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Posted Jul 18, 2013, 5:52 pm
U.S. Supreme Court Justice Samuel Alito may have more than quintupled his net worth in 2012 according to a financial disclosure statement released Wednesday.
Alito’s 23-page financial disclosure reveals that his net worth was somewhere between $2.3 million and $6.2 million in 2012. In 2011, the range the justice reported was between $380,000 and $1.1 million.
Alito is now ranked fifth on the U.S. Supreme Court in terms of maximum potential wealth — a three-rung climb from the previous year.
Alito’s eight colleagues filed their reports in early June, as the Center for Public Integrity previously reported. Alito was granted an extension. The report solidifies his position as a member of the high court’s millionaires' club. At least six and possibly as many as eight justices are millionaires, according to a Center analysis of the forms.
Only Justice Anthony Kennedy’s reported net worth is less than $1 million.
The bulk of Alito’s spike in wealth comes from previously unreported PNC Bank accounts valued between $250,001 and $515,000, along with two Edward Jones investment accounts.
It appears that the spike in assets was due to an inheritance, which is noted on the form.
Of Alito’s newly reported investments, stock in California software giant Oracle Corp. and OGE Energy Corp., an Oklahoma-based company, are among the largest, each valued between $100,001 and $250,000. Alito also reported holdings in Boeing and Caterpillar Inc., each valued between $15,001 and $50,000.
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Also notable are Alito's holdings in oil and gas corporations ConocoPhillips and Chevron, valued between $15,001 and $50,000 each, along with common stock in Procter & Gamble, Johnson & Johnson and pharmaceutical giant Merck & Co.
The Washington Post reported Thursday that Alito's disclosed inheritance came from his father-in-law, who died last year, and noted that the justice had recused himself from numerous cases involving companies in which he owned stock.
In addition to his burgeoning investment portfolio, Alito earned nearly $27,000 from teaching law at Duke University and Pennsylvania State University. The Pennsylvania gig afforded Alito, the second Italian-American appointed to the court, a two-week trip to Florence, Italy, last summer.
Attempts to reach Alito's office for comment were unsuccessful.
Reprinted by permission of The Center for Public Integrity.