Andrew Cuomo hit with ethics complaint for failing to disclose $2.6M in nuclear stock options

New York Post

16-06-2025

Former Gov. Andrew Cuomo has been hit with an ethics complaint for failing to disclose his more than $2.6 million worth of stock options in an advanced nuclear technology company before launching his mayoral campaign.
The conservative watchdog group Foundation for Accountability and Civic Trust is demanding that the city's Conflicts of Interest Board investigate Cuomo to determine 'if he intentionally violated New York City's disclosure laws and enforce any appropriate penalties.'
'One of the most basic and fundamental ethics laws applicable to candidates and elected officials requires them to publicly disclose their financial interests,' FACT Executive Director Kendra Arnold wrote in a Monday letter to the COIB obtained by The Post.
'Unfortunately, it is this essential law that appears to have been violated by mayoral candidate Andrew Cuomo when he failed to fully disclose his financial interest in a company named Nano Nuclear Energy.'
3 Andrew Cuomo has faced pressure to release more information about his firm, Innovation Strategies' clients.
Kevin C Downs forThe New York Post
Cuomo's team amended his disclosure forms to detail the stock options on the same day a May 2 Politico report shed light on the previously undisclosed holdings in Nano Nuclear Energy, which touts its status as the first publicly listed nuclear microreactor company in the US.
'The goal of the City's Annual Disclosure Law is to have accurate and complete reporting by filers,' Carolyn Miller, executive director of the COIB, told The Post in response to questions about how the panel handles situations where candidates make amendments after media reporting.
'Amendments to annual disclosure reports to increase their accuracy and completeness are encouraged by the Conflicts of Interest Board.'
Cuomo's spokesman, Rich Azzopardi, slammed the ethics complaint as a political hit job, noting that the campaign filed amended disclosure forms that divulged the stock options.
3 Nano Nuclear Energy is headquartered in Tennessee.
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'These craven right wing nut jobs look stupid and should have done their due diligence before trying to grab a cheap headline,' Azzopardi railed.
'This was always publicly available information that had been filed with the Feds for a year,' he said, referring to Federal Trade Commission (FTC) filings. 'We said a month ago we'd consult with the board and make amendments as needed and that's exactly what we did.'
The Big Apple mayoral hopeful landed a spot on Nano Nuclear's advisory board in March 2024 and his firm was subsequently given 125,000 in stock options for $3 a share that May, according to annual security filings.
At the time of Politico's report, Nano Nuclear shares were trading around $24, so the holdings were worth an estimated $2.6 million. On Monday morning, the firm's shares were trading around $35, bringing that value up to around $4.37 million.
Internally, the campaign wasn't clear whether it needed to disclose the filings to the COIB because the shares were held through Cuomo's limited liability company (LLC), Innovation Strategies, Politico reported.
Innovation Strategies is a consulting firm that Cuomo started in April 2022, roughly eight months after he resigned as governor in the wake of a sexual harassment scandal, state business records indicate.
The mayoral candidate's disclosures indicate that he has pocketed north of $500,000 from the consulting firm. Cuomo has faced pressure to divulge the firm's client list, but has declined to do so.
3 Andrew Cuomo is widely seen as the frontrunner in the New York City Democratic mayoral primary.
Kevin C Downs forThe New York Post
Cuomo's personal net worth is estimated to be hovering around $3.4 million, according to disclosures.
The thrice-elected Democrat crossed paths with Nano Nuclear's founder, Jiang 'Jay' Yu, during a networking event last year, and the company was keen on leveraging his 'connections' in New York state, Yu told Bloomberg.
'He took a leap of faith on us,' Yu added.
Amended filings indicated that Cuomo has not yet exercised his holdings in the shoestring nuclear startup. The company does not appear to do business in New York City, and its headquarters are located in Tennessee.
The former governor's position on Nano Nuclear's advisory board was publicly known before the report last month shed light on the disclosure concerns.
The firm and its CEO had congratulated Cuomo on LinkedIn and X after he jumped into the mayoral contest in March, but later deleted those social media posts, according to Politico.
Cuomo is famous for crusading to shutter the since-defunct three-unit Indian Point Energy Center in Westchester County, which had been the Big Apple's biggest source of carbon-free energy.
At the time, Cuomo expressed safety concerns with the plant, particularly given its proximity to the Big Apple and feared the consequences of an accident at the facility. Despite pushing to close Indian Point, Cuomo also championed subsidies for other nuclear plants in the state.
Cuomo is widely seen as the frontrunner in the June 24 Democratic mayoral primary.
The Post reached out to Nano Nuclear for comment.