A warning letter from the Fair Political Practices Commission (FPPC) to former Coronado Mayor Richard Bailey outlined his failure to report certain stock holdings on his annual statements of economic interests.
Bailey was issued a warning and not a fine because he amended his filings and was “responsive when contacted by the enforcement division,” the letter stated.
Bailey moved off the island to Point Loma after he finished two terms as mayor and announced in February that he would be running for the District 2 seat on San Diego City Council.
Bailey, who served on The Coronado News editorial board, resigned from that position when he announced his candidacy.
The Political Reform Act requires public officials in California to disclose investments, real property and income so that the public can monitor for potential conflicts of interest.
A complaint filed by Harold Myers, a Coronado resident, alleged that Bailey failed to timely report stocks for the years 2020, 2021 and 2022.
Myers did not give a comment to The Coronado News.
The letter from the FPPC said that this disclosure requirement applied to him not just as mayor, but also for his roles on several regional boards, including the San Diego Association of Governments (SANDAG) and the Metropolitan Transit System (MTS).
Bailey told The Coronado News that, at the time, he didn’t believe stock holdings needed to be included in local disclosures since “local policy would not materially impact share price of multinational corporations like Google or Amazon.”
The city’s website shows his amended stock holdings include Google, Amazon, Vanguard and Otis.
Bailey said that he was contacted by the FPPC in 2022 and updated his filing at that time.
Once it was brought to my attention, based on my federal filings which did include those holdings, I promptly amended the local forms to ensure all disclosures were compliant.
Richard Bailey
“Once it was brought to my attention, based on my federal filings which did include those holdings, I promptly amended the local forms to ensure all disclosures were compliant,” Bailey said.
The FPPC finished its investigation this year and sent him the warning letter in March.
If Bailey hadn’t complied, or if he fails to comply in the future, he would face monetary penalties of up to $5,000 for each violation, according to the letter.
The San Diego City Council candidate has a history of being a Republican, but since last year, has described himself as non-partisan. He said he re-registered in February listing no party affiliation.
Bailey ran for Congress as a Republican in 2022 but did not appear on the ballot for the primary in June 2022.
In 2020 and 2021, Bailey donated to the Republican Party of San Diego County, and in 2024 he contributed to a few Republican congressional candidates, according to the Federal Election Commission.
Bailey said his San Diego City Council campaign is based on a non-partisan approach.
