Errors Mark Candidate's Financial Disclosure Statement
Publisher’s Note: The following article is non-satirical Montgonion reporting.
ROCKVILLE, Md. — Montgomery County Executive candidate Mithun Banerjee submitted his required Financial Disclosure Statement as part of the 2026 campaign process back in May. An examination of that filing — coupled with sworn bankruptcy reports and Banerjee’s own statements — reveals substantial errors and omissions in how he reported his real-estate holdings and income in his submission to the County Ethics Commission.
Many of the issues center on three homes Banerjee and his wife own in Silver Spring and their rental income, or lack thereof as reported on the form. He has owned the homes for over a decade and confirmed in an interview that one is his principal residence and the other two are rental properties with tenants. Banerjee also confirmed that the two rental properties are partially occupied now—he rents rooms—and were in 2024 as well. All are in the Foxhall neighborhood, a quiet subdivision off Georgia Avenue between Aspen Hill and Glenmont.
In the disclosure form section asking for the amounts paid for the properties, Banerjee selected the box for “From $1,001 to $50,000.” In the section for their fair market value, he checked the box for “$1,000 or less” and wrote the words “after mortgages” adjacent to the selection. According to SDAT records, the combined original purchase prices for the three properties total $845,000 ($315,000 for one property in 2009, $280,000 for another in 2010, and $250,000 in 2012). Their current combined Zillow “Zestimate” value is $1,526,400.
In response to a question asking if an interest in the properties was transferred during the reporting period (January 1, 2024, to the date of filing, May 23, 2025), Banerjee wrote the years the homes were purchased (2009, 2010 and 2012), that the interest was transferred to he and his wife, and that the consideration received was “From $1,001 to $50,000.” The questions in this section concern transactions that occurred during the reporting period, but Banerjee recorded the original purchase dates of the homes and stated the interest was transferred to him and his wife at that time.
In a section asking about ownership in stock or interests in businesses, the candidate lists “Banerjee Holding LLC” and claims the value of his ownership stake is $1,000 or less. In a later part asking about percentage of equity for other corporate holdings, Banerjee wrote, “None, Member Only. For Banerjee Holding LLC” and in response to a question about business encumbrances (such as loans) he wrote “Member only.” In our interview, Banerjee’s apparent confusion in the form matched his misunderstanding of LLC rules. He said his wife is the owner of the LLC and he is the sole member. When pressed on the fact that LLCs have only members, no owner, and that as sole member he would have 100% equity in the firm, Banerjee said an advisor had recommended the LLC structure and he would have to look into it.
A few questions later, the form asks if interest in the business was transferred during the reporting period and if so, what kind of payment was received. Banerjee wrote “N.A.” regarding transfers and the word “compensation” in the line asking what kind of payment was received. The response of ‘N.A.’ (Not Applicable) regarding a transfer contrasts with the word ‘compensation’ in the line asking what kind of payment was received.
In the third section of the form, Sources of Earned Income, Banerjee lists only one: Banerjee Holding LLC. SDAT records show he and his wife personally own the properties, not the LLC. While he described the LLC as a management company that handles day-to-day affairs for his properties and tenants, his disclosure form does not list rental income at all. From our interviews, Banerjee made it clear that rental fees are his family’s primary source of income. That is borne out in his bankruptcy proceedings.
In February 2022, Banerjee filed individually for Chapter 13 bankruptcy protection. That case was replaced in September 2022 by a joint Chapter 13 filing by he and his wife. That case was dismissed and appealed. It is still open. In January 2024, Banerjee submitted Interim Business reports for the previous July for his two rental properties. The first showed monthly rental income of $1,664 and expenses in the exact same amount. The second showed $2,903.33 in rent and expenses in the exact same amount. The major expense for both properties was listed as debtor compensation (i.e., income to Banerjee or his wife) at $1,317.21 and $2,903.33 respectively. Other expenses include car payments, utilities, and repairs. The January 2024 filing was the last financial update Banerjee gave to the bankruptcy court that we could identify.
Whether the discrepancy in rental income reported in his bankruptcy filings but not his campaign finance disclosure stems from misunderstanding, oversight, or another reason is unclear. In our interview, he described getting advice from a Montgomery County Ethics Commission attorney when filling out the form. When it was suggested the form may have errors or omissions, he said he would review the form and could file an amended version if necessary.
Montgomery County’s Public Election Fund requires several steps before any candidate may receive matching public funds. The Montgomery County Board of Elections (BOE) certifies candidates. Banerjee has completed just the first step, submission of the financial disclosure. The BOE's review process includes confirming compliance with county ethics laws, including the accuracy of disclosures and determining whether amendments are required.
