Democratic U.S. Senate candidate Patrick Murphy says he sold personal stock in his family's construction company, Miami-based Coastal Construction Group, in order to afford a recent $1 million loan to his campaign.
Murphy's campaign announced the loan last week as something that would give the cash-strapped Jupiter congressman additional resources to run TV ads across the state in the final two weeks of his bid to unseat Republican incumbent U.S. Sen. Marco Rubio.
Rubio, however, has questioned how Murphy could have come by such a hefty loan when Murphy doesn't have the cash assets to cover it, based on his most recent congressional financial disclosure.
"It was basically a stock sale, of stock I had," Murphy explained to reporters during a campaign visit to Tallahassee on Sunday.
When asked whether the stock in question was specifically Murphy's investment in Coastal, Murphy said: "Yes."
Paperwork is not yet available that would show how the loan was reported to the Federal Election Commission and how the stock sale was reported to the U.S. House, as required within 30 days of the sale under the 2012 STOCK Act.
"We are completely compliant with that [and] have attorneys helping out to make sure it's all compliant," Murphy said.
Murphy's campaign later Sunday did not respond to a follow-up inquiry about to whom Murphy sold his investment. Coastal is a private, family-owned company founded and managed by Murphy's father, Tom Murphy Jr. -- who has spent at least $2.8 million this cycle on Democratic efforts supporting his son's Senate run.
Patrick Murphy's financial disclosure from 2015 shows his net worth was between $72,000 and almost $4.8 million -- much of that coming from stock in Coastal worth between $1 million and $5 million. The investment was a "gift" from Murphy's father in 2012 before Murphy took office.