Former Assemblyman Sam Fiocchi wants to know who co-signed two personal loans Hirsh Singh took out earlier this year, since he doesn’t have the assets to borrow money on his own.
Fiocchi, who is running against Singh for the Republican nomination for Congress in New Jersey’s 2nd district, also says Singh promised to self-finance his race for Frank LoBiondo’s House seat.
“I clearly remember Hirsh Singh saying he would spend $2 million of his own money on his campaign. He said it at the Cape May County convention,” said Fiocchi. “Other candidates heard him say it and rank-and-file members of the party heard him. For his campaign manager to say he never said it is untrue.”
Fiocchi says that “the untrue statement from his campaign is just the tip of the iceberg,” insisting that no financial institution is going to loan Singh, who owns no assets beyond his 401k, a loan without offering some collateral.
“In his report Singh listed a loan of $10,000 – $15,000 from Goldman Sachs and one from LendingClub between $15,001 – $50,000,” Fiocchi campaign spokesman Steve Kush said. “Obviously, Goldman Sachs is a lending institution and would require collateral or a cosigner. LendingClub clearly states on its website that ‘In some cases when you apply for an individual loan, we may recommend that you add a co-borrower, which may help you qualify.’”
The Fiocchi campaign says that if Singh’s father guaranteed his son’s loan, then he’s found a back-door way to skirt the intent of federal campaign finance laws, similar to the loophole he found to allow his father to give $1 million to his 2017 run for governor because Singh still lives with his parents.
“This all adds up to more controversy surrounding Hirsh Singh,” Fiocchi said. “Singh needs to tell voters who co-signed the loans and explain if he did an end-around campaign finance law. If he wants to continue to be a candidate for office voters have a right to know, because as candidates we are, and should be, held to a higher standard. Either come clean with the voters or get out of the race.”