| Multiple experts are warning that David Flippo’s largest asset, Arizona Land Reserve, could be defrauding investors – many of whom are “women in their seventies or eighties.” At the same time, Arizona Land Reserve and its employees are funnelling “hundreds of thousands of dollars” into Flippo’s campaign and into groups that then endorsed Flippo.
HERE ARE THE DETAILS: Flippo and his business partners are promising constant 20% returns, which a forensic accountant and expert DOJ witness calls a “huge red flag.” Another expert says that the real estate project that’s supposed to produce the supposed returns is “a batshit crazy-ass idea” that has a “feasibility of zero.” Meanwhile, investors are getting “nothing back” from Arizona Land Reserve when their loans come due.
DCCC Spokesperson Lindsay Reilly:
“Republican Mark Amodei was right: David Flippo is a fraud who has no business being in Congress. Flippo owes Nevadans an explanation.”
READ THE BOMBSHELL REPORTING FOR YOURSELF.
Mother Jones: Experts Say Land Venture Linked to David Flippo is “Batshit” and a “Huge Red Flag”
- The company is Flippo’s largest identifiable asset, according to an unofficial financial disclosure his campaign provided to the Nevada Independent.
- Flippo—a retired Air Force officer and licensed financial adviser—may have used his credentials to help provide an air of legitimacy to a dubious company that spent lavishly on his behalf.
- To meet its target of “constant” 20 percent annual returns, Arizona Land Reserve has said it plans to acquire 3,000 apartments in central and midwestern states with $14 million in capital.
- Mark Stapp, an expert in Arizona real estate development, put the chances of acquiring thousands of apartments for that amount at between “slim and none.” Overall, Stapp said, the project’s “feasibility is zero.”
- Flippo, who first ran for Congress in 2024, has still not filed an official financial disclosure, even though he has been legally required to do so on an annual basis since 2023.
- Meanwhile, he has reported putting more than $2.5 million of his own money into his campaigns, despite having no apparent source of such wealth.
- “Where is that [money] from?” Amodei asked about the self-funding Flippo has reported. “Do you have any confidence on the non-answers? Or just plain ignoring the question: Well, who’s paying for this guy’s ‘personal loans’ to his campaign? That’s why I use the word fraud.”
- A large number of the people they persuaded to invest in that project were women in their seventies or eighties, public records show.
- In May 2025, Flippo, McDowell, and Tuminello appeared together at a Nevada Republican luncheon. The following month, Arizona Land Reserve made a $50,000 donation to the Nevada Republican Party. The party’s chairman went on to help push for Donald Trump’s endorsement of Flippo in the primary.
- In January 2026… Arizona Land Reserve made its first federal political contribution by giving $50,000 to [Turning Point Action]. The following month, Turning Point Action endorsed Flippo.
- In June, Arizona Land Reserve gave another $50,000 to the Freedom Caucus Fund, which had already endorsed Flippo.
- The contributions from Arizona Land Reserve are notable both because they seemed designed to pave the way for Flippo’s congressional campaign and because the company had no apparent source of funds other than investor capital.
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