By Kevin Bogardus and Megan R. Wilson - 08/21/12 09:00 AM EDT
Rep. Steve Pearce saw his worth drop by $550,000 in 2011, partly due to a decrease in one of his primary investments — holdings in LFT, an equipment and property rental company.
Pearce has assets in the company that decreased in value from at least $1 million to a minimum of $500,000. Further, two of his bank accounts — one with Congressional Federal Credit Union and a money market account with the Lea County State Bank — each decreased to at least $100,000 from a 2010 value of at least $250,000.
Pearce holds at least $5 million in stock in Trinity Industries, another equipment rental company in New Mexico. Pearce is a shareholder and president of the company, according to his form.
Pearce reported no liabilities for 2011.
- Julie Ershadi