02-05-2025
Cuomo didn't disclose millions in nuclear stock options
ALBANY, New York — Former Gov. Andrew Cuomo holds stock options in an advanced nuclear technology company worth more than $2.6 million, but did not disclose those assets in filings with the New York City Conflicts of Interest Board.
Nano Nuclear Energy awarded Cuomo the stock options as compensation for his position on the company's advisory board, which the company disclosed in an annual securities filing. Cuomo, the leading candidate in the Democratic primary for New York City mayor, did not make a similar disclosure, and, according to experts, political candidates should disclose such holdings.
'Stock options would need to be reported in response to the question 'Securities Held,'' said Carolyn Miller, executive director of the city's Conflicts of Interest Board, in response to a question about whether stock options should be disclosed to the oversight body.
A Cuomo campaign official familiar with the filing said the options do not have to be disclosed because they're held by the candidate's limited liability company, Innovation Strategies. There are no questions on the required forms about an LLC's holdings, just the candidate's personal securities and other holdings.
But Miller said options would still have to be disclosed even if they're held by an LLC. The Cuomo official, who was granted anonymity to discuss a legal issue, said the campaign would reach out to the conflicts board.
'If there's any legal complexity, it's ethically clear that this is a type of security, and there's good reason to include it on this form for public disclosure,' said Rachael Fauss, senior policy adviser for Reinvent Albany.
The nuclear company, which is in the early stages of developing a viable product, also paid cash to Cuomo through his LLC for being on its advisory board. He reported making more than $500,000 in income from the LLC in 2024.
The former governor has refused to release a complete list of his clients, though, raising
conflicts of interest concerns
from good government groups.
Other clients of his firm included a cryptocurrency exchange.
The governor joined Nano Nuclear's advisory board in March 2024 and congratulated the company when it went public last May. It awarded the governor 125,000 in stock options for $3 a share. Those options, as of Friday when Nano Nuclear shares traded above $24, are now worth more than $2.6 million.
Cuomo campaign spokesperson Rich Azzopardi noted that the stock option Cuomo's LLC received 'has not been exercised.'
'While the disclosures were made in good faith and based on our reading of the law, we will work with the Conflict of Interest Board and make any amendment deemed appropriate,' he said. 'If elected, Governor Cuomo wouldn't have any other position other than to serve as Mayor of New York City, and would work with the COIB to navigate any perceived issues that may arise, and disclose the remedies.'
A spokesperson for Nano Nuclear declined to respond to questions about Cuomo's compensation and role with the company.
The company and its CEO recently deleted several social media posts on LinkedIn and X congratulating Cuomo when he announced his mayoral run two months ago.
Cuomo's history with nuclear energy is complex. He
successfully campaigned
for more than a decade to shut down Indian Point, New York City's largest source of carbon-free electricity.
The former governor's concern about the plant was primarily driven by safety issues he scrutinized at the decades-old plant on the Hudson River. Its proximity to New York City and the impossibility of evacuating the region if a disaster happened were fears many public officials and advocates shared.
Cuomo also orchestrated subsidies for upstate nuclear plant's on the basis of their environmental benefits. Those subsidies
have cost ratepayers more than $4 billion since 2017
, with four years of payments to go. (State officials working under Cuomo
insisted at the time
the 12-year subsidy would only cost $2.6 billion as energy prices were forecast to rise.)
The last Indian Point reactor shut down in 2021. Since then, gas plants have ramped up to fill the gaps, and the region's electricity has become more carbon dependent. Electricity costs spiked, and New York City's grid now faces reliability issues as the state tries to shut down the region's most polluting power plants.
Nano Nuclear has made some New York moves since Cuomo joined the advisory board, although their largest physical offices are near Oak Ridge National Laboratory in Tennessee.
The company
responded to the state's request for information
from the nuclear industry and stakeholders. It has committed to
building a demonstration facility
for some non-nuclear components of its in-development 'microreactors' in Westchester County.
Nano Nuclear also announced agreements with two upstate New York cryptocurrency miners last year to explore using their microreactors.
