West Palm Beach Mayor Keith James has received clearance from the Palm Beach County Commission on Ethics to move forward with a new private business venture while he remains in office, as long as he keeps his role as mayor separate from the business.
James told WPBF 25 News he is partnering with venture capitalist Nabil Meralli and businessman Lon Otremba.
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According to the ethics commission opinion, James and his partners plan to work with a venture capital fund. James identified the venture as the West Palm Beach Rise Fund.
Fundraising is expected to begin this month; however, James is scheduled to leave office next April.
While he remains mayor, James said he will not personally participate in fundraising for the venture.
“I am not personally doing any fundraising nor attending any fundraising meetings. My partners, on behalf of the entity, will be involved with all fundraising and attending all actual fundraising meetings,” James said in a statement to WPBF 25 News.
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The ethics commission outlined several restrictions James will have to follow while holding public office.
According to the opinion, James cannot use his title, position or influence as mayor to benefit the private business. He also cannot use confidential or nonpublic city information to help identify potential investors and would have to stay out of certain city matters that could financially benefit the venture.
James also said the fund will not seek money from people or <a href="https://bitcomme.com/india-seeks-10-trillion-yen-in-investment-with-japan-why-are-japanese-companies-hesitant/” title=”India seeks 10 trillion yen in investment with Japan. Why are Japanese companies hesitant?”>companies doing business with the city.
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“No fundraising calls will be made upon, nor money accepted from, any persons or entities doing business with the city,” James said.
The opinion came after James himself requested guidance from the Palm Beach County Commission on Ethics. The request was not prompted by a complaint or finding of wrongdoing.
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