Business Career
In early 2005, Hutchinson founded a consulting firm, Hutchinson Group, LLC with partners Betty Guhman and Kirk Tompkins, in Little Rock and accepted a contract for a one-year position with Venable LLP in Washington, D.C., as the chair of its Homeland Security practice. Hutchinson ended his contract with Venable LLP in March 2006 to focus on his gubernatorial campaign and his consulting firm in Little Rock. In January 2007, Hutchinson rejoined Venable.
In June 2006, the Arkansas Democrat Gazette reported that Hutchinson's $2,800 investment in Fortress America Acquisition Corporation, a company that Hutchinson advises, was worth over a million dollars after the initial public offering. The Arkansas Democrat Gazette story noted that Hutchinson is unable to touch his stock for another two years. The six founding shareholders in Fortress America besides Hutchinson include: former U.S. Representative Tom McMillen of Maryland, former U.S. Senator Don Nickles of Oklahoma, and a private-equity firm that has former CIA Director James Woolsey among its partners.
On May 4, 2006, Hutchinson filed a financial disclosure form, which he was required to submit as candidate for governor, that did not include the Fortress American holdings. On the form, Hutchinson listed his stock and options in two other companies, and even disclosed bank and credit-union accounts with balances under $1,000. He did not list his 200,000 shares in Fortress America, which were trading at about $5 per share. "Just totally an oversight," Hutchinson said when questioned by the media. Hutchinson filed an amended report the next day to correct the error.
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