Miami Beach Condo Leads to Russian Lawmaker’s Resignation

Vladimir Pekhtin, a prominent member of the United Russia party, resigned from the Russian Parliament unexpectedly after anti-Kremlin blogger Alexei Navalnyi disclosed news of the lawmaker’s Miami Beach property holdings.

According to a Wall Street Journal story titled “Russia Lawmaker Exits Amid Condo Storm,” Mr. Pekhtin’s son Aleksey purchased a waterfront Miami condo in 2007 for $540,900. Father and son also bought a Miami Beach condo at 1500 Ocean Drive for $1.275 million in April 2012.

Owning foreign real estate is not illegal for a member of Russia’s parliament, but it must be disclosed in required financial statements. Mr. Pekhtin, who had served as the Ethics Committee Chair for the lower house, failed to make any public disclosure.

Foreign property ownership of Russian leaders is coming under scrutiny as a red flag for potential corruption, as well as luxury lifestyles hidden from the public.

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