose Lake’s public claims about private equity activity and officers’ prior management of billions in assets suggest registration should be required. “I would continue to push on the disclosure issue because this looks funny,” the former official said.
Financial specialists have also flagged the use of multiple, similar-sounding Rose Lake entities as a warning sign, along with the firm’s removal of officer listings after news broke of the massive Somali fraud scheme in Omar’s district following a front-page Post report.
In recent days, Rose Lake Capital has taken down its LinkedIn page, and Hailer’s name no longer appears there.
Hailer’s personal LinkedIn profile no longer lists Rose Lake either, though it still identifies him as a co-owner of the eStCru winery, which he founded with Mynett in 2020.
Hailer previously served as political director for then–Democratic National Committee chairman Keith Ellison, who is now Minnesota’s attorney general.
House Majority Whip Rep. Tom Emmer of Minnesota said the expanding investigations are overdue.
“While Minnesotans have been getting fleeced to the tune of $9 billion by Somali fraudsters, Ilhan Omar and her husband have been raking in millions through their shady businesses,” Emmer told The NY Post.
“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.”
