Former Governor Andrew Cuomo is facing ethical complaints for not disclosing over $2.6 million in stock options linked to an advanced nuclear technology firm prior to starting his mayoral run.
The Conservative Watchdog Group Foundation for Accountability and Citizen Trusts is urging the city’s conflict of interest committee to investigate whether Cuomo intentionally violated New York City’s disclosure regulations and to apply necessary penalties.
“A fundamental ethical requirement for candidates and elected officials is to publicly reveal their financial interests,” a letter to the COIB notes, which was acquired by the Post.
It adds, “Regrettably, this essential law seems to have been breached by mayoral candidate Andrew Cuomo, who did not fully disclose his financial ties to Nano-Nuclear Energy.”
Cuomo’s team updated their disclosure form to include stock options on the same day a Politico report highlighted previously undisclosed information about Nano-Nuclear Energy, which promotes itself as the first publicly listed nuclear microreactor company in the U.S.
COIB executive director Carolyn Miller commented on the matter saying, “The intent of the city’s annual disclosure law is to ensure accurate and comprehensive reporting by those who file.” She noted that revisions after media exposure are not uncommon.
“The conflict of interest committee encourages revisions to improve accuracy,” she added.
Cuomo’s spokesperson, Rich Azzopardi, dismissed the ethical concerns as politically motivated, arguing that the campaign’s amended disclosure did make the stock options public.
Azzopardi remarked, “These right-wing activists should have done their homework before trying to create a sensational story.” He asserted that this information had been publicly accessible and discussed corrections with the board prior to filing.
Cuomo joined Nano Nuclear’s advisory board in March 2024 and received 125,000 stock options priced at $3 per share, as per the company’s security documentation. At the time of the Politico report, the stock was valued around $24, meaning Cuomo’s options were worth roughly $2.6 million. By Monday, the shares had surged to around $35, elevating their estimated worth to about $4.37 million.
There was some uncertainty on whether this stock holding needed to be disclosed to the COIB since it is managed through Cuomo’s Limited Liability Company, Innovation Strategy, a firm he founded in April 2022 after resigning as governor due to a sexual harassment scandal.
Cuomo’s disclosure indicated he earned over $500,000 from the consulting company, but he has faced pressure to reveal its clients, which he has resisted.
His personal net worth is estimated at around $3.4 million.
Last year, Cuomo crossed paths with Jiang’s “Jay” Yu, who founded Nanonuclear, during a networking event. The company seemed eager to leverage his connections in New York, as Yu mentioned to Bloomberg that Cuomo made a “leap of faith.”
The updated application reveals that Cuomo hasn’t yet exercised his stock options in the nuclear venture, which, notably, does not operate within New York City and is located in Tennessee.
Cuomo’s advisory role at Nanonuclear was already known before the recent report raised disclosure issues.
In politically motivated social media posts, the company and Yu congratulated Cuomo on his mayoral candidacy, but those messages were later taken down.
Cuomo is also known for his advocacy against the Indian Point Energy Center, which has since been decommissioned. He cited safety concerns about its proximity to New York City, despite supporting subsidies for other nuclear plants in the state.
Cuomo remains a prominent figure in the upcoming Democratic mayoral primary on June 24.
This post reached out to Nanonuclear for commentary.
