Ethics panel probing Buchanan's finances

The U.S. House ethics committee disclosed Monday that it is reviewing allegations of irregularities in financial disclosure statements filed by Republican U.S. Rep. Vern Buchanan of Sarasota.

A statement released by the ethics committee says further review is warranted following a referral by the Office of Congressional Ethics.

That panel concluded that "there is substantial reason to believe" that Buchanan failed to disclose positions with certain companies as required as well as income he received between 2007 and 2010. In some cases, the probe found discrepancies between Buchanan's congressional financial disclosures and income tax returns he filed for those years.

Buchanan's attorney, William McGinley, said in an email that the action Monday mainly means the ethics committee needs more time to finish its review.

"Today's action by the House Committee on Ethics does not constitute any judgment on the merits," he said. "Congressman Buchanan followed the rules, and we are confident that, at the end of its deliberations, the Committee will find no violation."

In an example of the discrepancies, Buchanan did not report income on his financial disclosure forms between 2007 and 2009 from Boca Creek Development Co., which listed him as a "managing member" in those years. But his federal income tax returns showed Buchanan received interest income from Boca Creek totaling $2,668 in 2007, $4,745 in 2008 and $1,537 in 2009, according to ethics panel documents.

Committee documents and Buchanan's attorney said he has since filed amended financial disclosure forms. Buchanan blamed many of the problems on oversights or mistakes. In the Boca Creek example, Buchanan said he wasn't aware he had received money from the company.

Buchanan also has been investigated over possible campaign finance violations.