Chump change for a billionaire, but embarrassing still.
Uber wealthy New York investment czar George Soros has agreed to pay an $8,000 penalty to California's Fair Political Practices Commission for breaching the state's campaign finance rules five years ago.
The payment is part of a proposed settlement between Soros and FPPC, whose members will either approve or reject the settlement at a May 21 public meeting.
The FPPC says that in October 2004, Soros made a $350,000 late contribution to the Drug Policy Action Network. However, he failed to disclose it in a timely way by reporting it as required under the state Political Reform Act.
The FPPC also says Soros failed to file a timely semi-annual campaign statement for the Jan. 1 and Dec. 31, 2004 reporting period in violation of campaign finance rules.
Soros has admitted his fault and submitted the $8,000 payment to the state as part of the proposed settlement, FPPC spokesman Roman Porter said.
A summary of the case posted on the FPPC's Web site says Soros' failure to report the contribution to DPAN was "unintentional" and that Soros made no attempt to hide his donation to the group. In fact, he openly supported the group, the FPPC said.
But the FPPC said Soros had received a prior FPPC warning letter in another case and should have known better.
You read the summary by clicking here.
DPAN is a national non-profit organization, which, according to its web-site, promotes policy alternatives to law enforcement authorities aggressive drug policing programs.
DPAN took the Soros money on the understanding it was to be distributed to the Fix Three Strikes Committee, which was formed to support a ballot measure in 2004.
Both groups reported the money to state officials, but Soros landed in hot water because he didn't report the hefty contribution himself.
It represented 15 percent of the ballot committee's war chest, the FPPC stated.
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